DBAG sells Cleanpart to Mitsubishi for 2.4x

Oscar Geen
21 August 2018

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Deutsche Beteiligungs AG (DBAG) has sold its stake in machine part cleaning service Cleanpart to Japanese chemical conglomerate Mitsubishi Chemicals Corporation for a 2.4x return.

DBAG made the divestment from DBAG Fund VI and simultaneously sold the shares that it held directly alongside the fund. The management team also sold their shares in the transaction.

The sale is the second realisation from DBAG's sixth fund after it sold private tutoring business Schülerhilfe to Oakley Capital for a 3.9x return in May 2017. The vehicle held a final close on €700m in 2012 and was 86% invested across 11 buyouts by the end of 2016.

Cleanpart was partially realised last year, when DBAG sold the healthcare division to Vamed in November 2017. Cleanpart Healthcare generated approximately 20% of the entire group's revenues in 2017.

Previous funding
DBAG acquired Cleanpart from its management in March 2015. The GP invested €12.5m from its balance sheet for a 13% stake in the business with Fund VI taking the majority stake.

Company
Cleanpart services production tool components, such as memory chips, used in the semi-conductor industry. This involves decontaminating, cleaning, coating and, in some cases, replacing the chips. The company generated revenues of €50m in 2017 and employs 420 people. Cleanpart traces its roots back to 1972, when it started as IBM's exclusive parts cleaning and recovery partner.

People
Deutsche Beteiligungs AG – Thorsten Grede (spokesman of the board).
Cleanpart – Udo Nothelfer (chairman).