Hannover Finanz Takes 28.6% in Biesterfeld Holding

Private equity investor Hannover Finanz Group has taken a 28.6% share of Biesterfeld AG, the holding company for German chemicals and plastics distributor Biesterfeld Group.

The remaining shares will continue to be held by Biesterfeld's wealth management arm, Biesterfeld Vermögensverwaltung.

Since January 2011, Hannover Finanz has been a silent partner in the wealth management company.

Birger Kuck, CEO of the family-owned distributor, said the participation of the private equity company - which goes hand in hand with a capital increase - "allows future growth of the group and sustainably strengthens its equity position."