The deal, which is expected to finalise at the end of this month, includes the sale of a 7.5 per cent interest by Ballast Phoenix co-founder David York.
H2 has around €500m under management and its 16 portfolio companies have combined annual sales of €2.5bn.
The firm targets companies with revenues of up to €500m based in the Benelux, the UK or Germany and has a holding period of between five and seven years.
Other recent additions to H2’s portfolio include frozen fruit and vegetable business Oerlemans Foods, which was acquired from VION Group in March.
In September last year H2 invested in UK PVC-u door and window maker Eurocell.
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