Bekaert Textiles, one of the technology leaders in the development and production of knitted mattress and bed textiles, from Gamma Holding has been taken over by Franz Haniel & Cie, GmbH (Haniel), a German family equity company. Financial terms of the deal have not been disclosed.

Bekaert Textiles generated sales in excess of EUR 200 million in 2014. With its business model, it shows potential for a long-term, sustainable growth and value creation, was seen as ideal for integration into the Haniel portfolio. As a family-equity company, Bekaert Textiles allows them a first, but important step to diversify their current portfolio, said Stephan Gemkow, Haniel CEO.

Stephan Gemkow further commented that the management team has extensive market and industry knowledge, as well as an outstanding reputation. They are delighted that the management welcomed their acquisition and want to continue the development of Bekaert Textiles’ business together with them.

Jan Albers, CEO of Gamma Holding said that they are pleased that under the new guidance of Haniel, Bekaert Textiles will be able to continue its successful course of the previous years with new options for growth. They wish the company, its management and shareholders the very best for the future.

Bekaert was founded in 1892 by Ivo Bekaert in Vichte/Belgium. In 1955 a subsidiary was established in Australia. Following a period of ownership by WR Grace for 20 years (1972-1992) and Gamma Holding, also for 20 years (1992-2012), Bekaert Textiles, headquartered in Waregem, Belgium, is active in all major regions of the world with its sales and dedicated production sites. Core sales regions are Europe at 35%, the Americas at 50%, as well as Asia/Pacific.

It employs around 1,100 people across several locations with two European production facilities in the Czech Republic and Turkey operating some of the most up to date circular knitting technology from some of Europe’s leading suppliers such as Mayer & Cie and Monarch.

This shift in shareholder is good news for Bekaert Textiles’ employees and their customers as this transaction fully supports their continued growth strategy and does not impact companies’ employees nor its operations, said Dirk Vandeplancke, CEO of Bekaert Textiles.