Global alternative asset manager The Carlyle Group and Binderholz GmbH announced that they have signed a definitive agreement under which Carlyle will sell Klenk Holz AG, a German manufacturer of wood products, to Binderholz GmbH, based in Fügen, Austria. The transaction is expected to close by the end of the year.
Founded in 1904 by the Klenk family and headquartered in Oberrot, Germany, Klenk Holz AG employs around 1,000 people across three sites in Germany. Amongst its products are sawn timber, solid wood panels, planed timber, multi-purpose panels, wood for landscaping, structural timber, presswood and residues. Its products are delivered to DIY stores, specialist retailers, the construction and prefab housing industry, the packaging industry and others. Klenk Holz exports 30 per cent of its products and annually processes more than 2 million m³ of round wood.
Equity for this investment came from Carlyle Strategic Partners (CSP) which manages more than US$3 billion across three funds and focuses on middle market distressed and special situation investing. Since CSP’s investment in 2013, Klenk Holz AG has restructured its business activities and positioned the company for further growth.
“Klenk Holz is one of the most successful sawmill and wood processing companies in Europe,” Ian Jackson, Managing Director and Co-Head of the CSP team, said. “Our investment in Klenk Holz has demonstrated the expertise we can provide in leading a company’s turnaround. It has been a pleasure working with Dr Markus Adams and his management team as we significantly improved productivity and growth at Klenk Holz and positioned the company for further expansion under Binderholz’s ownership. Binderholz is a natural future home for Klenk Holz.”
“Klenk Holz is a perfect fit for Binderholz,” Reinhard Binder, CEO of Binderholz, explained. “With our combined strength, we will continue our successful journey as an integrated producer of solid wood and supplier to the DIY sector together with the management of Klenk Holz. We will continue to evolve our successful business model jointly with Klenk Holz’s dedicated employees.”
