Buyout group Blackstone has bought German measuring technology group Schenck Process from private equity investor IK Investment Partners, the groups said on Thursday.
While a purchase price was not disclosed, two people close to the matter said that the deal valued Schenck at more than 700 million euros ($834 million).
Schenck, a former unit of German automotive supplier Duerr AG (DUEG.DE), makes factory gear to weigh, filter or dose substances, catering to industries such as mining, construction, chemicals and food processing.
Bankers had worked on debt financing of about 500 million euros, equating to 5.5 times Schenck’s expected 2017 earnings before interest, tax, depreciation and amortization of 85 million euros, including undrawn facilities.
IK had acquired Schenck at the height of the buyout boom in 2007 from rival HgCapital for 450 million euros and unsuccessfully tried to sell Schenck several times over the last couple of years.