PAI-backed Stella Group buys BPE's DuoTherm Rolladen

The transaction remains subject to approval from the German competition authority.

BPE acquired DuoTherm Rolladen in February 2017, investing alongside CEO André Barth and deploying equity via BPE 3 in a deal valued at €24m, according to Unquote Data. BPE 3 held a final close in December 2014 on €125m and was 80% deployed as of December 2019. The fund deploys equity tickets of €2.5-15m, focusing on Germany-based SMEs, and has made 11 platform investments, according to Unquote Data.

PAI acquired Stella Group in November 2018 in an SBO from Andera and ICG. Stella Group has undergone five private equity buyouts since its inception and was valued at €629m when it was acquired by PAI, compared with around €300m in its previous buyout in 2015.

PAI invested in Stella Group via PAI Europe VII, which held a final close in March 2018 on €5bn.

Stella Group reported 2019 revenues of €460m, compared with €200m in 2017. Following the transaction, the company will generate more than half of its revenues outside its core market of France, according to a statement.

Stella Group made its first add-on under PAI's ownership in April 2019, acquiring CRH Shutters & Awnings in a deal valued at more than €300m.

Company
DuoTherm Rolladen designs and produces rolling shutters and blinds. Based in Nettersheim, the company was founded in 1998. DuoTherm employed 100 staff and generated revenues of around €20m at the time of BPE's investment in 2017. The company now reports revenues of €27m and has 135 employees.

People
BPE Unternehmensbeteiligungen – Andreas Odefey (founding partner).
PAI Partners – Mathieu Paillat (partner).
DuoTherm Rolladen – André Barth (CEO).
Stella Group – Didier Simon (president); Frank Schädlich (director of international development).

Advisers
Acquirer – Willkie Farr & Gallagher (legal); PwC (accounting).

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