Silverfleet to exit STAXS in trade sale

Wahida Ahmed
10 May 2022

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Silverfleet has agreed to sell Netherlands-based STAXS, a cleanroom consumables distributor, to CWS Cleanrooms, a portfolio company of Franz Haniel & Cie.

The transaction, which is due to close later this month, will generate a 6x money multiple for Silverfleet, according to a source familiar with the situation.

Haniel said in a press release that under the CWS Cleanrooms umbrella STAXS will represent the Cleanroom Consumables platform and continue to service its customers as a separate company. The management team around Johan-Detlef Dubbelboer, Stijn Van Eenoo, Wico Maltha, Jeroen Juffermans and Katia Poppe will remain committed as shareholders of STAXS.

Under Silverfleet's ownership, STAXS expanded its customer base and developed an ESG focus. The sponsor also enable it to expand its Heerenveen premises, which allowed it to increase capacity and the volume of products sold under its proprietary brand, DOTCH. The contamination control specialist resisted the challenges caused by the pandemic, according to a press release.

Silverfleet invested in STAXS in January 2019 acquiring a majority stake via its European Development Fund, which held a final close on EUR 200m in December 2019, according to Unquote Data. In January 2020, Silverfleet carved out the laundry segment of STAXS to Germany-based CWS-boco International.

Silverfleet declined to comment.

Mergermarket reported in January 2022 that Silverfleet had appointed Harris Williams to advise on the exit. The sellside was expected to market the business off annual EBITDA of around EUR 10m-15m. A formal auction process was due to take place in February or March this year, according to the report.

According to a Debtwire report last month, CWS saw competition from sponsors including Bridgepoint, IK Partners and NPM Capital in the second round of the auction for STAXS.

Company
STAXS was founded in 1995 and is headquartered in Heerenveen, the Netherlands, and has a facility Niel, Belgium. It is a distributor of cleanroom consumables and contamination control products such as disinfectants and gloves. STAXS main customer base is in the life sciences sector.

People
STAXS - Johan-Detlef Dubbelboer (CEO).
Silverfleet Capital – Gareth Whiley (managing partner).

Advisors
Vendor – Harris Williams (corporate finance); KPMG (financial, legal & tax due diligence); CIL (commercial due diligence); De Brauw (legal).