British buyout group 3i has bought German car parts maker Schlemmer from investor Hannover Finanz in a deal valuing the company at more than 400 million euros ($446 million), according to a source familiar with the transaction.
3i said in a statement its equity investment stood at 181 million euros, declining to comment further.
A source close to the transaction said that including debt the cable equipment maker was valued at more than 400 million euros.
Investment bank Baird advised Hannover Finanz and co-investor Mackprang on the sale.
Schlemmer posted sales of 263 million euros in 2015 and employs more than 2500 staff.