Houlihan Lokey is pleased to announce that Cordenka GmbH & Co. KG (Cordenka), a portfolio company of Chequers Capital (Chequers), has completed a successful dividend recapitalisation. The transaction closed on 27 July 2017.
Based in Obernburg, Germany, with a history dating back more than 70 years, Cordenka is the world's leading manufacturer of industrial rayon, a cellulosic fibre manufactured from wood pulp. Rayon's primary application is as a reinforcement material within the carcass of high-performance light vehicle tyres, with additional uses in the mechanical rubber goods space. As a result of its superior production capabilities, higher product qualities, and reliability of supply, Cordenka has become the supplier of choice for major tyre OEMs globally.
Chequers is a European-focused mid-market sponsor with offices in Paris and Munich and assets under management of c. €3 billion. Since its founding in 1972, Chequers has completed more than 300 equity investments across 17 funds.