Goldman Sachs Private Equity and Allianz Capital Partners have proved the viability of Germany's large buy-out market by arranging for Messer Griesheim, the industrial gases company they acquired in 2001, to sell most of its businesses to Air Liquide €2.7bn ($3.4bn).

The sale of Messer Griesheim's German, UK and US businesses to Air Liquide is the first stage of an exit process that is expected to generate a significant profit for the two investors.