Information on the Target

DPE is pleased to announce that on May 18, 2025, DPE Deutschland III signed an agreement for the sale of Primutec Solutions Group ("Primutec" or "the Company"), a leading provider of flat roofing services, to Trill Impact ("Trill"). DPE first invested in Primutec in 2017 after identifying the flat roofing market as an attractive, defensive niche driven by recurring maintenance needs and a strong macroeconomic trend towards reducing building emissions.

Since then, Primutec has demonstrated an impressive growth trajectory, evolving from a regional provider to a clear market leader in Germany and the Netherlands. Through a targeted buy-and-build strategy, the company has completed over ten acquisitions and increased its revenue from €90 million to over €360 million. Today, Primutec employs over 1,200 staff members and complements its core flat roofing business with services such as lightning protection, photovoltaics, and green roofing.

Industry Overview in the Target’s Specific Country

The flat roofing sector has been gaining traction in Germany due to several factors, including the increasing demand for energy-efficient building solutions and ongoing regulatory pressures to lower carbon footprints. As urbanization expands, there is a growing need for effective roofing solutions that can withstand various weather conditions while also contributing to energy sustainability.

Moreover, the trend towards green buildings has enhanced the market's growth dynamics as more companies opt for environmentally friendly roofing options. These solutions provide not only insulation and protection but also support renewable energy implementations, such as solar panel installations.

Germany, recognized for its commitment to sustainability, offers a robust framework enabling flat roofing companies like Primutec to thrive. The government’s initiatives, combined with market demand for energy efficiency, position the flat roofing industry as a pivotal contributor to achieving national climate goals.

With a fragmented market landscape, opportunities abound for consolidation and innovation within the flat roofing industry. Companies that strategically align their services with contemporary environmental standards and technological advancements are likely to lead in this evolving marketplace.

The Rationale Behind the Deal

The rationale for the sale stems from DPE's mission to identify and nurture high-potential European mid-sized firms. By partnering with Primutec, DPE has successfully transitioned the company from a founder-led organization to an institutional platform poised for further growth. This sale allows DPE to realize returns on its investment while facilitating Primutec’s next growth phase. The deal aligns with DPE's buy-and-build strategy, which has effectively driven value creation in its portfolio companies.

Information About the Investor

Trill Impact is an investment firm known for its focus on creating sustainable and long-term value through responsible investment strategies. By targeting companies that make a positive impact, Trill seeks to generate both financial returns and societal benefits. Their acquisition of Primutec indicates a commitment to supporting enterprises that contribute to sustainability and climate objectives.

Trill’s expertise in enhancing the operational capabilities of portfolio companies positions it well to continue the growth trajectory established under DPE's leadership. The firm’s strategic vision and sustainable investment methodology align closely with Primutec's mission and operational goals.

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From an expert investment perspective, this deal represents a strong opportunity for both DPE and Trill. DPE's ability to successfully scale Primutec into a market leader demonstrates the effectiveness of their strategic direction and operational improvements. For Trill, acquiring an established leader in a growing industry complements their investment philosophy focused on sustainable growth.

However, the long-term success of this investment will depend on how well Trill capitalizes on the existing momentum while managing the challenges of a competitive market landscape. As the flat roofing sector continues to evolve, maintaining innovation and customer satisfaction will be critical for sustaining market leadership.

Investors should view this transaction favorably, as it not only highlights DPE’s successful exit strategy but also sets the stage for Trill to implement its vision for growth at Primutec. The foundation laid by DPE provides a robust starting point for Trill to enhance its market position and pursue expanded service offerings.

In conclusion, this deal is indicative of an emerging trend where strategic partnerships and a clear focus on sustainability drive value in traditional industries. If managed effectively, Primutec has the potential to remain a key player within the flat roofing market, benefitting all stakeholders involved.

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