Fankfurt a. Main — IK Investment Partners (“IK”) has announced that the IK VIII Fund has signed an agreement to sell its investment in SCHOCK GmbH (“SCHOCK” or “the Company”) to Triton Fund V, advised by Triton (“Triton”). The parties have agreed not to disclose the financial details of the transaction.
SCHOCK has a leading global market position in the design and production of high-quality quartz composite kitchen sinks with a diverse base of more than 2,000 customers in over 70 countries. The company stands for innovative, high-quality products and has a strong focus on sustainability. This is underlined, among other things, by the recently launched Green Line product line, whose sinks are made from over 99 percent natural, renewable or raw materials. In addition to the comprehensive range of kitchen sinks with over 200 models in 40 different colors, SCHOCK also offers faucets, shower trays and related accessories. The company, based in Regen, Bavaria, employs more than 500 people and produces exclusively in Germany.
Since IK’s investment in 2016, SCHOCK has pursued a successful strategy based on the three main elements of gaining new customers, internationalization and continuous product innovation. As a result, the company achieved significant organic growth and more than doubled its operating profit. At the same time, substantial funds were invested in the expansion of production capacities, operational efficiency and product development.
As part of the transaction now agreed, IK is selling its shares to the investment company Triton, which will further develop the company as an entrepreneurial partner together with the existing management team headed by Ralf Boberg.
Ralf Boberg, CEO of SCHOCK, stated, “We are very grateful to the IK team for their guidance and support over the past four years. During this time, we have invested in our innovative and sustainable product range and strengthened our brand and reputation in the market for high-quality, durable and contemporary sinks. We look forward to working with Triton to build on this foundation and continue our growth trajectory.”
Mirko Jablonsky, Partner at IK and advisor to the IK VIII Fund, said: “It has been a privilege for us to work with SCHOCK as a market leader in an attractive segment of the kitchen industry. The uncompromising focus on quality and the undisputed ability to innovate while setting new technological standards will enable SCHOCK to win new customers and expand its product range and market presence. We wish Ralf Boberg and the team every success with their new shareholder.”
Ruth Linz, Co-Head Consumer at Triton, commented: “We are pleased to accompany the next phase of the company’s development at SCHOCK with our investment. The opportunity to work with such a strong brand, which also has exceptional growth potential, does not come around often — we see opportunities here particularly in the US and through targeted M&A activities. We look forward to partnering with SCHOCK and taking the company to the next level of growth.”
IK Investment Partners: Detlef Dinsel, Mirko Jablonsky, Daniel-Vito Günther
Seller M&A advisor: William Blair (Philipp Mohr, Dirk Felsmann)
Seller legal advisor: Latham & Watkins (Henning Schneider, Nils Röver)
Seller commercial advisor: EY Parthenon (Björn Reineke)
Seller financial advisor: EY (Hinrich Grunwaldt, Sandra Krusch)
Seller ESG advisor: EY (Robert Seiter)
About IK Investment Partners
IK Investment Partners is a European private equity firm with an investment focus on the Nordic countries, the DACH region, France, Benelux as well as the UK. Since 1989, IK has launched funds with a cumulative equity volume of more than 13 billion euros and invested in more than 145 European companies. The IK Funds support companies with significant growth potential and their management teams in developing business models for the future, strengthening the companies’ market position and thus creating outstanding long-term development potential. www.ikinvest.com
Triton was founded in 1997 with the goal of working with boards, managers and employees to build better companies. We are entrepreneurs who invest capital where we see an opportunity to create long-term value. We are aware that the decisions we make affect people’s lives. The 46 companies currently in our portfolio play an important role in their respective locations in Northern Europe. They employ around 101,000 people and generate combined annual sales of around €18.2 billion. In 2018, we raised €5.2 billion for our latest private equity fund, Triton V. For more information, visit www.triton-partners.com
SCHOCK is the inventor of the granite sink and has been the global technology and quality leader in this field for more than 40 years. The patented combination of quartz with high-quality acrylic creates a premium product that is three times harder than natural granite and is also superior in many product properties to sinks made of other materials. The SCHOCK range includes sinks for every kitchen style and taste type. Customers in over 70 countries rely on SCHOCK products, which are produced exclusively at the company headquarters in Regen in the Bavarian Forest. For more information, visit www.schock.de