Investment Firm Triton to Sell Lehnkering
Private equity investment firm Triton has put German chemicals and steel logistics services firm Lehnkering up for sale, banking sources said on Wednesday.
Triton, which bought the business in 2004 from Hamburg-based Hapag-Lloyd AG, has hired Rothschild to manage the sales process, the sources said.
Triton could not immediately be reached for comment, while Lehnkering declined to comment.
Lehnkering raised €171 million of loans in June 2006 to recapitalize its balance sheet in a deal that paid Triton a dividend following the sale of its German tank storage business to Macquarie's International Infrastructure Fund, according to Thomson Reuters LPC data.
Commerzbank arranged the recapitalization, which consisted of €161 million senior and €10 million second lien loans.
The group, which provides storage and shipping for the chemicals and steel industries, makes annual earnings before interest, tax, depreciation and amortization (EBITDA) of about €40 million, the banking sources added.