Bencis to buy chemicals company Höfer Chemie

Harriet Matthews
28 January 2022

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Bencis Capital Partners is to acquire a majority stake in Germany-based household chemicals supplier Höfer Chemie, according to a competition authority filing.

The filing is dated 14 January 2022 and states that Bencis is to acquire a stake of more than 50% in the company, alongside sole control of the company.

Unquote sister publication Mergermarket reported earlier in January that Höfer Chemie was in the market, with Houlihan Lokey advising on the sale. The company posts EUR 5m in EBITDA, two of the sources said, with one adding that the figure is EUR 5.4m on a last 12 months (LTM) basis.

Sale of the company's pool maintenance chemicals rose during the pandemic, sources told Mergermarket, but they also raised doubts about the prospects of this growth continuing.

A further report from Dutch publication Et Financieele Dagblad dated 26 January cited sources confirming the deal. The report stated that the business is family-owned and employs around 30 staff.

Bencis is deploying equity via Bencis Buyout Fund VI, according to the competition authority filing. The vehicle held a final close in November 2020 on EUR 575m, surpassing its EUR 500m target. The GP generally invests in mid-market Benelux businesses – focusing on industrials, services, and retail – although it has previously made investments in Germany, including personnel service business Pacura Med.

The GP's recent activity includes the sale of online auction house TBAuctions to Castik Capital in November 2021, as reported.

Bencis had not responded to a request for comment at the time of publication. Houlihan Lokey declined to comment.

Company
Headquartered in Kleinblittersdorf in the Saarland, Höfer Chemie supplies a range of chemicals for household use, including cleaning products for swimming pools and fireplaces. It sells its products online in Belgium, the Netherlands, France and Austria, as well as via Amazon in Germany and France, and eBay in Germany.

People
Bencis Capital Partners – Zoran van Gessel (co-founder, managing partner).