Aheim makes second exit in one month

The GP sold Ecronova to Michelman, an American family-owned developer of water-based barrier and functional coatings.

Aheim acquired the chemistry company in 2008 in a MBO together with Peter Montag and Anton Solich.

It is Aheim's second exit this month, following the divestment of water cooler provider Aqua Vital, which saw the investor return a 2.4x money multiple.

Aheim typically invests in small to medium-sized business, typically providing less than €10m per deal.

Company
Founded in 1977, Ecronova began trading under Freihoff Chemie. In 1989, it merged with Spanish chemistry company Ercros. Its German subsidiary was sold to Aheim in 2010 and renamed Ecronova Polymer. The company produces and sells a wide range of water-based polymers used in the production of paint and lacquers.

People
Peter Montag and Anton Solich are Ecronova's managing directors. Jean-Marc Verhaeghe will join Ecronova as a managing director; he is currently managing director at Michelman. Steven Shifman is Michelman's president and CEO.

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• Topics
• DACH
• Exits
• Industrials
• Consumer
• Trade sale
• Aheim Capital
• Germany