3i Group plc (3i), and funds managed by 3i, has announced the sale of GEKA Holding GmbH (GEKA), to Sulzer Ltd, a Swiss company, which specializes in pumping solutions, rotating equipment services, and separation and mixing technology.
 
Total proceeds of €178m to 3i and funds managed by 3i represent a 1.8x euro money multiple. Proceeds to 3i from today’s transaction will be €102m, a c.54% increase on its March 2016 sterling value. These proceeds are in addition to €23m received by 3i through a refinancing in 2015.
 
Founded in 1925 and headquartered in Bechhofen, Germany, GEKA is considered one of the world’s leading manufacturers of brushes, applicators and complete packaging systems for the cosmetics and pharmaceutical industries. The company is a pioneer in the innovation of plastic injection molded brushes and is a development partner of market leading international cosmetics groups. GEKA employs about 900 staff globally.
 
3i and funds managed by 3i invested in GEKA in April 2012, acquiring a majority stake from private equity fund Halder. During 3i’s ownership, GEKA has grown through international expansion into Asia and Latin America. In 2015, GEKA opened a production facility in São Paolo, as well as sales and sourcing offices in Shanghai and Hong Kong. In addition, the company has successfully expanded its production capabilities in the US. With the acquisition of OEKA, a German manufacturer of plastics and metal components, in 2015, GEKA has strengthened its foothold in the prestige market segment. Together with 3i, GEKA has developed a digital strategy using 3D-printing for fast proto-typing and specialized offerings for young, fast growing brands that are promoted via social media channels. Furthermore, with the launch of the GEKA Healthcare division in 2014, GEKA has leveraged its applicator know-how in the pharmaceutical space.