US buyout house Kohlberg Kravis Roberts has made a return of four times its original investment in a portfolio of seven companies it bought from German industrial conglomerate Siemens in 2002 after completing the last of its exits.

KKR, which bought control of Demag Holding from Siemens in 2002 for €1.69bn ($2.4bn), has sold all seven companies contained in the portfolio for an estimated €1.8bn, or 3.9 times its initial equity investment, excluding transaction costs.