BC Partners and Electra exit BDR Thermea

Although financials have not yet been disclosed, the deal reportedly values the stake at around €600m and the whole of BDR Thermea at €2bn. BC Partners is said to have reaped a 2x multiple on the sale.

BDR Thermea was 60% owned by its parent company Remeha; BC Partners held a 32% stake while Electra owned 8% of the shares. Remeha is now the sole shareholder.

Previous funding
Boiler maker Baxi, backed by BC Partners and Electra Partners, agreed to a €1.7bn merger with Dutch rival Remeha in 2009, with the GPs investing approximately €100m to support the transaction.

BC bought Baxi from Electra and Candover for £662.5m in 2004. Electra reinvested £15m into the group from the proceeds of the exit. A debt package of £480m was arranged and provided by the Royal Bank of Scotland to support the transaction.

Company
Apeldoorn-based BDR Thermea is a manufacturer and distributor of heating and hot water systems and services. The group employs in excess of 7,000 people across Europe with a turnover of more than €1.8bn.

People
Jean-Baptiste Wautier led the deal for BC Partners. Rob van Banning is CEO of BDR Thermea.

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