Invision's Dr Deppe to hit DACH auction pipeline

Non-binding offers are expected next week, one of the sources said, noting that Dr Deppe achieved around EUR 15m in EBITDA from EUR 42m in sales last year.

The company's normalised EBITDA is likely to be closer to EUR 6m-8m, as the business saw a Covid-induced boost thanks to outsized demand for its cleaning and disinfectant products during the pandemic last year, the sources said.

Dr Deppe's sales, of which up to 80% are generated from disinfectants, are expected to drop back to EUR 26m this year given the pandemic inflated the figures, the second source said.

In 2019, the company had EUR 7.4m in pre-tax earnings compared with EUR 6.1m in the year prior, according to its most recent public filings. Cash flow in 2019 amounted to EUR 2.5m, it shows. The company generates around EUR 20m in sales, according to the sponsor's website.

Dr Deppe is part of Invision's Fund V, which still includes spa and clinic operator Parkresort Rheinfelden, and lighting rental and equipment specialist NicLen. It exited Tonerpartner in late 2020 and expects to fully realise Fund V by 2025, as reported by Mergermarket.

Kempen-based Dr Deppe was founded in 1980 and includes the merged companies Synersis and Cosmed. It has around 90 employees. Its disinfectants, cleaning products and wet wipes are used in hospitals, labs and dental practices.

Invision declined to comment. Dr Deppe and Rothschild did not return requests for comment.

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• Topics
• Exits
• Buyouts
• DACH
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• Invision Private Equity AG