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Carlyle taps distressed funds to buy German wood product maker Klenk Holz

27 Aug 2013

forestry-forest-timber-wood_sqGlobal alternative asset manager The Carlyle Group has bought 109-year-old German wood products maker Klenk Holz from a trust of German banks.

Carlyle tapped its $2bn Strategic Partners funds, which focus on mid-market distressed and special situations deals, for the investment.

The company currently employs more than 1,200 people at three sites across Germany, and produces products including construction timber, glued panels and DIY products.

Carlyle Strategic Partners managing director Ian Jackson said, “Klenk has a firm footprint in the European building materials market, combining strong management expertise with a wide distribution network and well-located manufacturing.

“Klenk is ideally placed to benefit from the growth in a number of European and international economies, and we look forward to working with management to improve growth and create value.”

Earlier this month Carlyle co-CEO David Rubenstein revealed Carlyle Strategic Partners III had held a final close and was already in an accrued carry position, although did not give a total for the final close.

He said the two predecessor funds currently had a combined multiple on invested capital of 1.9-times and gross IRR of 23 per cent..

The group’s previous distressed debt fund, Carlyle Strategic Partners II, collected $1.35bn when it closed in 2008.

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