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Apax to take majority interest in German portable toilets company Adco

Funds managed by private equity firm Apax Partners LLP agreed to purchase a majority stake in Adco Umweltdienste Holding GmbH in a deal set to close in the fourth quarter.

Adco operates the DIXI and TOI TOI brands, which offer portable toilet and sanitation equipment rental and services. The company's existing shareholders will keep a significant stake.

Apax, which focuses on technology, telecommunication, services, healthcare and consumer businesses, said it will help strengthen Adco's portfolio in current markets and seek new areas for development.

Citigroup was financial adviser to the Adco shareholders, while KWM Europe Rechtsanwaltsgesellschaft mbH and Ernst & Young provided legal and due diligence support, respectively. Houlihan Lokey was financial adviser to Apax, while Kirkland & Ellis was its legal counsel.