DBAG prepares exit from last Fund V investment Heytex

In 2017, the GP exited five of the 12 portfolio companies from its €434m DBAG Fund V vehicle, which held a final close in January 2006. This resulted in one of its most successful years and a net income of €90.4m for its listed business.

DBAG divested FDG, Formel D, ProXES and Romaco from Fund V, and Schülerhilfe from Fund VI, for an average capital multiple of 3.8x in the last financial year. Unusually for DBAG, four of these were secondary buyouts, whereas 75% of all of the GP's exits overall are trade sales.

DBAG is currently investing from its seventh fund, a €1bn vehicle that held a final close in June 2016 and was 20% deployed by June 2017.

Heytex will be marketed with a projected EBITDA of €14m, according to a report by Unquote sister publication Mergermarket.

DBAG acquired Heytex from Nord Holding in 2012 and restructured its factory in China, as well as investing in its German operations, according to the report.

Heytex was founded in 1913 as a canvas-weaving mill under the name of Julius Heywinkel in Osnabrück, Germany. In 1957, it was taken over by Karmann. Now, Heytex's core business is print media and technical textiles, particularly for the advertising industry, with banners or translucent advertising media, but also for sports mats . The business generated revenues of €80m in 2012 and employed 300 staff at three production locations.

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• Topics
• Exits
• DACH
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• Germany
• Deutsche Beteiligungs AG
• Robert W. Baird