HQ Equita buys Steindl Group

Oscar Geen
13 June 2018

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German buyout firm HQ Equita has acquired packaging machinery manufacturer Steindl Group and rebranded it to The Packaging Group (TPG) to launch a new buy-and-build strategy in the sector.

Steindl Group was formed by Peter Steindl, who acquired Fawema in 2006 and combined it with HDG Verpackungsmachinen in 2011. Steindl will retain a minority stake in the new holding company.

Former Bosch Packing CEO Friedbert Kiefenz will join TPG's advisory board alongside Markus Hüllmann, formerly of GEA Group. The company's existing management will also invest in the newco.

The combined group employs 202 people and generated revenues of €50m.

HQ drew equity from its fifth buyout fund, a vehicle targeting €400m that held a first close on €200m in September 2016.

TPG will expand internationally with HQ's support through both organic growth and acquisitions.

Company
Fawema was founded in 1920 and is based in Engelskirchen; and HDG was founded in 1984 and is based in Lindlar. Both companies make packaging machines for filling dry, free-flowing bulk materials such as flour, sugar, baking mixtures, confectionery, animal feed and various chemicals into various types of paper or plastic laminate bags. Fawema employs 122 people and HDG employs 80 people. The combined group generates revenues of €50m.

People
HQ Equita – Hans J Moock (managing director); Christine Weiß (partner).
The Packaging Group – Peter Steindl (CEO); Friedbert Kiefenz (chairman).

Advisers
Vendor – Hake Consulting (corporate finance); Rentrop & Partner (tax); Fritsch Graf Hosten (legal).
Acquirer – Munich Strategy (commercial due diligence); Ebner Stolz (financial due diligence); ERM (ESG due diligence); Watson Farley & Williams (legal).