February 21 (Renewables Now) - Mid-market private equity firm Equistone Partners Europe has agreed to buy a majority stake in the RENA group, a German wet chemical processing specialist that serves various industries including the solar power sector.
The agreed transaction will also see RENA’s management team and CEO Peter Schneidewind becoming shareholders in the German firm. Closing is subject to regulatory clearance.
Guetenbach-based RENA supplies wet chemical surface treatment machinery to clients in the semiconductor, medtech, green energy, glass and sapphire sectors. When it comes to renewable energies, RENA offers production equipment and manufacturing solutions for wet chemical processing of solar cells, as well as loading and unloading solutions for inline-type processing equipment. Founded in 1993, the firm currently employs around 800 people globally and generates an annual output of over EUR 120 million (USD 136m).
Equistone noted that it plans to help RENA grow in its existing segments and expand into adjacent markets.
(EUR 1.0 = USD 1.133)