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KKR, Goldman to sell forklift truck maker Kion stake to Shandong

24 Aug 2012

KKR and Goldman Sachs are reported to be in the final stages of sealing one of the largest transactions by a Chinese company in Germany, by selling a stake in forklift truck business Kion Group to Shandong Heavy Industries.

Shandong’s bid for 25 per cent of the company is expected to be worth between €700m and €800m, giving Kion an enterprise value of about €5.5bn, according to Dow Jones.

The company had revenues of just over €4.3bn last year.

Goldman and KKR bought the unit from Linde in 2006 for $4bn including debt, which comprised €3.6bn of net equity and €400m of debt.

KKR’s then head of European operations, Johannes Huth, said the firm’s medium-term objective was an IPO, although the idea is understood to have been put on ice due to market volatility.

The pair provided further funding for Kion in 2009 to ease the terms of its €26bn net debt, which was held by over 200 investors.

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