February 6 2015, David R Brown
Overlack AG secures funding for expansion plans from Hannover Finanz Group
German headquartered, multinational chemical distributor, Overlack AG has announced that the company has obtained mezzanine financing from the Hannover Finanz Group to help fund its future growth plans. No details of the size or terms of the convertible loan were disclosed. Founded in 1979, The Hannover Finanz Group is a well-regarded capital equity partner for medium-sized enterprises.
We want to expand our competitive position as a strong European medium-sized enterprise
Peter Overlack
CEO Overlack AG
The Group, controlled by the the third generation of the Overlack family, plans to expand its European network further which already comprises 35 locations in 16 countries. According to Overlack, the growth is to be achieved in both industrial and specialty chemicals distribution, either by organic growth or acquisitions.
To help drive the Group's expansion plans Overlack has made new, executive level appointments. From 01 January 2015, Heinrich Eickmann (formerly CFO) is acting as-co chairman of the Group's executive board, alongside Peter Overlack. Sabine Moritz, who has recently joined the group from Brenntag AG, has been named CFO. The fourth member of the executive board is Sales Director, Markus Hoschke, who has previously worked in senior management roles at chemicals and polymers producer Bayer MaterialScience. He joined Overlack in 2013.
About Overlack AG
Founded in 1922, the Overlack Group is one of the leading companies in the European chemical distribution market, particularly in Germany and Eastern Europe. Overlack AG recorded a turnover of EUR 510M in 2014 and employes over 600 people.
Source(s): Hannover Finance Press Release
Further Information
Visit: http://www.overlack.eu