By Bill Bregar, Plastics News Staff
Chicago, Illinois-It's official: Chicago investment group Madison Capital Partners has purchased Mannesmann Plastics Machinery GmbH, in a deal announced 5 July, as Madison vaults up to become the world's largest maker of plastics equipment.
Madison picks up some of the best-known brands: Krauss-Maffei, Demag Plastics Group, Netstal and Berstorff. Madison has purchased the MPM companies from New York-based Kohlberg Kravis Roberts & Co., for undisclosed terms. MPM had sales of about Euro 1300 million ($1600 million) in 2005.
The Minneapolis office of Goldsmith Agio Helms issued a 5 July news release to announce the deal has closed for Madison, its client.
Goldsmith Agio Helms, a US-based private banking firm, worked with Agio International in Europe. Agio International is a joint venture between Goldsmith Agio Helms and several independent European investment banking firms.
KKR bought the machinery group in 2002 from German industrial conglomerate Siemens AG, which retained an ownership stake in MPM.
Goldsmith Agio Helms approached MPM management and arranged a series of meetings with Madison Capital. MPM is based in Munich, Germany.
Goldsmith officials said the firm has completed nine transactions for Madison Capital during the past 12 years, including Madison's recent sales of hot runner supplier Synventive Molding Solutions Inc. last summer, extrusion equipment supplier Dynisco LLC in 2004, and API Heat Transfer Technologies, a maker of industrial heat exchangers and thermal processing systems, also last year.