Equistone exits Hornschuch

According to several news outlets, the business was valued at €400m. The GP exits the business after eight years and said revenues increased almost threefold during its holding period, to €410m from €140m in 2008.

Equistone's strategy was a combination of organic growth and bolt-ons. Hornschuch acquired fellow Baden-Württemberg-based business Kek-Kaschierungen in 2009; the American manufacturer of foils and artificial leather O'Sullivan Films in 2010; and Era Beschichtung, a business headquartered in Lower Saxony, in 2013. The company also expanded its product portfolio and opened new production sites.

Following its integration into the Benecke-Kaliko group, Hornschuch will retain its name and branding.

Previous funding
Equistone, then known as Barclays Private Equity, acquired Hornschuch in a tertiary buyout from DZ Equity Partner and L-EA – the mid-cap funds of state-owned L-Bank – and Hornschuch's management for an undisclosed amount in 2008. The deal saw the management reinvesting for a 20% stake.

In 2006, DZ and L-EA acquired a joint minority stake in Hornschuch from Halder for an estimated €65-80m, while Halder wholly exited its stake.

Halder had supported the management buyout of Hornschuch from Decora Industries in 2001.

Company
Founded in 1898 and based in Weissbach, Hornschuch produces functional films for end consumers in the home decoration unit, as well as films and coated substrate materials for the automotive, furniture, marine and construction industries. It has three additional production sites: Hornschuch Stolzenau and Kek-Kaschierungen in Germany, and O'Sullivan Films in the US.

Hornschuch has 1,800 employees and reported revenues of €410m for 2015.

People
Equistone – Michael Bork (managing director).
Konrad Hornschuch – Hans-Hinrich Kruse (CEO).

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