Seafort sells Noventiz Group to trade

The transaction remains subject to competition authority approval and is expected to close by the end of November 2020.

The acquisition aims to expand Reconomy's compliance division, as well as to build on its presence in the German market, the company said in a statement.

Seafort acquired a majority stake in Noventiz from Auctus in November 2013, in a transaction that also included business services provider DialogFeld Communication and lighting manufacturer Dieter Braun. The acquisition of all three companies was valued at €82m.

Seafort deployed equity to acquire Noventiz via Seafort Advisors I, which held a final close in January 2013 on €50m. The vehicle invested in mid-market technology-backed companies in the DACH region.

Company
Founded in 2007 and based in Cologne, Noventiz provides packaging compliance services for waste disposal and recycling companies. It covers areas including sales packaging, transport packaging, batteries and waste electrical equipment. The company employs 70 people and reports revenues of €35m, according to its website.

People
Seafort Advisors – Patrick Huep (founder, partner).
Noventiz Group – Dirk Boxhammer (CEO).
Reconomy – Paul Cox (CEO).

Advisers
Acquirer – Blackwood Capital Group (M&A).

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