October 20 2014, David R Brown
Biesterfeld AG announces minority partnership with Hannover Finanz Group to strengthen growth ambitions
Biesterfeld AG is set to strengthen its long-term growth strategy with partner Hannover Finanz Group, who are purchasing a minority participation in the leading plastics and chemical distributor. Hannover Finanz has been a silent partner in the Biesterfeld Group, since January 2011.
This step ensures the further development and growth of our Group as a family-owned medium-sized company
Birger Kuck
CEO of Biesterfeld AG
Biesterfeld Vermögensverwaltung GmbH & Co. KG, which currently holds 100% of the shares in Biesterfeld AG, and Hannover Finanz Group, have agreed on the acquisition of 28.6% of the shares of Biesterfeld AG by the private equity company. This agreement is still waiting on approval by the German Federal Cartel Authority.
Founded in 1979, The Hannover Finanz Group is an independent, PE company, a provider of venture capital and one of the few private equity houses in Germany to take on minority as well as majority shareholdings. In particular, it is a well-regarded capital equity partner for medium-sized enterprises and also invests in companies when a change of generation has to be secured.
The Board of Biesterfeld AG has welcomed the move, which allows further growth of the group and sustainably strengthens the equity position of Biesterfeld AG through a capital increase by Hannover Finanz. “With Hannover Finanz Group we have a partner who has vast experience in the development of medium-sized enterprises. This step ensures the further development and growth of our Group as a family-owned medium-sized company”, says Birger Kuck, CEO of Biesterfeld AG.
“Biesterfeld AG is on a successful growth path and as financial investors we will accompany this family owned enterprise with a minority partnership” adds Jürgen v. Wendorff, Member of the Board of the Hannover Finanz Group. “The Hannover Finanz Group supports companies with long-term financing of equity-capital. Other family owned companies, like Rossmann, Fielmann and Hirschvogel, equally financed their growth strategy with the Hannover Finanz Group as partners.”
About the Biesterfeld Group
Biesterfeld AG is the strategic holding company of the Biesterfeld Group with its 100 years tradition in the chemicals business. The company is one of the leading enterprises in chemicals and polymer distribution with over 50 locations worldwide in Europe, the Americas, as well as in Asia. The company, in which the founder's family will continue to hold a majority interest, will focus on steady profitable growth within their core business divisions Plastics, Specialty Chemicals and International.
Source(s): Biesterfeld Press release
Further Information
Visit: http://www.biesterfeld.com