Jersey Island, UK-based Triton Smaller Mid-Cap Fund is buying a majority stake in leading European plastic industrial hose manufacturer Norres Group.
The private equity fund will aim to support Norres’ internationalisation efforts and strategic acquisitions by providing capital, regional access and sector expertise, Triton said in a 9 Oct statement.
“We look forward to working together with the management team and to contribute our expertise and available resources to promote our common vision of an even stronger company", said Peder Prahl, director of the general partner for the Triton funds.
Norres is headquartered in Gelsenkirchen, Germany, and has production sites in Germany, China and the US.
Founded in 1889, Norres manufactures hoses for a variety of end markets including fume & dust extraction, agriculture, food & pharma, plastics and wood processing.
The company produces a large range of standard and made-to-measure branded industrial hoses which are used for pneumatic conveying of different media types such as liquids, gases and solids.
“The new partnership will contribute to our expansion strategy in our efforts to achieve global market leadership. We welcome Triton as a new majority owner and a respected investor,” said current owner Burkhard Mollen, who will maintain his position as CEO of Norres Group.
Established in 2017, The Triton Smaller Mid-Cap fund invests in medium-sized firms headquartered in Europe, focusing on businesses in the industrial, business services and consumer/health sectors.