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Advent International sells Deutek to Axxess Capital

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14 August 2013 – Advent International, one of the world’s leading firms dedicated solely to private equity, today announced the sale of Deutek, Romania’s largest manufacturer of decorative paints and coatings to Emerging Europe Accession Fund (EEAF), the third private equity fund managed by Axxess Capital. The value of the transaction was undisclosed.

Advent acquired Deutek in July 2005 and under its ownership has become a market-leading player in Romania by expanding its product offering, brand portfolio and distribution channels. The company is headquartered in Bucharest and has a strong presence in all of the major national construction materials and decoration stores and a significant regional presence in neighbouring countries such as Ukraine, Bulgaria and Moldova.  Advent’s shared vision of sustainable growth over the last nine years successfully shaped Deutek and positively influenced the Romanian competitive decorative paints industry.

Founded in 1993, Deutek originally imported its paints from Germany, switching to local production in 1998. Since then, leading brands such as Danke!, Oskar and Superweiss continuously imposed new quality standards driven by innovative research and the latest technological updates.

Through Deutek’s distribution systems, which are some of the most efficient in the industry, these leading brands are now widely available to any Romanian consumer in more than 3,500 modern and traditional retail outlets or delivered direct to construction sites.

Gabriel Enache, Chief Executive Officer of Deutek, said:

“Advent International has provided us with continuous support since their investment in 2005 and played a key role in the success and growth of our company during this time.  We look forward to building on this progress and securing a market-leading position under the new ownership of Axxess Capital.”

Commenting on the sale of the business, Sebastian Tcaciuc, Director, Advent International said:

“We have enjoyed our partnership with the management team of Deutek, working with them to establish the recognised brand that the company has become today.  The business is now well-positioned to take advantage of the many opportunities in the Romanian market and to continue to pursue its growth strategy.” 

Horia Manda, Managing Partner of Axxess Capital, said:

“Deutek is the first Romanian investment of EEAF, the third private equity fund managed by Axxess Capital.  We are looking forward to working with the young, energetic and skilled management team assembled by Advent International.  We are optimistic that our 15 years of experience in developing financial, industrial and service businesses in Romania and South-Eastern Europe will strongly support the company’s efforts to accelerate growth and further enhance its market leadership.”   

Advent has been active in the chemicals industry for more than 25 years and has invested in over 30 companies in the sector globally.  The firm has developed a strong track record in acquiring these businesses from multinational corporations and enabling them to become successful independent companies.  Advent’s recent investments in the chemicals and materials sector include H.C. Starck, Maxam, Mondo Minerals, Oxea and Vinnolit.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 280 buyout transactions in 36 countries, achieving over 230 full or partial exits, and today has $32.4 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. After 29 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for portfolio companies.

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About Axxess Capital

Axxess Capital is an independent investment manager with more than 15 years of investment history in the lower mid-market in South-Eastern Europe and over EUR 250 million under management in three private equity funds. The Axxess Capital team has closed to date over 35 transactions and has exited 25 equity investments, supporting growth and development of private companies across a number of sectors including financial services, manufacturing, IT&C, specialized retail, FMCG and others.
Emerging Europe Accession Fund, the third fund managed 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.

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Emma Popa-Radu

Managing Director, Head of Bucharest, Romania

T: +40 21 211 16 02
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