Two investors are in the race to buy it, after a US group in the same industry as Deutek backed out. Market sources say the two are strategic investors because financial investors are not willing to offer that kind of price.
Axxess Capital did not return ZF’s calls for comment on the sale.
The firm bought Deutek from another private equity firm, Advent, at a discounted price, about EUR16 million, in 2013. Axxess Capital is exiting the business at a time when the paint market has returned to growth and the merger and acquisitions market is really busy.
Deutek is one of the leading paint manufacturers in Romania, having posted 131 million lei (EUR29 million) revenue in 2015, an increase of 7% on 2014. It also posted RON13.2 million profit and had 340 employees in 2015.
Deutek has been making profit in the last three years after being in the red in 2009-2012. The return to profit came with the change in ownership. (EUR1=RON4.4884)
(English version by Loredana Fratila-Cristescu)