Manmade fibres producer Lenzing (Lenzing / Austria; www.lenzing.com) has sold its wholly-owned German subsidiary Dolan and its 91.1% stake in European Carbon Fiber to WHEB Partners’ Growth Fund 2 and Jan Verdenhalven, special advisor at WHEB (London / UK; www.whebgroup.com).

Dolan manufactures speciality acrylic fibres used in textiles, convertible car tops, sunshades, garden furniture and protective clothing. The company, which is one of Europe’s major suppliers of convertible car tops, employs about 100 people and generated revenues of EUR 57.5m in 2014.

European Carbon Fiber, a joint venture with Kelheim Fibres (Kelheim / Germany; www.kelheim-fibres.com), makes precursors for the carbon fibre industry and posted annual revenues of EUR 10.4m last year.

Lenzing’s chief financial officer, Thomas Riegler, said: “The sale comprises part of Lenzing’s strategy to focus on its core business of manmade cellulose fibres. With WHEB and Jan Verdenhalven, Lenzing succeeded in finding financially strong, industry-oriented new owners in which both companies will be able to develop more effectively in the future than up until now.”

He continued: “Moreover, it is important for European Carbon Fiber that WHEB and Jan Verdenhalven already have longstanding industrial experience in the carbon fibre business. The company now has interesting growth perspectives once again through a potential co-operation with other companies in the strategic investment portfolio of WHEB.”

Financial terms of the agreement, which was concluded on 15 April, were not disclosed.