May 31, 2016 / 10:06 AM / 3 years ago

Buyout group 3i buys German car parts maker Schlemmer

FRANKFURT, May 31 (Reuters) - British buyout group 3i has bought German car parts maker Schlemmer from investor Hannover Finanz in a deal valuing the company at more than 400 million euros ($446 million), according to a source familiar with the transaction.

3i said in a statement its equity investment stood at 181 million euros, declining to comment further.

A source close to the transaction said that including debt the cable equipment maker was valued at more than 400 million euros.

Investment bank Baird advised Hannover Finanz and co-investor Mackprang on the sale.

Schlemmer posted sales of 263 million euros in 2015 and employs more than 2500 staff.

$1 = 0.8970 euros Reporting by Arno Schuetze and Alexander Hübner; Editing by Mark Potter

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