ADCO Environmental Services sells subsidiary QITS to Borromin Capital

Photo: Matthias Just, CEO of MAYLAND in Düsseldorf
9. Septem­ber 2021

Ratin­gen — ADCO Umwelt­dienste Holding GmbH (ADCO) from Ratin­gen sells all shares of its subsi­diary QITS GmbH (QITS) to Borro­min Capi­tal Fonds IV (Borro­min). Mayland AG exclu­si­vely advi­sed ADCO on this transaction.

As a specia­li­zed IT service provi­der, QITS is the tech­no­logy and market leader in the field of custo­mer commu­ni­ca­tion (“output manage­ment”) with a parti­cu­lar focus on the proces­sing of highly sensi­tive, busi­­ness-criti­­cal custo­mer data and its distri­bu­tion via a wide variety of physi­cal and digi­tal commu­ni­ca­tion chan­nels (“omni-chan­­nel”). QITS’ long-stan­­ding custo­mers include a wide range of diffe­rent compa­nies with high output requi­re­ments for tran­sac­tion docu­ments and the asso­cia­ted highest secu­rity requi­re­ments from indus­tries such as energy supply, finan­cial services, insu­rance and housing. QITS supports its custo­mers in parti­cu­lar in the further digi­tiza­tion of their custo­mer communications.

The ADCO group of compa­nies with over 4,000 employees is the world market leader in the field of mobile connec­­tion-free sani­tary units (“TOI TOI & DIXI”) and is repre­sen­ted by 49 opera­ting compa­nies in 29 count­ries. The ADCO Group was run as a successful family busi­ness for over 30 years. Since 2019, Apax Part­ners is the new majo­rity share­hol­der of the group. ADCO sold QITS in order to focus on its own core busi­ness, but also to allow QITS to conti­nue and further acce­le­rate its successful deve­lo­p­ment with a new inves­tor fully focu­sed on QITS.

Borro­min (form­erly Stead­fast Capi­tal) is an inde­pen­dent private equity invest­ment company focu­sed on medium-sized compa­nies in German-spea­king Europe and the Bene­lux count­ries. Borromin’s funds invest in medium-sized compa­nies and provide equity capi­tal for entre­pre­neu­rial succes­si­ons, manage­ment buy-outs and growth finan­cing. Borro­min was foun­ded in 2001 and has since pursued a successful, value-orien­­ted stra­tegy of inves­t­ing in profi­ta­ble compa­nies in a wide range of industries.

MAYLAND AG was exclu­si­vely manda­ted with the sales process and provi­ded compre­hen­sive advice to ADCO and QITS. Within the frame­work of an inter­na­tio­nal auction, the tran­sac­tion was successfully comple­ted within 4 months.


MAYLAND is an inde­pen­dent, owner-mana­­ged M&A consul­tancy based in Düssel­dorf. Since its foun­da­tion in 1998, MAYLAND has been deve­lo­ping indi­vi­dual solu­ti­ons for the purchase and sale of compa­nies or parts of compa­nies with owners and manage­ment of both medium-sized compa­nies and corpo­rate groups, and has been imple­men­ting these tran­sac­tions toge­ther with the decis­­ion-makers. MAYLAND also arran­ges any neces­sary or requi­red finan­cing or asso­cia­ted restructuring.

MAYLAND provi­des struc­tu­red process manage­ment for these natio­nal and cross-border projects and coor­di­na­tes all services for a successful comple­tion of the tran­sac­tion. With analy­ti­cal excel­lence, many years of expe­ri­ence and a commit­ment to part­ner­ship, MAYLAND struc­tures tran­sac­tions in all phases of a company. MAYLAND atta­ches parti­cu­lar importance to custo­mi­zed and holi­stic solu­ti­ons, trans­pa­rent consul­ting services and long-term custo­mer rela­ti­onships based on trust. For more infor­ma­tion in German, English, Chinese and Russian, please visit

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