Bucharest - 01 noiembrie 2016
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Axxess Capital, the Investment Advisor of Emerging Europe Accession Fund (“EEAF”), announces today the sale of EEAF’s shareholding interest in Deutek S.A., a leading Romanian architectural coatings company. The transaction is conditional upon obtaining the approval from the Romanian Competition Council.
DEUTEK has been established in 1993 and developed into a reputable and sizeable player in the decorative paints industry with sales of EUR 30 million in 2015 through a nation-wide network of 124 DIY stores and a total of 3,500 independent retail outlets. DEUTEK markets a large product portfolio under the OSKAR and Danke! brands, both at leading levels of awareness and excellent reputation amongst both professional and household consumers.
Following the acquisition of Deutek by EEAF in 2013 the company has accelerated its growth with a mission to enhance its industry position. At the same time the company continued to invest in R&D, being the most innovative company in the industry, with a continued effort to develop and offer new products to its customers.
Horia Manda, the Managing Partner of Axxess Capital commented: “We were very pleased to work at Deutek with one of the most experienced management teams in Romania and this allowed the company to reach its excellent business and financial performance. The decision to exit Deutek, although not an easy one, was taken in accordance with EEAF’s mission to support Portfolio Companies’ accelerated growth strategies aiming to make them attractive to global players in various industries. In this sense, we are very proud that Deutek has been acquired by PPG, a leading manufacturer of paints, coatings and special materials and we are convinced that the blend of industry expertise, international capabilities and local knowledge shall enable the Company to become an industry leader in the years to come.”
Gabriel Enache, the CEO of Deutek, also commented: “The management of Deutek has always been committed to building a leadership position based on trustworthy brands and innovative product offerings for the consumers. This vision was fully supported by its shareholders and the fruitful cooperation with Axxess Capital over the last four years has enabled the company to deliver growth rates above the market performance, while ensuring high profitability levels within the industry. We are looking forward to joining PPG as we are confident that being part of a global industry leader would enable us to further deliver on our vision.”
About Axxess Capital
Axxess Capital is an independent investment adviser for private equity with more than 15 years of investment history in the lower mid-market in South-Eastern Europe and over EUR 250 million under administration in three private equity funds. Axxess Capital has closed to date 38 transactions and has exited 26 equity investments, supporting growth and development of private companies across several sectors including financial services, manufacturing, IT&C, specialized retail, FMCG and others.
Emerging Europe Accession Fund, the third fund advised by Axxess Capital, was closed in November 2010. The fund is looking to leverage the experience of the Axxess Capital team and local managerial talent to unlock value generation opportunities with strong medium-to-long-term growth potential.
The Seller was assisted by Mrs Gabriela Assoum Predescu on the legal side.
For more information, please contact:
Horia Manda
Managing Partner
Tel: +40 21 207 7100
Fax: +40 21 222 8504 E-mail: office@axxesscapital.net
Cuvinte cheie:
Axxess Capital sale share Deutek