Aquin - yellow dot  Successful transaction

TRANSACTIONS

Around 70 percent of our deals result in a cross-border transaction. In principle, our roots are naturally strongest in German-speaking countries, particularly with medium sized companies, financial investors and family offices. In Aquin’s core industries, however, our networking abilities with key decision makers knows no boundaries. We regularly hold personal meetings with medium sized companies on a European level and are in constant contact with the heads of large corporations worldwide. Here sales mandates of non-German speaking entrepreneurs are nothing unusual and transactions with Asian buyers almost routine.

Key Terms

>   Effective September 11, 2020 the family office, Emendo GmbH, acquired 100 percent equity in Nils Holger Moormann GmbH.
>   Nils Holger Moormann engaged Aquin as the sole M&A advisor.

Strategic Logic

>   The sale of Nils Holger Moormann GmbH to younger entrepreneurs allowed Nils Holger Moormann, at the age of 67, to arrange his succession.
>   Nils Holger, along with his wife Silke Moormann, will remain on the management board until February of 2021. Thereafter, taking over an advisory role for strategy and design.
>   Employees, business partners, local production and branding along with the location in Aschau (Chiemgau, Germany), including the logistics center and the guesthouse berge will not be impacted by this transaction.
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Nils Holger Moormann GmbH

>   The Moormann name stands for the development and sale of minimalistic, avant-garde, and timeless designer furniture of the highest quality.
>   The distinctive, often unconventional, striking furniture creations enjoy the enthusiasm from a devoted fan base. The furniture, made out of only sustainable raw materials, is produced exclusively by regional craftsmen located within a 50 km radius.
>   Founded in 1984 by the self-taught Nils Holger Moormann, the company has maintained its cutting edge innovative ability by consistently staying true to its own values as well as allowing young external designers to have a platform to bring their new ideas to life.
>   The company earns approximately 10 million euros in annual revenues with above average profitability in its industry.

Emendo GmbH

>   The family office, Emendo GmbH, was founded by siblings Kristina Münnix and Christian Knorst. Having invested their own capital, they consider themselves long-term partners, who bring their knowledge and expertise to the daily management of the business.
>   Having invested their own capital, they consider themselves long-term partners, who bring their knowledge and expertise to the daily management of the business.

Key Terms

>   Effective June 29, 2020 a Singapore based investor consortium acquired 95 percent equity in Kümpers Composites GmbH & Co. KG.
>   Aquin was engaged by the shareholders of Kümpers Composites as the sole M&A advisor.

Strategic Logic

>   The acquisition has allowed the investors to secure the technological know-how, along with the perfected product quality from a leading manufacturer of reinforced carbon-fiber structural components.
>   Through the investment consortium, Kümpers Composites has gained access to the promising Asian composite and lightweight construction market. A production facility in Taicang, near Shanghai (China) is already under construction.
>   The managing director and co-owner Franz-Jürgen Kümpers has continued to manage the company post acquisition.
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Kümpers Composites

>   Kümpers Composites GmbH & Co. KG, headquartered in Salzbergen-Holsterfeld (Germany), specializes in high-tech materials made out of carbon-, glass- and aramid fibers.
>   The company relies on its proven, perfected technology along with a fully automated, robot driven production, to deliver high-strength composite solutions to the automobile, aviation and wind power industries.

The Investment Group

> The investment consortium, based in Singapore, wishes to remain anonymous.

Key Terms

>   With effect from July 19, 2019, the German SACS Boysen Aerospace Group sells the Boysen distribution business, one of the leading distributors of high-quality fastening solutions for the aerospace industry, to the Swiss listed company Bossard Group.
>   Aquin acted as exclusive M&A advisor to Oliver Dratius and Achim Mayenberger, the owners of the SACS Boysen Aerospace Group.

Strategic Logic

>   With the sale of the Boysen distribution business, the SACS Boysen Aerospace Group is placing its strategic focus on the expansion of the vertical integration and further growth of their development and production company SACS.
>   With this major acquisition, the Bossard Group can further strengthen its distribution expertise in the aerospace industry. It is also in line with Bossard’s profitability-oriented growth strategy.
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Boysen

>   The distribution company Boysen, founded in 1967 and headquartered in Munich, has a superior reputation for fastening solutions for the aerospace industry and generates an annual turnover of approx. 26 million EUR. The main sales market is Europe.
>   Boysen provides screws, nuts, washers, inserts and other fastening products mainly for OEMs, Tier 1 and 2 as well as Airline MRO business.
>   The company employs 54 people and has further locations in Hamburg and Irving (Texas), USA.

