Schenck Process Sold to Private Equity Firm Blackstone

European private equity firm IK Investment Partners announced Thursday that it signed an agreement with the private equity funds managed by Blackstone to sell measurement and process technology provider Schenck Process.

“Schenck is an innovative and unrivalled leader, and we see considerable opportunity to grow the business both organically and by acquisitions in its various end markets. We are excited to team up with management and accompany Schenck in the next stage of development,” said Lionel Assant, head of European private equity, in a press release published by Schenck.

Darmstadt, Germany-headquartered Schenck employs some 2300 workers across its global operations in Europe, North and South America, China, India, and Australia. Its technology is used by customers in a range of industries including food, chemicals, and mining.

“As we embark on an exciting new chapter for Schenck, I would like to thank IK for their invaluable support over the past years. Blackstone’s significant sector experience and financial backing make them the ideal new partner. As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint,” Schenck’s president and chief executive officer, Andreas Evertz, said in a statement.

IK did not detail the terms of the transaction or provide a timeframe for its completion.

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