Equistone-backed RENA Technologies to sell China solar business

RENA is a provider of wet-chemical surface treatment solutions.

  • Equistone acquired a majority stake in RENA in March 2019
  • RENA was founded in 1993
  • Equistone aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m

RENA Technologies, which is backed by Equistone Partners Europe, is selling its China solar business to Productive Technologies Company Ltd. No financial terms were disclosed.

Headquartered in Gütenbach, Germany, RENA was founded in 1993. It is a provider of wet-chemical surface treatment solutions. RENA’s products cover a range of technologically demanding and fast-growing areas in the industrial and technology sectors, such as semiconductors and wafering, batteries, renewable energy, glass treatment, medical technology and additive manufacturing.

Equistone acquired a majority stake in RENA in March 2019.

“The sale to PDT will transfer the China solar business into the hands of a partner of many years standing that is perfectly positioned to further develop the company’s solar business in China. For our customers in China, RENA remains active in the areas of glass, wafering and semiconductors. In addition, we will continue to grow the solar business outside of China,” said Peter Schneidewind, CEO of RENA Technologies, in a statement.

In the future, PDT will develop and manufacture solar wet-chemical equipment exclusively for Chinese customers, while RENA will continue to serve the global solar market outside China. RENA’s other business segments (Semiconductors, Wafering, MedTech, Glass, Additive Manufacturing) will remain unaffected by this transaction. RENA will continue to pursue these business areas globally, including in China.

A European private equity firm, Equistone aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 40 investment professionals operating across France, Germany, Switzerland and the UK. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018, and has recently launched the Equistone Reinvestment Fund, with a mandate to make minority re-investments alongside new sponsors following a portfolio company exit from one of its main buyout funds.