Crosslantic's Hakle to be bought by management – report

Founded in 1928, Hakle produces toilet roll, moist tissues and kitchen rolls. The company is headquartered in Reisholz and sells its products both in retail stores and online.

The company reported sales of €80m in 2019, according to Unquote Data, and now reports sales of €75m. Jung told Lebensmittel Zeitung that the company is targeting sales of €100m in 2020.

Palero Capital acquired Hakle from parent company Kimberly Clark in November 2013.

Crosslantic acquired the business from Palero via an SBO in 2019, investing in the company alongside Jung, who was appointed as managing director. Crosslantic and Jung held a majority stake of 82.5%. The GP had previously held a 17.5% stake in the business.

Postbank provided a senior debt package to finance the deal. Crosslantic deployed equity to invest in Hakle via its debut fund. The GP generally invests €10-30m in equity in companies with revenues of €10-200m that it considers to have significant growth potential.

Crosslantic had not responded to a request for comment at the time of publication. Hakle could not be reached for comment.

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