EQT sells Desotec to Blackstone

According to Belgian daily De Tijd, the deal gives the company a valuation of around €800m, corresponding to a multiple of 27x EBITDA. 

Debtwire reported earlier this week that private equity firms Eurazeo, Astorg and PAI Partners were among the final bidders for the company. Sources told the publication that the cut-off to get into the second round of bids was 18x EV, and that some prospective buyers bid significantly above that.  

EQT's exit comes nearly four years after it acquired the company in 2017, deploying equity from EQT VII. At that time, local press reported the valuation to be around €200m. 

Company
Founded in 1990 and based in Roeselare, Desotec is a provider of circular filtration used in a broad range of industrial applications, including air emission, biogas, remediation, wastewater, and chemicals.

The company in 2020 generated a turnover of €84m and EBITDA of around €30m. 

People 
Blackstone – Jürgen Pinker (senior managing director). 
Desotec – Mario Hertegonne (CEO). 

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• Topics
• Buyouts
• Benelux
• Blackstone Group
• EQT
• Secondary buyout