Overlack AG secures Financing for Expansion Plans
Chemical distributor Overlack AG (Mönchengladbach, Germany) has announced that the company has obtained a tranche of mezzanine financing for its future growth plans from HANNOVER Finanz Group (Hannover, Germany), a financial investor focusing on “Mittelstand” companies.
No details were disclosed on the volume of the convertible loan (“Wandelanleihe”).
In 2014, Overlack recorded a turnover of EUR 510 mn, according to the statement. The group, controlled by the Overlack family in the third generation, plans to expand its European network, which today comprises 35 locations in 16 countries. According to Overlack, the growth is to be achieved in both fields, industrial and specialty chemicals, either by organic growth or acquisitions.
As of 01. January 2015, Heinrich Eickmann (formerly CFO) is acting as-co chair of the group’s executive board, beside previous CEO Peter Overlack. The CFO position is now held by Sabine Moritz, who has recently joined the group from compatriot distributor Brenntag AG. The fourth member of the executive board is CSO (“Vertriebsvorstand”) Markus Hoschke, who was previously working in senior management roles at chemicals and polymers producer Bayer MaterialScience. He is with the company since 2013.
Source: Overlack press release; HANNOVER Finanz website
HGE – DCG / 13.02.2015
HANNOVER Finanz Group describes itself as “private equity partner for medium sized enterprises in all industries”. Since October last year, the group is holding a minority share of 28.6% in chemicals and polymers distributor Biesterfeld AG (Hamburg, Germany), after having been a silent partner in the holding company Biesterfeld Vermögensverwaltung GmbH & Co. KG since 2011.