EQT Partners has sold its remaining 22% stake in listed German diesel engine manufacturer Tognum AG to Daimler AG.
EQT IV (“EQT”) today announced that it has sold its remaining stake of 22.3 percent of the shares in Tognum AG to Daimler AG. EQT signed an agreement to acquire the group of companies from Daimler AG in 2005, and the business has since then shown annual double digit growth, profits have increased significantly and the number of employees has grown by well over 1,200.
Marcus Brennecke, head of EQT Equity in
Volker Heuer, CEO of Tognum, said: “With its industrial approach, EQT has been a perfect owner and shareholder through our recent expansion phase. Tognum has flourished as an independent company, and we welcome Daimler as a long-term investor who provides stability to the shareholder base and remains a reliable cooperation partner.” Tognum was floated on the Frankfurt Stock Exchange in July 2007. The group of companies had annual sales of approximately EUR 2 billion and employed over 7,000 people worldwide at the time EQT signed the agreement to acquire the Group in 2005. Sales of Tognum amounted to more than EUR 2.8 billion in 2007. By the end of 2007, the Group employed approximately 8,200 people worldwide.
EQT is a group of private equity funds that manages approximately