Hannover Finanz divests Schrack Technik Group

While management has secured control of the business, a minority stake has also been purchased by ILAG, a Viennese holding company focusing on industrial investments.

The management team had worked with Hannover Finanz since the initial management buyout led by the GP in April 2005. Hannover Finanz completed that investment via its seventh vehicle, supported by a debt provision from Investkredit Bank.

Schrack had been owned by French corporation Rexel since 2000. At the time of the 2005 buyout, Schrack had a yearly turnover of €100m; this has since doubled to €200m.

Company
Headquartered in Vienna, Schrack Technik Group specialises in electrical and power equipment, data and network systems, as well as lighting equipment for the building and housing sector. It split-off from parent company Schrack in 1993. The company has 700 employees.

People
Martin Walka is managing director at Hannover Finanz. Wilhelm Großeibl is CEO of Schrack.

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