Deutsche Beteiligungs (DBAG) revealed today it has sold its stake in Infiana Group GmbH, a developer and producer of specialised films that generated sales of €227m in 2018. The exit valuation represents more than twice the invested capital compared with DBAG’s average of c. 2.9x in the period of 1997-2018.
DBAG and the DBAG Fund VI invested in Infiana via a management buyout (MBO) transaction in December 2014. Thus, the holding period stays broadly in line with the company’s average of 4.8 years between 1997 and Q119.
The disposal of Infiana is the fourth exit of DBAG Fund VI, which financed 11 MBOs between 2013 and 2016. DBAG anticipates it will complete the transaction within the next three months.
DBAG highlights the transaction will have a slightly positive impact on its net income in Q3 FY18/19. Due to uncertain market factors however, DBAG upheld its FY19 forecast and still expects net income to be 20–40% below the five-year average of €48m, with the mid-point of this guidance implying earnings of €33.6m.