Private equity firm BC Partners has agreed a €3.25bn ($4.1bn) enterprise valuation deal for Brenntag, a German chemical distribution portfolio company owned by rival Bain Capital. It will be the country's largest leveraged buyout to date.

The buyout will top the €3.1bn paid by private equity house Blackstone for German chemicals company Celanese in April 2004, and is BC Partners' first investment in the country for more than three years. Its last deal was the €510m purchase of cable operator TeleColumbus.