Deutsche Beteiligungs (DBAG) has sold its stake in Germay-headquartered ProXES Group to Swiss private equity firm Capvis Equity Partners.

The purchase price has not been disclosed but DBAG said that the divestment will result in proceeds of approximately €9m.

ProXES is a provider of machines and production lines primarily for the food industry.

The group’s products are used to make and process liquid and semi-liquid food, cosmetics and pharmaceutical products in a variety of processes.

DBAG and DBAG Fund V invested in the nucleus of the group, Stephan Machinery, four years ago in a management buyout.

After that, the company bolted-on three business, creating the ProXES Group.

ProXES has forecast revenues of approximately €141m for this year, more than triple the sales Stephan Machinery had in 2013.

ProXES is the fourth divestment made from the DBAG Fund V in the past three months.

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