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KKR, EQT among investors eyeing stake in Germany’s Stratec -sources -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid//File Photo

Emma-Victoria Farr

LONDON, (Reuters) – Financial investors such as EQT and KKR are looking at offers to purchase a stake of Stratec (listed German laboratory supplier Stratec), sources close to the matter informed Reuters.

Bloomberg reported that Permira as well as CVC were also interested in 40.55% of the stake owned by Hermann Leistner, founder of the company and his family.

Though discussions are in an early stage of development, it is possible that a deal will trigger a share buyout for all shareholders. The offers could be either individual or joint.

A source close to the matter claims that JP Morgan is providing financial advice to Stratec.

KKR (EQT), Stratec (Stratec) and JP Morgan did not comment. CVC didn’t immediately reply to our requests for comment.

Stratec shares listed in Germany’s small-cap rose more than 17% on Friday morning, driven by the takeover speculation.

According to the stock exchange, the company’s value is 1.23 billion euro ($1.36 billion).

The coronavirus pandemic caused a surge in laboratory product demand.

The company employs approximately 1,400 workers and makes machinery for automating in-vitro laboratory testing, such as for coronavirus.

The company’s first nine months in 2021 saw an increase of 61%, to a total of 58,000,000 euros.

Birkenfeld’s company anticipates earnings falling due to higher transportation and raw material costs in the current financial year.

($1 = 0.9049 euros)

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