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Hornschuch

Founded in 1898, Hornschuch is a fast-growing producer of premium films and artificial leather.

Headquartered in Weißbach, South-Western Germany, Hornschuch is a leading provider of premium films and artificial leather surface solutions used for a wide range of applications including home interiors and decoration, vehicle interiors, seats and flooring. Hornschuch products have received numerous awards, most recently the 2016 Red Dot Award: Product Design.

VALUE CREATION


Hornschuch has demonstrated strong revenue growth with turnover increasing from €161m in 2008 to €455m in 2016. Equistone has worked closely with the management team to support its expansion through the completion of three successful build-up acquisitions and other investment activities including:

  • A majority investment in kek-Kaschierunge in November 2009, which became a wholly owned subsidiary in 2015.
  • Expansion into the US, following the acquisition of Virginia-based O’Sullivan Films, a leading producer of polymer and finishing film technologies in March 2010.
  • The purchasing of an artificial leather plant from Saudi-based manufacturers, Sabic, in 2010, which was installed at its new US factory to offer both films and artificial leather products also in the North American market.
  • The acquisition of coating specialist, ERA, was completed in April 2013.

THE EXIT

Equistone sold of its Fund III investment in Hornschuch to Continental subsidiary, ContiTech AG in March 2017.

HOLDING PERIOD

Jun 2008 - Mar 2017

Country

Germany

Business Description

Industrial Engineering

Revenue Progression

€161m / €455m

Employees at ACQ.

900

Investment Type

Secondary MBO

With Equistone’s support, the Hornschuch Group has grown dynamically in recent years.

ADD-ON ACQUISITIONS

era Beschichtung (DE)
Apr 2013
O'Sullivan Films (USA)
Mar 2010
kek-Kaschierungen (DE)
Nov 2009