Company News Sep 1, 2003 2:00 AM
Hünnebeck Group Sold
As of August 31, 2003, Düsseldorf based ThyssenKrupp Serv AG has sold the entire share capital of Ratingen based Hünnebeck GmbH and its nine European companies to Sun Capital Partners Inc a leading US private equity firm. Completion of the sale of Hünnebeck Polska is still subject to approval by the Polish competition authorities. The assets of the group`s US business had already been sold effective July 29, 2003, to Odyssey Investment Partners. In disposing of these two primarily construction related businesses, ThyssenKrupp`s Services segment further strengthens its focus on the provision of services to industrial clients. The parties agreed not to disclose the terms of the transaction.
Hünnebeck is among the world leaders in the sale and rental of formwork and scaffolding equipment. Over the last years the company has developed a strong and lean organisation, based around a flexible business model including outsourcing of equipment production and an optimised sales, distribution and services, domestic and international network. With some 600 employees and sales of approximately 130 million euros, 70 percent of which are achieved outside Germany, Hünnebeck is in a strong position in its relevant markets and is now poised for further development. Dr. Frank Maassen remains Chairman of the Management Board and the company`s headquarters remain in Ratingen.
Sun Capital Partners, one of the most active US private equity firms, focuses on the acquisition of leading industrial companies with strong market position and significant franchise value. Since its inception in 1995, Sun Capital has successfully invested in over 50 companies with combined sales over 7 billion euros. Hünnebeck is Sun Capital`s first acquisition of an entirely European based company.
Through its holding in Dayton Superior, Odyssey Investment, the buyer of the US formwork operations, holds a stake in Symons Corporation, the US formwork market leader.
The successful completion of these disposals to best owners ensures a strong future for Hünnebeck, a company whose tradition goes back to 1929.
As of October 1, 2003, ThyssenKrupp Serv AG will merge with ThyssenKrupp Materials AG to become ThyssenKrupp Services AG. ThyssenKrupp`s newly formed service arm will primarily focus on process and supply services for industry. These include warehousing and logistics solutions in material supply, extending down to supply chain management for global industrial players. The other area of emphasis will be process services, specifically maintenance, scaffolding assembly and related services for industrial clients, as well as facility management and various production related services.
ThyssenKrupp Serv AG