TowerBrook Capital Partners has acquired Austrian viscose pulp and bio energy manufacturer Schweighofer Fiber.

The company is one of the largest manufacturers in Austria, employing 240 people. Schweighofer Fiber closed the 2016 financial year with a turnover of around €143m (£129m). The company, which is based in Hallein, was founded in 1890.

TowerBrook acquired the business from family-owned Schweighofer Group. Financial terms of the deal were not disclosed. Schweighofer Fiber’s managing director Jörg Harbring, who has held the position for 13 years, will become chief executive of the business.

Co-chief executive of TowerBrook Ramez Sousou said the acquisition fits perfectly into its criteria and an overall investment strategy “to back strong management teams operating in growth markets”.

TowerBrook ramped up its commitment to investment in the DACH region last year, opening an office in Munich.