EQT buys Bilfinger’s real estate service for €1.4bn

The GP paid partly in cash and partly via a deferred fixed-interest facility that is due in full on maturity. Via an earn-out instrument, Bilfinger will receive a share of EQT's exit proceeds.

EQT stated it intends to grow the real estate service business organically and via acquisitions across Europe.

The business was acquired via EQT VII, which closed on its €6.75bn hard-cap in August 2015. It is the vehicle's first German deal.

The transaction is the second time Bilfinger has been sold to private equity. In January 2011, Arcadia acquired a majority stake in Bilfinger Berger Umweltsaniertung, a remediation services provider. 

The sale to EQT is Bilfinger's attempt to return to profit after two difficult years. The facilities management business accounted for around 40% of revenues.

Company
Bilfinger's real estate service operates in DACH, the UK, Italy, the Netherlands, Poland and Turkey, with 20,000 employees and revenues of €2.5bn.

People
EQT – Andreas Aschenbrenner (partner).
Bilfinger – Axel Salzmann (interim CEO).

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