Lauterbach, Germany-based high-performance film manufacturer Duo Plast has a new owner. Co-investors VR Equitypartner and Süd Beteiligungen, who acquired a majority stake in Duo Plast some six years, have sold their interest in the company to Munich-based investment company Paragon Partners GmbH.
The current management team is also investing in Duo Plast, along with Paragon.
Founded in 1983 as a trading company, Duo Plast has developed over the years into a leading manufacturer of high-performance stretch films. With more than 150 employees at two locations in Hesse and Thuringia, the company generates sales of almost €60m.
When in 2013, the founder retired, VR Equitypartner and Süd BG stepped in to support the transition to the new management. The company has since been led by a team that included Erich Steiner, who was appointed CEO and Detlef Kaase, the new COO. Both Steiner and Kaase will continue in their roles under the new ownership, as will the rest of the management team.
Paragon Partnersis a private equity investment company with €1.2bn of managed equity capital that invests in established, medium-sized companies in medium-sized companies in Germany, Switzerland and Austria. The company said in a statement that it was looking forward to ‘further developing Duo Plast together and to supporting the next growth phase with fresh equity".