Bossard

>   The Bossard Group, headquartered in Zug (Switzerland) and listed on the SIX Swiss Exchange, is an internationally active trading and logistics company. It is among the market leaders in fastening technology in Europe, the Americas and Asia-Pacific. The product portfolio includes the full range of high-quality fastening products such as screws, nuts, bolts, washers and pins.
>   With 2,500 employees in 77 locations worldwide, the global network of companies generates sales of approximately CHF 870 million.

Key Terms

>   The Austrian Swareflex GmbH, a company and brand of the Swarovski Group, is divesting its tunnel lighting business. Aquin acted as exclusive M&A advisor to the sellers.
>   With effect from April 30, 2019, the special lighting manufacturer NORKA took over all assets of the „Traffic & Industries“ division of Swareflex.

Strategic Logic

>   With the sale of its »Traffic & Industries« division, Swareflex will focus on its core business – the development and marketing of solutions with glass reflectors for traffic safety and industrial applications for light control with glass lenses.
>   The transaction further expands NORKA‘s business activities. The addition of the tunnel lighting division will be an excellent extension to the existing product portfolio and will strengthen NORKA‘s market position as a specialist for professional lighting technology.
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Swareflex

>   Swareflex GmbH has been offering solutions for traffic safety systems and functional lighting worldwide for more than 60 years. In addition to retro-reflectors with glass elements and glass lenses, Swareflex has also produced LED-based lighting systems for roads, tunnels and industrial applications.
>   Swareflex is a company and brand of the Swarovski Group and employs approximately 50 people at its headquarters in Vomp (Austria).

NORKA

>   The company NORKA – Norddeutsche Kunststoff- und Elektrogesellschaft Stäcker mbH & Co. KG – has been known for more than 70 years as a solution provider for technical lighting under extreme environmental conditions and enjoys high brand recognition as the market leader in this field.
>   NORKA employs around 200 people at two locations in Germany with its administration based in Hamburg and its production plant based in Dörverden-Hülsen.

Key Terms

>   Taking effect as of September 12, 2018, Eurocrane has signed a binding share purchase agreement to acquire 100 percent of the shares of industrial cranes builder Voith-Werke Ing. A. Fritz Voith GmbH & Co. KG, Traun, Austria. After obtaining regulatory approvals by the relevant authorities, the transaction has been successfully closed on December 10, 2018.
>   Aquin acted as the exclusive M&A advisor for the sellers.

Strategic Logic

>   With the entry of Eurocrane the owners of Voith arrange for their succession.
>   Voith shall not only remain as a trademark, but function as a premium brand for the whole Eurocrane group. Common structures such as sales and service in new international markets shall be developed in joint activity. Furthermore, the companies can benefit from each other`s R&D activities.
>   »The company will continue to operate on its own to the greatest possible extent. The successful philosophy of the current management shall be combined with the additional business opportunities arising.«, substantiate Eurocrane owners Irene Jin and Tony Tao.
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Voith

>   Ing. Voith has been active in the construction of innovative industrial cranes for 70 years and has established itself as one of the most successful producers of special crane systems in Europe.
>   Voith cranes are entirely designed, developed, planned and produced by around 170 employees in the plant in Traun – from the mechanical as well as the electrical engineering side.

Eurocrane

>   Eurocrane was founded in 2002 by the entrepreneurial couple Irene Jin and Tony Tao.
>   Since then, the company has developed itself to be one of the most significant producers of high-quality cranes and lifting equipment in Asia, employing more than 800 people.
>   Being listed on the Shanghai Stock Exchange now, enjoying a market capitalization of 250 million euros, a majority share of Eurocrane still remains in the hands of the founders.

Key Terms

>   With effect from September 28, 2018, HORIBA Automotive Test Systems acquired FuelCon AG, one of the leading global suppliers of test and diagnostic systems for fuel cells and batteries.
>   Aquin acted as the exclusive M&A advisor to the founders and managing partners of FuelCon, Dr. Ingo Benecke and Mathias Bode.

