3i has sold German cleantech company hte AG to industrial group BASF.

 First published in Cleantech magazine, May 2008. Copyright Cleantech Investor 2008

The Heidelberg-basedcompany hte, provides technology services and productsgeared at R&D in the areas of catalysis, material science and formulations for clients in the energy, chemical and environmental sectors.

The pan-European private equity house had first invested in the business in 2003. Achievements during the holding period includediversification of the company’s customer portfolio and increasing its revenues by around threefold.

“This has been a successful investment for 3i in the cleantech sector, with the outstanding management team and world-class employee base at the heart of this success,” said 3i director Hansjoerg Sage.

“Going forward with BASF, hte is well positioned to benefit from its impressive and proven product portfolio and strong market demand.”