DALLAS & NEW YORK & LONDON & TOKYO--(BUSINESS WIRE)--Lone Star Funds (\u201cLone Star\u201d) today announced that an affiliate of Lone Star Fund XIII, L.P. has entered into a definitive agreement to acquire ContiTech, the material solutions group of Continental AG, for \u20ac4.0 billion. The transaction also includes performance-based components of up to \u20ac250 million in subsequent years.<\/p>
\nContiTech is one of the world\u2019s leading providers of mission-critical engineered rubber, thermoplastic and fabric technology solutions to customers in a wide range of industries including in the agriculture & food, construction, energy and mining sectors, among others. The group builds on 155 years of heritage and brand reputation for material science expertise and product quality. ContiTech serves customers across 34 countries and employs around 22,000 team members across Europe, the Americas and Asia-Pacific.<\/p>
\nThrough this investment, Lone Star plans to continue to develop the company\u2019s platform and product suite, building upon ContiTech\u2019s priorities around customer focus, quality and innovation. Lone Star will target specific areas for growth and drive the company\u2019s technological capabilities forward with additional resources and operational expertise.<\/p>
\n\u201cContiTech is a true leader in the industrial solutions space, and we are pleased to make this investment in its future,\u201d said Donald Quintin, Chief Executive Officer of Lone Star. \u201cThe business has distinguished itself as a truly innovative specialist, with a diverse range of products and solutions meeting the needs of a broad customer base. We believe ContiTech will further benefit as a standalone company, and we see targeted opportunities to further refine its offering and invest behind its people.\u201d<\/p>
\nThe transaction is subject to customary closing conditions and approvals.<\/p>
\nAbout Lone Star<\/b><\/p>
\nLone Star is a leading investment firm with its principal office in London, UK advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for over 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com<\/a>. Follow us on LinkedIn<\/a>.<\/p>