Strategic Logic

>   With the sale, FuelCon gains access to HORIBA`s strong global network and is able to meet the growing customer demand for increasingly complex test requirements for the E-Mobility sector.
>   Together with HORIBA, FuelCon will achieve its strategic goal to significantly grow internationally (especially in Asia and in the US) much faster. The intention is to develop FuelCon as the worldwide central competence center for fuel cell and battery testing within the Group
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FuelCon

>   The company FuelCon AG, founded in 2001, is a leading manufacturer and supplier of end-of-line and turnkey test bench systems for the E-Mobility sector, with strong expertise in battery and fuel cell applications.
>   FuelCon has an enviable reputation for design and assembly of precision high performance solutions and is trusted for its deep technical know-how by global OEMs, including among others BMW and Volkswagen, tier 1s as well as international research laboratories.
>   FuelCon is headquartered in Magdeburg-Barleben (Germany) and achieves an annual turnover of 14 million euros in 2018.

HORIBA

>   HORIBA Automotive Test System (part of HORIBA Group) is a leading supplier in the fields of engine, driveline, brake and emissions test systems for all industries using electric motors, internal combustion engines and turbines. These include the automotive, heavy-duty, off-road, consumer goods, marine, aerospace and locomotive sectors.
>   HORIBA Group, listed on the Tokyo Stock Exchange with annual revenues of 1.5 billion euros in 2017, is a global leading supplier of measurement technology and systems for various fields from automotive testing, process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing and metrology to scientific R&D and QC measurements.

Key Terms

>   With effect from September 15, 2017, Perusa Partners Fund 2, L. P., a fund advised by the independent Perusa GmbH, took over a majority stake of 51% in MBN GmbH (MBN-PROLED), a specialist in the development and distribution of LED-lighting.
>   Aquin acted as exclusive M&A advisor to the owner of MBN GmbH, Bernd Menrad.Aquin acted as exclusive M&A advisor to the owner of MBN GmbH, Bernd Menrad.

Strategic Logic

>   With the cooperation, MBN-PROLED and Perusa are pursuing the shared goal of accelerating the growth of the company and achieving a top position in Europe. Measures to be taken to reach this goal are the further development of the distribution network, the expansion of the range of products and services and acquisitions of additional companies in the lighting industry.
>   Bernd Menrad: »After nearly 30 intense years, I look forward to taking the business to the next level together with Perusa.«
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MBN-PROLED

>   MBN GmbH, founded in 1988, is an innovative, leading German lighting company in the field of development and distribution of LED-technology and is one of the pioneers in the LED-lighting industry.
>   Together with its Austrian subsidiary PROLED Austria, the brand names PROLED and MBNLED offer high-quality (mainly linear) LED-luminaires and intelligent lighting controls globally.
>   MBN-PROLED, headquartered in Friedberg, has shown both growth rates as well as profitability levels way beyond industry average.

Perusa

>   Perusa is an independent capital holding company, which currently has two funds with 350 million euro equity investing in medium-sized companies and Group divisions in the German or Scandinavian area.
>   Perusa is pursuing a strong operational approach to increase the efficiency and thus the long-term value as well as the potential of the portfolio companies. Strategic acquisitions (buy and build strategy) are also striving to strengthen the growth of the portfolio companies.

Key Terms

>   With effect from August 1, 2017, Energetic Lighting Europe/ Yankon (China), one of the world’s leading manufacturers of lamps and luminaires, acquired Nordlux Group A/S, a leading Danish company for design oriented indoor and outdoor lighting products.
>   Aquin acted as the exclusive M&A advisor to Energetic Lighting/ Yankon.

