3i to invest €181m in German car parts maker Schlemmer in buyout

Private equity group 3i said it had agreed to invest €181m in German car parts maker Schlemmer as part of a buyout.

In a statement, 3i said the management team will also hold a “significant equity stake” in the business, which is being purchased from German private equity firm Hannover Finanz and the Mackprang Holding.

The parties have agreed to keep the purchase price confidential.

Founded in 1954 and headquartered in Poing, close to Munich, Schlemmer develops and produces cable protection for automotive and industrial applications.

The group employs 2,500 people globally, and generated gross sales of €220.2m in 2015, including 50% of the sales generated by a joint venture in China.