Silverfleet Capital acquires cleanroom equipment supplier STAX
Munich, London, Paris — European private equity firm Silverfleet Capital has acquired a majority stake in STAXS Contamination Control Experts (Staxs NV). The company is one of the leading suppliers of cleanroom accessories in the Benelux countries. The European Investment Fund (EIF) has provided additional capital for the transaction, the purchase price of which has not been disclosed. It was implemented by the investment team at Silverfleet Capital, which specializes in smaller mid-market companies.
Founded in 1995, STAXS is headquartered in Heerenveen, the Netherlands, and also has two locations in Belgium, Niel and Aartselaar; the company employs a total of around 80 people. As a value-added distributor, STAXS sells high-quality disinfectants and cleaning agents, corresponding wipes and tools, as well as gloves and disposable clothing used for hygiene in cleanrooms in the life sciences and other sectors. STAXS also develops and markets its own products under the DOTCH brand. A laundry service for cleanroom clothing is also offered. The company has built up an excellent reputation as an expert in contamination protection on the basis of high quality and reliability and serves a loyal, also internationally increasing regular clientele.
Together with Silverfleet Capital, STAXS now intends to continue its strong growth — the focus will be on expanding the product portfolio and customer base, further strengthening the organization and expanding geographically. This includes a capacity expansion at the Heerenveen site due to the increased demand for DOTCH products. To the partnership, Silverfleet Capital brings extensive experience in developing companies in the healthcare market, gained during the team’s successful investments in a pharmaceutical contract manufacturer and a sterilization specialist, among others.
“STAXS is a superbly positioned company whose journey we’ve been following for a long time,” said Alex Brebbia (pictured), a partner at Silverfleet Capital and co-head of its small middle market investment team. “We look forward to now working closely with CEO Johan-Detlef Dubbelboer, the management team and employees to unlock further growth potential.”
Erik Fuchs, co-head of investment activities in the Benelux, added: “The investment in STAXS demonstrates Silverfleet Capital’s continued commitment to the region. We want to actively support another local market leader in its internationalization.”
Johan-Detlef Dubbelboer, CEO of STAXS since 2007, states, “I am looking forward to the partnership with Silverfleet Capital and the next phase of growth. The company has an impressive track record in further developing and internationalizing European mid-sized companies and extensive experience in the healthcare market.”
The Silverfleet Capital team handling the transaction includes investment experts Alex Brebbia, Erik Fuchs and Peter Kisenyi. Silverfleet Capital was advised by Deloitte (Financial & Tax), CIL (Commercial), Stek (Legal, Corporate & Banking) and AJ Gallagher (Insurance).
About Silverfleet Capital
Silverfleet Capital has been active as a private equity investor in the European mid-market for more than 30 years and currently manages around €1.2 billion with its 30-strong investment team in Munich, London, Paris, Stockholm and Amsterdam.
Eight investments have already been made from the second independent fund closed in 2015 with a volume of 870 million euros: The Masai Clothing Company, a women’s fashion wholesaler and retailer headquartered in Denmark; Coventya, a French developer of specialty chemicals; Sigma Components, a U.K. manufacturer of precision components for civil aviation; Lifetime Training, a U.K. provider of training programs; Pumpenfabrik Wangen, a manufacturer of specialty pumps based in Germany; Riviera Travel, a British operator of escorted group tours and cruises; 7days, a Westphalian supplier of medical workwear; and Prefere Resins, a leading phenolic and amino resin manufacturer in Europe.
Silverfleet achieves value growth through its “buy to build” investment strategy. As part of this strategy, Silverfleet is accelerating the growth of its subsidiaries by investing in new products, production capacity and employees, installing successful retail formats or making follow-up acquisitions. Since 2004, Silverfleet Capital has invested €1.9 billion in 28 companies.
Silverfleet specializes in four key industries: Business and Financial Services, Healthcare, Manufacturing, and Retail and Consumer Goods. Since 2004, the private equity investor has invested 33 percent of its assets in companies headquartered in the DACH region, 31 percent in the UK and Ireland, 19 percent in Scandinavia and 17 percent mainly in France and the Benelux countries (1).
Silverfleet Capital has a solid investment track record. Most recently, Silverfleet sold Ipes, a leading provider of outsourcing services to European private equity firms (investment multiple 3.8x); CCC, one of the leading BPO services providers in Europe, as well as Cimbria, a Danish manufacturer of agricultural equipment (2); Kalle, a German manufacturer of artificial sausage pellets (investment multiple 3.5x); OFFICE, a UK footwear retailer (investment multiple 3.4x); and Aesica, a leading pharmaceutical CDMO company (investment multiple 3.3x).
(1) Includes an investment headquartered in the USA and sourcing in Belgium. (2) Mention of investment multiple not possible for legal reasons