BC Partners sweep up Spotless

Francois Rowell
17 February 2010

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AXA Private Equity has sold its 65.6% stake in Spotless, a cleaning products producer and distributor to UK-based BC Partners for around €600m. The sale was completed after an auction process run by Lazard.

AXA PE, Created the Spotless Group in 2005 following the acquisition of Eau Ecarlate, a fabric care comapny founded in 1851, for €150m from Natexis Private Equity and Barclays Private Equity. Since then, the company has completed seven bolt-on acquisitions, with the most recent being that of UK-based Dylon International Limited. Spotless, which has brands such as Eau Ecarlate, Eparcyl, Vigor and Javel Dose under its wing, currently employs 400 people and predicts a turnover of €370m for 2008.

Prior to the deal, AXA PE hold 65.6% of the capital, the Gualandi family hold 12.6%, the management 16.6% and European Capital hold the balance.

AXA PE had previously tried to divest the company AXA Private Equity after the company was put up for sale at the end of 2008. In early 2009, in light of the economic downturn, AXA PE withdrew their portfolio company from the sales process opting instead to increase their shareholding to 65.6%.