LEO III Fund successfully completes the acquisition of H.K.O. Isolier- und Textiltechnik GmbH from Saint-Gobain

We’re proud to announce that our LEO III Fund has successfully completed the acquisition of H.K.O. Isolier- und Textiltechnik GmbH (HKO) from Saint-Gobain.

Based in Oberhausen, HKO is a specialist manufacturer of highly specialized thermal insulation, fire protection, and technical textile products — serving demanding industrial end-markets worldwide, from high-temperature insulation to EV battery fire protection and personal protective equipment.

This transaction marks the first step in carving HKO out of the Saint-Gobain Group and re-establishing the company as a fully independent, growth-oriented business.

Our ambition together with management:

• Establish HKO as the leading independent specialist in thermal and fire protection across industrial end-markets
• Deepen partnerships with OEMs and Tier-1 suppliers in EV battery safety
• Develop tailored solutions meeting evolving technical and regulatory requirements
• Pursue organic growth and selective international expansion

Christoph Mödder, Partner at DUBAG Group: “With our hands-on approach and proven track record in developing industrial mid-sized companies, we aim to position HKO as a strong, sustainably growing market leader.”

This investment reflects our continued commitment to partnering with exceptional industrial businesses in complex corporate carve-outs and supporting their next phase of independent growth.