VR and BIP buy Leuna Tenside

The proprietary deal was initiated by the vendor, and was sourced through a personal contact between VR and Leuna Tenside. VR stated it valued the company on a DCF multiple basis.

A change of management is not planned for the near future, although a successor will eventually be chosen in accordance with the existing management.

VR usually invests in small to medium-sized family businesses in the DACH region. Most of VR's investments target industrial companies. The investor takes minority as well as majority stakes and provides mezzanine debt. VR has an investment volume of €500m and its portfolio currently comprises 100 companies.

BIP's portfolio has a net asset value of €350m. The GP focuses on investments in small to mid-sized companies in the DACH and Benelux region, as well as in France. Its investments range from €10-30m.

Company
Leuna Tenside was founded in 1995. The company produces surfactants and chlorinated paraffins. Surfactants are used in the production of detergent, cleanser and household chemicals. Chlorinated paraffin is used to produce cooling lubricants and flame retardant or as a plasticiser. The company has 89 staff.

People
Christian Futterlieb is managing director at VR. Katrin Wehr-Seiter is managing director at BIP. Kiril Mateew is managing director of Leuna Tenside.

Advisers
Equity - King & Wood Mallesons, Christoph Brenner (Legal); Luther, Ulrich Siegemund (Tax); Accurary, Heiko Ziehms (Financial due diligence); Chem Advice, Rudolf Staab (Commercial due diligence); AON, Roger Wirth (Insurance due diligence); Fugro Consult, Carsten Lehmann (Environmental due diligence). 

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• Topics
• DACH
• Industrials
• Buyouts
• Germany