Doughty raises $1.1bn from Norit sale

Norit, acquired by Doughty's fifth fund in a secondary buyout in 2007, had already been partially exited with the sale of its Clean Process Technologies division to Pentair for $503m in May 2011.

During the holding period, Norit has seen EBITDA growth of almost 30% due to a significant investment in expanding its production capacity. The sale is expected to close in early September 2012.

Doughty is thought to have made a multiple of 2.5x and an IRR of 23% on the sale of both units.

Previous funding
Doughty Hanson & Co Fund V acquired Norit in April 2007 from Gilde Investment Management for €600m. Gilde completed the firm's first management buyout in November 2003 in a deal thought to be worth €152m, with debt and mezzanine provided by Rabobank.

Company
Founded in 1918, Norit is a worldwide supplier of purification solutions and turnkey projects in the water, food, beer and beverage industries, operating in more than 100 countries. The firm is headquartered in Amersfoort, the Netherlands.

Today it produces around 150 different formulations of activated carbon, serving more than 3,000 customers.

People
Mark Corbidge, senior principal and co-head of private equity, handled the exit for Doughty Hanson.

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• Topics
• Benelux
• Exits
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• Doughty Hanson & Co
• Netherlands