DBAG sells Proxes to Capvis

DBAG has divested its balance sheet investment as well selling a stake held in DBAG Fund V. The sale will result in a contribution of €9m to the income of DBAG's most recent financial year.

Capvis will use capital from its fourth fund to finance the transaction and Proxes' management will reinvest alongside the GP. The purchase price was not disclosed.

The sale marks the completion of DBAG's buy-and-build strategy, starting in 2013 with the €40m buyout of Stephan Machinery. Proxes now comprises four companies under one umbrella organisation.

The goal of the strategy was to build a group of engineering companies to provide complete production lines for the food processing segment. DBAG considers that goal achieved as the combined group forecasts a revenue of €141m for this year, more than triple that of Stephan Machinery's in 2013.

This is the fourth divestment from DBAG Fund V in 2017 following the sales of Formel D to 3i, Romaco to Truking and FDG to CM-CIC. 

Previous funding
In March 2013, DBAG acquired Stephan Machinery in an MBO valued at €40m. The GP invested €3.7m from its balance sheet for a 19% stake, as well as deploying capital from DBAG Fund V. Management secured the remaining stake.

The company was renamed Proxes and began making acquisitions, starting with processing machine installations company Frymakoruma for an undisclosed amount in April 2014.

DBAG then invested €42m in Proxes and one other portfolio company to finance acquisitions in July 2015. Proxes acquired equipment manufacturer Terlet.

Finally, in January 2017, Proxes acquired Danish software development and system planning company Suatec.

Company
Founded in 2013, Proxes combines four companies specialising in batch-centred continuous processing technology in food processing, pharmaceuticals and healthcare technologies.

The group is headquartered in Hameln, Germany. Proxes has installed more than 100,000 machines worldwide and has a projected revenue of €141m this year.

People
Deutsche Beteiligungs AG – Rolf Scheffels (board member).
Proxes – Olaf Pehmöller (CEO).

Advisers
Vendor – William Blair, Matt Gooch (M&A); CMS Hasche Sigle, Hendrik Hirsch (legal); Deloitte (financial due diligence, tax); ERM, Werner Schulte (ESG due diligence); Androschin & Partner, Christian Androschin (commercial due diligence). 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• DACH
• Industrials
• Exits
• Germany
• Secondary buyout
• Buy-and-build
• Deutsche Beteiligungs AG
• Capvis AG