BC Partners today announces that Brave B Lux SA, a company owned by funds it advises, has signed an agreement to sell its 40% stake in the BDR Thermea Group, a world leading manufacturer and distributor of heating systems and services, to its parent company Remeha Group BV.
Paris, 30 September 2011 - BC Partners today announces that Brave B Lux SA, a company owned by funds it advises, has signed an agreement to sell its 40% stake in the BDR Thermea Group, a world leading manufacturer and distributor of heating systems and services, to its parent company Remeha Group BV.
The completion of the acquisition will take place on 31 October 2011, from which date the Remeha Group BV (owned by the Remeha Foundation "Stichting Aandelen Remeha") in The Netherlands will be the sole shareholder of the BDR Thermea Group.
Rob van Banning, Chief Executive Officer of the BDR Thermea Group, said: "We are pleased to be able to take full control of the Group following a highly successful merger of De Dietrich Remeha and Baxi two years ago."
Jean-Baptiste Wautier, BC Partners, said: "We are delighted to be able to bring our investment in Baxi to a successful conclusion with the sale of our interest to the Remeha Foundation. The funds advised by BC Partners invested in Baxi in 2004 and supported the merger with De Dietrich Remeha Group BV through an additional investment in 2009. We are pleased with the performance of these investments and with the role BC Partners played in the foundation of a new European leader in the industry."
About BC Partners
BC Partners is a leading international private equity firm with advised funds of approximately €11 billion. Established in 1986, the firm operates as an integrated team through offices in Europe and North America to acquire and develop businesses and create value in partnership with management. Since inception, BC Partners has made 79 acquisitions with a total enterprise value of approximately €74 billion.
About BDR Thermea
BDR Thermea is a world leading manufacturer and distributor of innovative heating and hot water systems and services, created in 2009 from the merger between De Dietrich Remeha Group BV and Baxi Holdings Ltd. The group employs more than 7,000 people across Europe with a turnover of more than €1.8 billion.
BDR Thermea operates in more than 70 countries worldwide. BDR Thermea was owned 60% by the Remeha Foundation and 40% by Brave B Lux SA, a company owned by funds advised by BC Partners.