Carlyle in talks to buy German wood processing group -sources
FRANKFURT, July 24
FRANKFURT, July 24 (Reuters) - Private equity group Carlyle has entered exclusive talks to buy family-owned German wood processing group Klenk Holz AG and hopes to clinch a deal this month, two people familiar with the deal said on Wednesday.
German private equity firm Orlando has also expressed interest in buying the unprofitable group, which has annual sales of 387 million euros ($511.55 million) and 1200 staff, the sources added, speaking on condition of anonymity as the deal is private.
Klenk Holz said that talks with an unnamed investor were being finalized, while Carlyle declined to comment and Orlando was not immediately available.
The sale is part of a revamp that Klenk Holz launched as it struggled with increasing wood prices as well as growing competition from Scandinavian rivals.
- Scots vote on independence, United Kingdom's fate on knife-edge |
- Australian PM says police raids follow IS linked beheading plot |
- Chinese hacked U.S. military contractors: Senate panel
- China not warlike, says Xi, as border standoff dominates India trip
- IMF warns of risks from 'excessive' financial market bets