The Carlyle Group to sell Klenk Holz AG to Binderholz
3 October 2017
Global alternative asset manager The Carlyle Group and Binderholz GmbH today announced that they have signed a definitive agreement under which Carlyle will sell Klenk Holz AG, a German manufacturer of wood products, to Binderholz GmbH, based in Fügen, Austria. The transaction is expected to close by the end of the year. Further details of the transaction were not disclosed.
Founded in 1904 by the Klenk family and headquartered in Oberrot, Germany, Klenk Holz AG employs around 1000 people at three sites across Germany. Amongst its products are sawn timber, solid wood panels, planed timber, multi-purpose panels, wood for landscaping, structural timber, presswood and residues. Its products are delivered to DIY stores, specialist retailers, the construction and prefab housing industry, the packaging industry and others. Klenk Holz exports 30% of its products and annually processes more than 2 million solid cubic metres of round wood.
Equity for this investment came from Carlyle Strategic Partners (“CSP”) which manages more than US$3 billion across three funds and focuses on middle market distressed and special situation investing. Since CSP’s investment in 2013, Klenk Holz AG has restructured its business activities and positioned the company for further growth.
Ian Jackson, Managing Director and Co-Head of the Carlyle Strategic Partners team, said: “Klenk Holz is one of the most successful sawmill and wood processing companies in Europe. Our investment in Klenk Holz has demonstrated the expertise we can provide in leading a company’s turnaround. It has been a pleasure working with Dr. Markus Adams and his management team as we significantly improved productivity and growth at Klenk Holz and positioned the company for further expansion under Binderholz’s ownership. Binderholz is a natural future home for Klenk Holz.”
Reinhard Binder, CEO of Binderholz, explained: “Klenk Holz is a perfect fit for Binderholz. With our combined strength, we will continue our successful journey as an integrated producer of solid wood and supplier to the DIY sector together with the management of Klenk Holz. We will continue to evolve our successful business model jointly with Klenk Holz’s dedicated employees.”
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents?.
About Binderholz Gruppe
Leading European company for solid wood products and innovative building solutions
In the timber industry, the name of Binder stands for tradition and integrity, combined with high-tech and innovation. Still only a small sawmill operation 60 years ago, the family operation has become a leading European company today, equipped with cutting-edge technologies and production methods, with a corresponding reputation on the timber market. Binderholz has twelve sites: a workforce of 2,530 operates out of five sites in Austria - Fügen, Jenbach, St. Georgen, Hallein and Unternberg -, five sites in Germany - Kösching, Burgbernheim, Oberrot, Baruth and Wolfegg - and two sites in Finland - Lieksa und Nurmes. The range of solid wood products includes lumber, profiled timber, single-ply and multi-ply edge-glued solid wood panels, glulam beams and Binderholz CLT BBS. Any waste timber, resulting as a by-product from production, is processed as densified biofuels, green electricity, multi-purpose panels, moulded pallet blocks and moulded wood pallets. The products are exported around the world. With its latest acquisition, the Binderholz Group now has a turnover of considerably more than € 900 million. Binderholz produces efficiently on a sustainable basis in accordance with the no-waste principle and recovers 100% of the resource of timber. Binderholz owes its reputation to active and close personal customer service; to a product mix and a price policy meeting the needs of the market; and to Binderholz quality management.
The Carlyle Group contacts:
Tel: +44 (0) 207 894 1632
Tel: +49 172 718 68 57