Steadfast Capital has made its maiden investment from its third fund, which is on the cusp of closing near its €250m target, according to sources.
Barat Ceramics Group has received equity backing from the German private equity firm, the first deal it has made in two and a half years.
The business sells industrial ceramics components worldwide and specialises in medtech, mechanical engineering and bulletproof plates for armoured vehicles. Based in Thuringia, central Germany, Barat has developed, produced and distributed oxide ceramics for more than 100 years.
The debt financing of the transaction was provided by Helaba and Sparkasse Gera-Greiz.
Steadfast, a spinout from BHF-Bank, reached a first close of €104m in September last year. Existing investors Electra Partners, Axa and F&C and new entrants EIF, Goldman Sachs, IdInvest, Graphite and Swiss Re committed to the first close.
Electra Partners is thought to have overcome a stalemate with Steadfast over the terms of its third fund. The direct private equity firm, which also allocates to secondaries, paid €26m for an interest in Steadfast Capital Fund II in a stapled deal that saw it pledge to Fund III.