Triton sells Veltec to DBAG-backed PSS

Triton carved out Leadec and Veltec from the Voith Group in August 2016 for around €350m. Veltec employs 1,000 people and generated sales of €110m in 2017, but was loss-making in both 2016 and 2017.

Leadec said in a statement that Veltec was being divested because of a lack of synergies between the two business and their difference in size.

DBAG owns a minority stake in PSS via its DBAG Expansion Capital Fund. The business employed 210 people and generated sales of €38m in 2017.

No fresh equity was deployed by DBAG for this transaction, Unquote understands.

Company
Veltec is a European provider of technical maintenance services for the process and power plant industries, focusing on customers in central and northern Europe. Veltec currently has nine branches and supports customers in the oil and gas, chemicals, life sciences, raw materials and energy sectors.

People
Leadec Group – Markus Glaser Gallion (CEO).

Advisers
Vendor – Clearwater International (corporate finance); Freshfields Bruckhaus Deringer (legal).
Acquirer – Graf von Westphalen (legal).

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• Topics
• Portfolio management
• Exits
• DACH
• Industrials
• Germany
• Build-up
• Deutsche Beteiligungs AG
• Triton Partners
• Partial sale