German measuring technology group Schenck Process up for sale - sources
10/09/2021 13:40
By Arno Schuetze
FRANKFURT, Sept 10 (Reuters) - German measuring technology
group Schenck Process is being put up for sale by its private
equity owner in a potential deal worth more than 1.4 billion
euros ($1.7 billion), three people close to the matter said.
Buyout group Blackstone BX.N , which bought the
Darmstadt-based group in 2017, is working with Goldman Sachs
GS.N on the auction, which is expected to kick off shortly and
target peers as well as other buyout groups.
Blackstone and Goldman Sachs declined to comment.
Schenck Process makes factory gear to weigh, filter or dose
substances, catering to industries such as mining, construction,
chemicals and food processing.
It is being marketed off full year core earnings of about
120 million euros and could be valued at more than 12 times that
in a potential deal, the sources said.
In the first half of 2021, Schenck Process saw adjusted
earnings before interest, tax, depreciation and amortization of
43 million euros on sales of 311 million euros.
Schenck Process was founded in 1881 and acquired by Duerr
DUEG.DE in 2000, before the company was sold to private equity
firm HgCapital and later to peer investor IK.
The company has grown through a string of acquisitions in
the last years, including that of powder processing and handling
equipment supplier Process Components in 2018 and of food
processing equipment maker Baker Perkins in 2020.
($1 = 0.8450 euros)
(Reporting by Arno Schuetze
Editing by Mark Potter)
((arno.schuetze@thomsonreuters.com; +49 30220133648;))