Aug. 23 (Bloomberg) -- Carlyle Group LP, the world’s second-largest manager of alternative assets such as private equity, agreed to purchase German wood products manufacturer Klenk Holz AG for an undisclosed fee.
Carlyle Strategic Partners, which manages more than $2 billion across three funds and focuses on investments in distressed companies, will provide the capital for the purchase, Washington-based Carlyle said in an e-mailed statement today, without disclosing details of the transaction.
“Klenk has a firm footprint in the European building- materials market, combining strong management expertise with a wide distribution network and well-located manufacturing,” Ian Jackson, managing director at Carlyle Strategic Partners, said in the statement. It’s “ideally placed to benefit from the growth in a number of European and international economies.”
Founded in 1904 by the Klenk family and headquartered in Oberrot, Germany, Klenk Holz employs more than 1,200 people at three sites across its home market. The company’s products include construction timber, laminated timber and form-work beams and panels, according to the statement.
Carlyle Group said it had $180 billion of assets under management across 118 funds at the end of June.
--Editors: Simone Meier, Jon Menon