AXA PE to sell Spotless again

AXA Private Equity is set to sell Spotless, a cleaning products producer and distributor for around EUR 700m.  This is the second time AXA PE has tried to divest the company AXA Private Equity after the company was put up for sale at the end of 2008. In early 2009, in light of the economic downturn, AXA PE withdrew their portfolio company from the sales process opting instead to increase their shareholding to 65.6%.

The new auction, run by Lazard, is set to be attracting bids from the likes of BC Partners and Lion Capital with finalised bid expected in March.

AXA PE created The Spotless Group in 2005. Since its inception, the company has completed seven bolt-on acquisitions, with the most recent being that of UK-based Dylon International Limited. Spotless, which has brands such as Eau Ecarlate, Eparcyl, Vigor and Javel Dose under its wing, currently employs 400 people and predicts a turnover of EUR 370m for 2008.

AXA PE hold 65.6% of the capital, the Gualandi family hold 12.6%, the management 16.6% and European Capital hold the balance.