Everstone Capital (Everstone), a Singapore-headquartered investment firm and the private equity arm of Everstone Group, has completed the acquisition of Qlar Group (Qlar), formerly Schenck Process, from Blackstone. Financial terms of the transaction were not disclosed.

Qlar is a leading global provider of material handling and processing equipment for industrial applications. Founded in Germany, the company serves customers in sectors including cement, steel, chemicals, and performance materials, rail, mining and food. Under Everstone’s ownership, Qlar will continue to operate under the existing brand and organizational structure, serving customers globally.

Everstone will support Qlar’s long-term development through continued investment in engineering, innovation, and talent. In partnership with the management team, the focus will be on executing on the company’s strategy, strengthening market access and commercial capabilities, and further developing Qlar’s solutions portfolio for more efficient, circular, and lower-carbon material processing. This includes building on Qlar’s well-established aftermarket and service business which complements its core equipment portfolio and provides ongoing support to customers across the installed base.