Apax buys Adco

The GP saw off competition from Core Equity Holdings, EQT Partners and Triton Partners in the final round of bidding, according to a Reuters report from June.

Adco was managed by Harald Georg Mueller until his death in 2014, at which point his widow and son took control of the firm. They put the company up for sale earlier in the year with Citigroup advising.

The asset was marketed based on €100m EBITDA for 2019 and was expected to achieve an enterprise value of 7-8x this figure.

Apax said it will support Adco's growth plans by strengthening its portfolio in existing markets, as well as identifying and executing on new areas of development.

Company
Adco was founded in 2007 through the merger of Toi Toi and Dixi. The company rents out portable toilets under both brands. Dixi is a range of simple toilet cabins, while Toi Toi offers larger containers with a choice of furnishings. The company employs 4,000 people in total and generated sales of €360m in 2018. It is headquartered in Ratingen.

People
Apax Partners – Frank Ehmer (partner).
Adco Group – Renate Gerstenberg (CEO).

Advisers
Vendor – Citigroup (corporate finance); KWM Europe Rechtsanwaltsgesellschaft (legal); EY (financial due diligence).
Equity – Houlihan Lokey (corporate finance); Kirkland & Ellis (legal).

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