Strategic Logic

>   The takeover is an important step for Yankon to realize the group`s future strategy. The plan is to strengthen its market positioning in the European consumer luminaires industry and substantially increase European business, with Nordlux as the engine.
>   »We are convinced that there is much untapped potential in the brand, products and design of Nordlux«, says Zhangming Yang, General Manager of Energetic Lighting in Europe.
>   With the sale, Nordlux gains access to Yankon`s large international customer base, top-notch LED-technology and production capacity.
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Energetic Lighting Europe / Yankon

>   Zhejiang Yankon Group Co., Ltd. is a Chinese lighting specialist established in 1975 and is one of the world’s largest manufacturers of LED bulbs and luminaires. The company is listed on the Shanghai Stock Exchange and sells its products globally under the brand »Energetic«. Energetic Lighting Europe NV, a 100% European subsidiary of Yankon, is headquartered in Antwerp (Belgium).
>   Yankon achieved an annual turnover of 600 million euros with 290 million euros cash at hand.
>   The company is a subcontractor to some of the world’s largest OEMs but also uses its own sales outlets as a preferred supplier to many European supermarket and DIY store chains.

Nordlux

>   Nordlux is a well-established and renowned Danish lighting design brand for indoor and outdoor luminaires. Under the brand names »Desingfor the people«, »Nordlux«, »Lampekonsulenten« and »See Mee«, the company designs and develops its high-quality products in-house, while external partners handle production. It has sales companies in Norway, Sweden, Germany and China and is represented in more than 35 countries today.
>   Nordlux, founded in 1977, is headquartered in Aalborg (Denmark). It is one of the biggest and most profitable lighting companies in Denmark.

Key Terms

>   With effect of August 7, 2017, SHW Automotive GmbH, a member of the listed SHW-Group, acquired 100% of the shares of Lust Hybrid-Technik GmbH, a provider of electronic- and microsystem solutions.
>   Aquin acted as exclusive M&A-advisor to SHW AG.

Strategic Logic

>   »This is a forward-looking transaction for SHW«, says Dr. Frank Boshoff, CEO of SHW AG. With this acquisition SHW AG optimizes the degree of vertical integration in its electric pumps business and strengthens its competitive position in the field of electromobility.
>   Through the synergies resulting from the acquisition, Lust Hybrid-Technik GmbH will be capable of realizing existing growth potentials.
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SHW AG

>   The enterprise was founded in 1365 making it one of the oldest industrial companies in Germany.
>   Today, SHW is one of the leading automobile suppliers. Renowned automobile manufacturers as well as manufacturers of utility vehicles, agricultural machinery and construction equipment along with other suppliers of the automotive industry are part of its customer base.
>   With two business segments, Pumps and Engine Components, as well as Brake Discs, SHW currently has four manufacturing sites in Germany.
>   With around 1,250 employees, the company generated group sales of more than 400 million euros in fiscal year 2016.

Lust Hybrid-Technik GmbH

>   The range of services offered by Lust Hybrid-Technik GmbH, located in Hermsdorf (Germany), includes the entire contract production of electronic modules in the field of Electronics Design and Manufacturing Services – all the way from designing the components to process development and circuit board assembly to complex testing concepts and worldwide distribution.
>   Lust Hybrid-Technik has about 90 employees and generated consolidated sales of nearly 10 million euros in 2016.

Key Terms

>   In April 2017, Intertek Group Plc, a Total Quality Assurance provider to a range of industries worldwide, acquired KJ Tech Services GmbH, a leading provider of vehicle road testing services.
>   Aquin acted as the exclusive M&A advisor to the owners of KJ Tech, Dr. K. Christian Schödel and Dr. Ulrich J. Schödel.

Strategic Logic

>   KJ Tech’s on-road testing solutions fully complement Intertek`s capabilities and expertise in providing laboratory-based services to the automotive industry. Intertek is now uniquely positioned to provide a Total Quality Assurance service offering to its automotive clients globally.
>   In becoming part of Intertek Group, KJ Tech benefits from Intertek`s worldwide presence to better meet the demands of its customers.
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KJ Tech

>   The KJ Tech portfolio includes full vehicle road fleet testing, data accumulation and analytical assessment for components, systems, lubricant and engine testing, test method development and industry benchmarking.
>   Headquartered in Griesheim (Germany), with approximately 100 employees, KJ Tech Services has been providing on-road vehicle, component, lubricant and fuel testing services to the automotive industry for more than 27 years.

Intertek

>   Intertek Group Plc is a leading provider of Total Quality Assurance to a wide range of industries with a global network of more than 1,000 laboratories and offices, employing over 42,000 people in more than 100 countries.
>   Intertek delivers innovative and bespoke Assurance, Testing, Inspection and Certification solutions for its customers’ operations and supply chains.

