CGS-backed ICG acquires Freeman Schwabe

Together with the current management team headed by Greg DeFisher, ICG intends to strengthen the company's business with a focus on the North American market.

With ICG subsidiary Schoen + Sandt Machinery's local presence in Germany and eastern Europe, Freeman Schwabe's customers are expected to receive faster and better service.

Previous funding
Swiss buyout firm CGS acquired a majority stake in die-cutting machine manufacturer Schoen + Sandt in December 2017. It was the fifth platform investment the GP made from CGS III, a CHF 208m fund that held a final close in April 2013. The GP focuses exclusively on buy-and-build strategies, and planned to internationalise Schoen + Sandt with add-on acquisitions.

Company
Headquartered in Cincinnati, Ohio, and founded in 1892, Freeman Schwabe manufactures die-cutting machines and systems. It supplies a range of industries in the US and worldwide, including the automotive interiors, floor covering, foam and sponge, abrasives, gaskets, packaging, medical devices, envelope and paper industries.

ICG was formed in 2017 as the parent company of Schoen + Sandt, which itself dates back to 1867 and is headquartered in Pirmasens, Germany. It has additional subsidiaries in Eger, Hungary, and Boston, US. The company manufactures die-cutting machines for non-metallic materials, and embossing and shoe machinery. Schoen + Sandt reported revenues of €20m for 2016 and employs 250 people.

People
ICG Intentional Cutting Group – Wolfgang Fuss (CEO).
Freeman Schwabe Machinery – Greg DeFisher (CEO).

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