Buyout firm Triton has put German chemicals and steel logistics services firm Lehnkering up for sale, hiring Rothschild to manage the process, Reuters reported. Triton bought the business, provides storage and shipping for the chemicals and steel industries, in 2004.
(Reuters) – Private equity investment firm Triton has put German chemicals and steel logistics services firm Lehnkering up for sale, banking sources said on Wednesday.
Triton, which bought the business in 2004 from Hamburg-based Hapag-Lloyd AG [HPLG.UL], has hired Rothschild to manage the sales process, the sources said.
Triton could not immediately be reached for comment, while Lehnkering declined to comment.
Lehnkering raised 171 million euros ($251 million) of loans in June 2006 to recapitalise its balance sheet in a deal that paid Triton a dividend following the sale of its German tank storage business to Macquarie’s International Infrastructure Fund, according to Thomson Reuters LPC data.
Commerzbank arranged the recapitalisation, which consisted of 161 million euro senior and 10 million euro second lien loans.
The group, which provides storage and shipping for the chemicals and steel industries, makes annual earnings before interest, tax, depreciation and amortisation (EBITDA) of about 40 million euros, the banking sources added.
($1=.6825 euros) (Reporting by Isabell Witt; Editing by Greg Mahlich)