Key Terms

>   With effect from March 31, 2017, REAC AB acquired AAT Alber Antriebstechnik GmbH, a leading supplier and manufacturer of electrically powered stair climbing solutions and add-on kits in the field of rehabilitation and transportation technology.
>   Aquin acted as the exclusive M&A advisor to the owners and founders of AAT, Thomas and Markus Alber.

Strategic Logic

>   The sale to REAC AB is part of AAT`s succession plan. The takeover will enable the company to realize its long-term growth strategy, to strengthen its leading market position in Germany and to fully leverage its potential to significantly increase its international footprint.
>   With the acquisition, REAC creates an excellent basis to further pursue its strategy to establish themselves as a leading supplier of motion systems for the global medical technology industry.
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AAT

>   The company AAT Alber Antriebstechnik GmbH, founded in 1995, is an asset-light producer of mobile, flexible and innovative stair climbing solutions as well as add-on drives currently exporting to more than 30 countries.
>   AAT is headquartered in Albstadt (Germany), achieved an annual turnover of 18 million euros and employs 72 people.

REAC

>   REAC Group, headquartered in Åmål (Sweden), produces and supplies motion systems within the global mobility rehab industry. The product portfolio consists of a broad range of advanced power solutions, such as electrical actuators, lift and tilt systems as well as control systems.
>   As a fully-owned subsidiary of Latour Industries AB, which has posted sales of 170 million euros in 2016 and is a part of the investment company Latour Investment AB, REAC generates revenues of 35 million euros and employs 345 people at three sites in Sweden and Poland.

Key Terms

>   With effect from December 1, 2016, the Nordeon Group took over 100 percent of the shares in the German professional lighting manufacturer Schmitz-Leuchten GmbH & Co. KG.
>   The former owner and manager of Schmitz-Leuchten, Christoph Schmitz, will continue to direct the business within the Nordeon Group.
>   Aquin acted as the exclusive M&A advisor to the owners of Schmitz-Leuchten.

Strategic Logic

>   As part of Nordeon, Schmitz will benefit from the group’s extensive technological abilities and competencies, the worldwide distribution network as well as from the international presence in key markets and will be able to focus on its own design and technological development.
>   The acquisition of Schmitz complements the existing product portfolio of the Nordeon Group and supports them on their way to a full service provider in the lighting industry.
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Schmitz-Leuchten

>   Founded in 1932, Schmitz has a rich history and is known for its sophisticated design and its high-performance luminaires for office, hospitality, architecture and retail applications.
>   The company’s product range includes professional and linear lighting as well as highly customizable lighting objects, used by professionals like architects, lighting designers and engineers.
>   Schmitz employs around 75 staff members at its headquarters in Arnsberg (Germany).

Nordeon

>   The Nordeon Group is one of the world’s leading lighting companies for professional indoor and outdoor lighting. With its brands Hess, Wila, Griven, Nordeon, Vulkan and now Schmitz, the Group combines knowledge in all fields and across the entire manufacturing process in the lighting segment.
>   The company, headquartered in Springe (Germany), was founded in 2012 and employs around 700 people.

Key Terms

>   With effect from November 3, 2016, Osram acquired a minority stake of 47.5 percent in Tvilight B.V., a Dutch IoT software company specialized in sensor technology and light management software for smart city solutions.
>   The M&A process was led by Aquin on behalf of Tvilight and its shareholders, Chintan Shah, the founder of Tvilight, and Ponooc B.V., a Dutch clean-tech investment fund.

Strategic Logic

>   By taking a share in Tvilight, Osram responds to the growing demand for connected, energy-efficient and intelligent street lighting in cities.
>   The partnership will allow Osram to tap into the knowledge and experience that Tvilight has acquired in connected street lighting networks.
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Tvilight

>   Tvilight, established in 2012, is a European IoT technology leader specializing in sensors, wireless controls and connected light management software for the outdoor environment. Its professional end-to-end street lighting control solutions provide a backbone for future smart city applications.
>   With a team of 35+ people, working from offices in the Netherlands and India, it has an installed base of over 100 projects globally and has deployed thousands of intelligent devices in iconic cities and critical infrastructure.

