Doughty Hanson is set to make its first successful exit since 2001 by selling Selenia, the automotive lubricant company it bought from Fiat three years ago, to Vestar Capital Partners for €670m ($727m).

The disposal of Selenia is the first successful exit from Doughty Hanson's 1998 fund, but it is a good one. The firm has multiplied its cash investment by a factor of 2.4 and generated a gross return of 30%. Investors will receive, in cash, one-fifth of the amounts they have paid in to the fund.