• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Industrials

DBAG wraps up Fund V with Heytex exit

  • Rachel Lewis
  • 03 January 2023
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

German sponsor DBAG has liquidated its fifth fund with the sale of local technical textile producer Heytex to Dutch sponsor Bencis Capital Partners.

The 2006-vintage DBAG Fund V has returned more than 2.5x of committed capital to LPs, said the sponsor in a statement. 

The fund acquired Heytex from NORD Holding in late 2012 for EUR 32.7m, with 19% of the share capital acquired directly by the sponsor. 

Heytex

  • DEAL:

    SBO

  • LOCATION:

    Bramsche

  • SECTOR:

    Industrials

  • FOUNDED:

    1913

  • TURNOVER:

    EUR 120m

  • EBITDA:

    EUR 10m-12m

  • VENDOR:

    DBAG

Buyer Bencis Capital closed its latest buyout fund, Bencis Buyout Fund VI, in November 2020 on EUR 575m. It has closed three investments, Belgian IT solutions provider Geo Square, German chemical company Höfer Chemie, and Dutch motorcycle parts wholesaler PePe. 

DBAG attempted to exit Heytex in 2018, tapping Baird to advise and marketing the asset off around EUR 14m-EUR 15m, as reported by Unquote's sister publication Mergermarket. 

The sale was reignited in mid-2021, at the time being described as a turnaround case with it posting EBITDA of EUR 10m-EUR 12m that year, as reported. 

DBAG said that inorganic growth was key to the development of Heytex, citing its entry to North America in 2014; the operational turnaround of its Chinese production site; and the 2021 acquisition of TenCate Outdoor Fabrics, a Dutch producer of tents and awnings.

The sponsor divested the bulk of Fund V investments between 2016-2017, with the most recent comprising the mid-2017 sales of processing technology group ProXES to Capvis, and quality assurance provider to the automobile industry Formel D to 3i. 

DBAG saw the net-asset value of its portfolio drop by 15.1% to EUR 573.7m through the 2021/2022 financial year, it announced in December. The GP is planning a ninth buyout fund targeting EUR 1.3bn-EUR 1.5bn in 2023, as reported by Unquote in May last year. 

Company
Heytex manufactures laminated and coated technical textiles as well as textile print media. The latter are used in the advertising industry and in trade fair construction, for example as banners on facades or as translucent advertising media.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Industrials
  • Exits
  • Buyouts
  • GPs
  • DACH
  • Bencis Capital Partners
  • Deutsche Beteiligungs AG

More on Industrials

Luggage and airport services
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
Car engines and automotive parts
Felss Group backer Capvis lines up PwC to guide sale process

Sale of German cold-forming specalist is under way, six and a half years into GP's holding period

  • Exits
  • 24 August 2023
Big Ben and British flag London UK
CMA scrutiny of high-leverage PE divestment purchases expected to increase

PE could stand to lose its historic advantage with heightened regulatory baggage

  • Regulation
  • 21 August 2023
Deals and business agreements
Evoco expects portfolio acquisitions, assesses potential exits in 2H23

Switzerland-headquartered GP is currently deploying equity via its EUR 162m Evoco TSE III fund

  • Investments
  • 21 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013