Equistone’s Rena buys Hirtenberger Engineered Surfaces

The deal was initiated via connections between the management teams of both companies.

According to a statement, the company will be integrated into Rena and will operate as Rena Technologies Austria, which will act as a hub for the company’s additive manufacturing activities.

Equistone acquired Rena Technologies in February 2019 in an SBO from Capvis Equity Partners. Equistone invested via Equistone Partners Europe Fund VI, which held a final close on €2.8bn in March 2018. The fund reported 2018 revenues of €120m and EBITDA of €14m, employing 800 staff. The SBO was backed by financing from German savings banks, according to a statement from debt adviser GCA Altium issued in 2019.

Rena acquired US-based semiconductor specialist MEI in December 2019 to expand its semiconductor product offering and to support its international expansion.

The company is continuing to look for add-ons in specific technology niches.

Company
Hirtenberger Engineered Surfaces develops electrochemical surface technology, specialising in metallic surfaces for industrial components and for use in 3D metal printing. The company was founded in 2004 and was known as Happy Plating until its partnership with the Hirtenberger Group in 2015, when its activities moved to Hirtenberg in Austria. Its client base includes automotive and mechanical engineering companies, as well as businesses involved in the production of sensors, electronics and medical technology.

People
Equistone – Stefan Maser (partner); David Zahnd (investment director); Tanja Berg (investment manager).
Rena Technologies – Peter Schneidewind (CEO).
Hirtenberger Engineered Surfaces – Wolfgang Hansal (managing director), Michael Escher (managing director).

Advisers
Acquirer – Latham & Watkins (legal); KPMG (financial & tac due diligence).

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