DALLAS & NEW YORK & LONDON & TOKYO--(BUSINESS WIRE)--Lone Star Funds (“Lone Star”) today announced that an affiliate has acquired ERIKS N.V., a specialized pan-European industrial components distributor and engineering service provider. Financial terms of the transaction were not disclosed.
Founded in 1940, ERIKS has established itself as a European leader in specialized industrial services with over 200 locations in 12 countries. ERIKS’ deep industry experience, technical knowledge, local distribution network and dedicated engineering facilities allow it to develop advanced, customized solutions that drive performance improvements, deliver cost savings and add measurable technical and commercial value for its customers.
Donald Quintin, Chief Executive Officer and Global President of Lone Star, said, "ERIKS represents an exciting investment opportunity and a valuable addition to our European investment portfolio. This acquisition aligns with our strategy of investing in market leading businesses that exhibit both growth and operating improvement potential. We are excited to work alongside the ERIKS team to further scale the business and accelerate the delivery of innovative solutions to their customers."
Stepan Breedveld, Chief Executive Officer of ERIKS, added, "Joining forces with Lone Star is a significant milestone that propels our strategic vision forward. This partnership will enable us to leverage Lone Star’s vast resources, sector expertise and strategic support, and better positions ERIKS to enhance our service offerings and better serve our customers around the world."
The acquisition of ERIKS was completed following approval by regulatory authorities.
About Lone Star
Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 23 private equity funds with aggregate capital commitments totaling approximately $87 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
About ERIKS N.V.
ERIKS is a specialized industrial service provider that offers a wide range of technical products, co-engineering and customization solutions, as well as related services. ERIKS helps customers in a variety of industrial segments to improve their products' performance and reduce their total cost of ownership. ERIKS has industry leading technical know-how and deep expertise in the areas of sealing & polymer, gaskets, valves & instrumentation, industrial & hydraulic hoses, industrial plastics, power transmission & bearings, conveying systems and tools, maintenance & safety products.