CBPE buys German solvent producer Safechem

CBPE acquired an undisclosed stake from US corporate Dow Chemical Company. As part of the deal, the GP appointed William Cortazzi as new chairperson. He previously worked in the chemical sector in both operational functions and as an investor, according to a statement.

Following the acquisition, the GP aims to boost the company's expansion internationally as well as through the launch of new products. More recently, the company entered the Chinese market, which is four times the size of the western European market for the business, according to a statement.

The deal marks the third investment for the GP's latest vehicle, CBPE Capital Fund IX, which held a final close on £459m in August 2016.

Company
Established in 1992 and headquartered in Düsseldorf, Safechem produces solvents for surface metal cleaning and dry cleaning, used mainly in the automotive, aerospace and instrument-measuring segments, as well as the medical and optical technology industries.

People
CBPE Capital – Mathew Hutchinson (partner); Jolyon Latimer (director).
Safechem Europe – Manfred Holxieg (general manager).

Advisers
Equity – Reed Smith (legal); Grant Thornton (financial due diligence, tax).
Vendor – The Valence Group (M&A).

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• Topics
• Buyouts
• Industrials
• DACH
• Germany
• Close Brothers Private Equity (CBPE)