US-based investment firm Clayton Dubilier & Rice has agreed to buy meat processing casings maker Kalle from Silverfleet Capital for an undisclosed sum.
CD&R partner Vindi Banga, who was previously part of Unilever Executive Board, will become Kalle's chairman after the deal.
The transaction is slated to be completed in the first half of 2016.
Kalle manufactures and supplies casings for the protein-processing industry such as pork, beef, poultry and vegetarian protein segments.
CD&R Partner Sonja Terraneo said: "Our investment model is based on helping businesses grow profitably.
"We have been following Kalle's progress for many years and look forward to working with Kalle's talented management and employees to continue its strong sales and profit growth and to make the company an even more valuable enterprise over the long term."
Vindi Banga said: "Kalle is a proven innovator with a highly differentiated offering to customers which improves product quality and production processes - this is particularly apparent in the value-added casings segment where Kalle pioneered the category and is the global leader today.
"We believe Kalle is well-positioned to capitalize on its growth momentum, strong product mix and exceptional R&D capabilities to further penetrate the global market."
CD&R Partner David Novak said: "Kalle is a resilient market leader and growing business with a strong German heritage and excellent customer exposure globally, particularly in the growing US market. It is also a great fit with CD&R's focus on both consumer and industrial businesses in Europe, which have global reach, as well as our deep industry experience in foodservice."
Germany-based Kalle Group is considered to be one of the world's leading suppliers of industrially produced casings for meat, poultry, and other protein products.
