IK buys German sink producer Schock

IK acquired the business via its IK VIII fund, marking the second German buyout for the vehicle. The GP hopes to grow Schock organically and through add-on acquisitions.

HQ Equita stated that during its time at the helm, Schock's sales and earnings doubled. Measures implemented included the internationalisation of the customer base by founding a subsidiary in the US, the introduction of new materials, and the diversification of the business outside the kitchen segment with a debut in the bathroom market.

HQ Equita claims it also supported the upgrade and extension of the production site located in Regen. Around 100 new employees have been recruited so far at that location.

Previous funding
HQ Equita took over Schock from Capital Management Partners in December 2010. HQ Equita acquired an 88% stake, while Schock's management held the remaining 12%.

Company
Founded in 1924 and based in Regen, Schock is a producer of granite kitchen sinks. The product portfolio includes 200 sink models in 40 different colours. The business claims to have customers in 70 countries.

People
IK Investment Partners – Detlef Dinsel (partner).
HQ Equita – Michael Hönig (senior partner, managing director).
Schock – Ralf Boberg (CEO).

Advisers
Equity – Alantra (M&A); EY (financial due diligence, tax); Goetzpartners (commercial due diligence); Latham & Watkins (legal); Golder (environmental due diligence); Marsh (insurance due diligence).
Seller – William Blair (M&A); Alvarez & Marsal (financial due diligence); KPMG (commercial due diligence); Watson Farley & Williams (legal, tax advisroy), ERM (environmental due diligence); Mesterheide (insurance due diligence).

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• Topics
• Exits
• Buyouts
• Consumer
• DACH
• Germany
• IK Investment Partners
• Secondary buyout