GELSENKIRCHEN, Germany—Norres Baggerman Group expects to see new ownership under a mid-market investment firm that Norres leaders say fits well with the industrial hose maker's culture.
German investment giant Triton Partners (specifically, the Triton Mid-Cap Fund I) has agreed to sell Norres Baggerman, including its South Bend, Ind.-based Norres North America unit, to middle market investment firm Nalka DACH Investments SA SICAF-RAIF, which has offices in Munich and Stockholm.
Terms of the March 30 transaction were not disclosed. It is unclear when the sale is expected to close.
"Triton has played a substantial role in the development of our company and has contributed the necessary support to successfully execute our expansion goals," said Ralf Dahmer, CEO of Norres Baggerman. "We want to thank Triton for the loyal and trustful companionship during the last years.
"Nalka and Norres Baggerman share common goals and we are happy to become part of the Nalka family. We believe that the new cooperation will have enormous and long-term growth potential to the benefit of our clients and employees."