Deutsche Beteiligungs - Strong firepower for new acquisitions
Deutsche Beteiligungs (DBAG) posted a 24.5% NAV total return in 9M21, even after the dilutive impact of the recent €100m share issue. This was mainly a function of improved earnings expectations of portfolio companies, coupled with disposal gains on DNS:Net and Rheinhold & Mahla, as well as a €26.0m uplift upon the announced exit from blikk. Results were further supported by the profit from DBAG’s fund services (up to €13.9m in 9M21 vs €6.6m in 9M20) following the start of DBAG Fund VIII’s investment period. While DBAG closed only one acquisition in Q321 (R+S, its second long-term investment), the management underlines the continued strong pipeline of opportunities (up to 86 in Q321 vs 81 in Q221).Deutsche Beteiligungs is an investment company. Co. raises closed-end private equity funds (DBAG funds) for investments in equity or equity-like financial instruments primarily in non-quoted companies. Co. invests as a co-investor in companies alongside DBAG funds by way of majority takeovers or minority investments. Co. basically structures majority takeovers as so-called management buyouts. Expansion capital financings are made by way of a minority investment, for example, via a capital increase. Geographically, Co. concentrates its investments primarily on companies domiciled in German-speaking regions.
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