United States / Germany – US private equity firm Kohlberg Kravis Roberts & Co (KKR) has sold German recycling group Duales System Deutschland (DSD) back to its management team.
Philippe von Stauffenberg, who headed the investor group, is to take a seat on the board of directors once the transaction is completed, with CEO Stefan Schreiter taking control of the company. KKR reportedly paid Euro 260 million when acquiring DSD in January 2005. The latter was founded in 1990 as a non-profit organisation responsible for collecting and recycling packaging across Germany; it was subsequently encouraged to seek a private owner after regulators decided its monopoly position was no longer acceptable. According to Mr von Stauffenberg, the company could expand beyond the borders of Germany. ‘We believe that DSD has great potential – not only in Germany,’ he insists. ‘As the leader in the dual system market, DSD has a strong client base with some 18 000 environmentally-aware customers. We want to further expand this platform in Europe and develop additional “green services” with a focus on sustainability and environmental protection for both existing and new clients.’