Citic and 3i's Formel D bolts-on CPS Quality

The company will be incorporated into the Formel D Group, but will continue to trade under its name.

Deutsche Beteiligungs AG (DBAG) invested in the management buyout of Formel D in 2013. The equity was sourced from DBAG Fund V. The GP also invested £10.4m from its balance sheet, acquiring 15% of Formel D. The remaining stake was retained by the fund and the company's management.

3i and Citic acquired the stake from DBAG and agreed to invest up to €247m in the company initially, but aimed to bring in co-investors to reduce its total commitment to around €150m. The company's management also invested as part of the deal.

The company had a turnover of €250m in 2016.

Company
With around 2,000 employees, CPS specialises in quality control activities with a focus on the automotive industry. Founded in 2004, the company operated in France, Belgium, Hungary, Romania, Turkey and Morocco.

People
Formel D – Jürgen Laakmann (CEO).
CPS Quality – Stéphane Perrot (managing director).

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