DPE-backed building service provider Calvias files for insolvency

Ingo Grünewald of TBS Insolvenzverwalter has been appointed as the provisional insolvency administrator.

Unquote sister publication Mergermarket reported in October 2021 that a sale process for Calvias was underway, with DC Advisory mandated to lead the auction. The business was marketed based on EBITDA of EUR 11m, according to Mergermarket.

DPE first invested in Calvias in 2015 as a buy-and-build platform. Founded in 1947, the company specialises in heating, ventilation and cooling systems, as well as fire protection, plumbing and building automation. It provides services for commercial buildings.

The company was expected to employ 800 staff and generate revenues of EUR 145m in 2020, according to its website.
The GP invested in Calvias via its 2012-vintage, EUR 350m DPE Deutschland II fund. LPs in the fund include Golding Capital Partners and Munich Private Equity Partners, according to Unquote Data.

Remaining portfolio companies in the fund include automotive chrome-plated plastic components producer Fischer and medical education and conference business OmniaMed, according to Unquote Data.

DPE had not responded to a request for comment at the time of publication.

Although private equity exits via receivership spiked to 60 in 2020 after a relatively quiet period prior to this, the impact of the worst of the coronavirus pandemic pales in comparison with 2012 and 2013, with 212 and 171 such exits seen, respectively, according to Unquote Data.

Of the exits seen since the start of 2020, the consumer sector was most affected, accounting for 48% of insolvencies by volume. Industrials made up almost a third of exits via receivership.

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• DACH
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