Patrimonium and co-investors sell Fixatti to trade

The exit generated a money multiple of more than 3x.

Patrimonium, Co-Investor AG, Bank of Montreal and Parvilla acquired a majority stake in Schaetti Group in May 2013, with former CEO Daniel Schaetti retaining a minority stake and Co-Investor AG taking the lead equity position. Raiffeisenbank provided debt to support the buyout. The deal was valued in the €25-50m range.

Zurmont Madison also participated in the original deal. Following a fund restructuring that closed in January 2017, the firm's private equity team joined Patrimonium. DB Private Equity acquired the remaining assets in the fund, but this did not include the firm's stake in Schaetti, since the investment in the business was not made via the fund structure.

Schaetti merged with Belgium-based market peer Dakota Worldwide, following which it rebranded as Fixatti. The company underwent a €20-30m refinancing at the time backed by ING, BNP Paribas and Belfius, which provided for a small dividend recap.

According to a statement, Fixatti's investors focused on the development of higher-margin niche products during the investment period, with the aim of making the business a relevant potential acquisition for strategic buyers.

Previous funding
In 2005, Afinum acquired Schaetti via an MBO. The GP subsequently sold the business, along with three further portfolio companies, to Triginta Capital (formerly Avida Group).

Company
Schaetti Group was founded in 1957 and was based in Wallisellen, Switzerland. Following the acquisition of Dakota Worldwide in 2018, the company's headquarters were moved to Nazareth in Belgium. Fixatti also has additional production facilities in Germany, India, the US and China.

The company produces plastic powder products used in adhesives and metal coatings for clients in the automotive and hygiene sectors, as well as manufacturers of textiles, footwear and furniture. The company reported revenues of €50m in 2012 and now reports revenues of around €55m. It employs 180 people.

People
Patrimonium Private Equity – Andreas Ziegler (director, private equity).
Co-Investor AG – Farsin Yadegardjam (partner).
Fixatti Group – Gertjan de Creus (CEO).

Advisers
Vendor – Rothschild & Co (corporate finance); Eubelius (legal); BDO (financial and tax due diligence).

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