Deutsche unquote"

06 November 2007

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The continuously strong investment activity in the DACH region includes several prominent transactions. Two that stand out are Bain Capital's EUR1.3bn acquisition of Bavaria Yachtbau GmbH and the EUR1.56bn buyout of Scandlines by 3i and Allianz Capital Partners. Secondary buyouts continue to make up a growing portion of the activity, with financial investors' portfolio companies changing hands across all segments. At the top end of the market, CVC Capital Partners took over the helm at construction systems supplier DYWIDAG-Systems International from Industri Kapital, while Permira sold German fashion discount chain Takko to Advent International for EUR770m. Lower down the spectrum, transactions included Barclays Private Equity's buyout of eyewear company Eschenbach from HANNOVER Finanz, and Axa Private Equity's exit from Hormannshofer to Bayer LB Private Equity.

Venture activity continued at a steady pace with several investments announced throughout the region. In Switzerland, investments included a CHF 32m funding round of biopharmaceutical company PregLem led by Sofinnova Partners, and 3TS Capital Partners' EUR6.7m investment in Austian bioenergy group Cycleenergy. In Germany, venture investments included the financing of mobile internet business cellity AG by Neuhaus Partners, Mangrove Capital Partners and BrainsToVentures.

The region also saw strong exits with private equity houses benefiting from the economic environment. The high flyer among trade sales was BPE's EUR800m divestment of employment agency TUJA Group to Adecco. At the same time, EQT floated German diesel engine maker Tognum for EUR2.07bn on the Frankfurt stock exchange, representing the largest IPO in Germany since 2000.