Ponooc

>   Ponooc is an investment fund of Pon Holdings, a Dutch family-owned conglomerate in the transportation sector, generating multibillion revenues and employing 13,000 people. The investment focus of Ponooc is on sustainable energy and mobility.

Osram

>   Osram is one of the world`s leading lighting manufacturers. Its portfolio ranges from high-tech applications based on semiconductor technologies, such as infrared and laser applications, to intelligent networked lighting solutions in buildings and cities.
>   As of the end of the fiscal year 2015, Osram employed around 33,000 people worldwide and achieved sales of almost 5.6 billion euros.

Key Terms

>   With effect from January 14, 2016, Ambienta acquired the Mikrotron GmbH, one of the leading providers of high-speed cameras for industrial image processing.
>   Aquin acted as the exclusive M&A advisor to Ambienta.

Strategic Logic

>   This transaction is part of Ambienta‘s strategy to establish itself as one of the leading European suppliers for industrial image processing (LakeSight).
>   The cornerstone of the project LakeSight was laid in 2012 with the acquisition of Tattile, a supplier of industrial machine vision solutions from northern Italy. The acquisition of Mikrotron represents another important step towards becoming a provider of image-processing systems at a global scale.
>   In the medium term, and as a result of the consolidation of smaller but innovative companies, LakeSight should be able to achieve an annual turnover of about 50 million euros with the global export of innovative high-quality products.
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Mikrotron

>   Mikrotron GmbH, founded in 1976, ranks among the leading manufacturers of high-speed cameras and recording systems for various applications in many different industries.
>   The company offers a wide range of products and has an extensive network of major customers, who are serviced through consistently expanded international distribution channels.
>   Mikrotron employs about 35 people and has an annual turnover of about 10 million euros.

Ambienta

>   Ambienta is a leading European private equity fund located in Milan, Düsseldorf and London.
>   Ambienta invests in businesses with a strategic focus on resource and energy efficiency as well as the reduction and prevention of environmental pollution.
>   With an equity capital of more than 500 million euros, Ambienta has already invested in 18 companies in the field of environmental engineering.

Key Terms

>   With effect from January 29, 2015, Müller-Licht took over the StarLicht division of the ZETT Group.
>   Aquin acted as the exclusive M&A advisor to the ZETT Group and its shareholder Vorndran Mannheims Capital Advisors (VMCap).

Strategic Logic

>   Through the acquisition of StarLicht, Müller-Licht complements its own product portfolio with innovative LED lights, widens its sales channels with the existing customer base of StarLicht in the DIY sector and thus improves its position in the market significantly.
>   The divestment of StarLicht is part of the long-term corporate strategy by ZETT Optics with the aim to focus the group activities on high-quality LED lighting products for the B2B sector. The key requirements of the technologically less complex B2C business of StarLicht have markedly changed, now including e.g. packaging, logistics & time to market, which is why the two business fields today only fit together to a limited extent.
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StarLicht

>   StarLicht is one of the most renowned manufacturers of lighting products for the European DIY-Market (DIY=Do-It-Yourself). For over 30 years, StarLicht has been supplying hardware stores, kitchen studios and furniture stores in Europe with LED lighting systems.
>   In 2014, StarLicht generated a turnover of about 20 million euros.

ZETT Group & VMCap

>   In 2011, the ZETT Optics Group, already part of the portfolio of VMCap, acquired LITE-LICHT GmbH from insolvency together with its business division StarLicht. In the following, StarLicht was retreaded and became a leading player in the European DIY-lighting market.
>   VMCap is one of the leading private equity firms in the German-speaking region with a total capital under management of approximately 800 million euros.

Müller-Licht & Wünsche-Group

>   Müller-Licht specializes in manufacturing and sales of LED retrofit products. Since 2011, the company is part of the Wünsche-Group.
>   Wünsche Group, a family-owned group of companies active in several areas of international trade, is headquartered in Hamburg (Germany) and generates sales of about 450 million euros (2012) and among others counts Lidl, Aldi & Tchibo to its customers.

Key Terms

>   With effect from January 1, 2015, the Riverside Company acquired a majority stake in the Bike24 GmbH based in Dresden (Germany).
>   The founders of Bike24, Andrés Martin-Birner, Lars Witt and Falk Herrmann remain involved with a minority interest. The management of Bike24 will also stay centrally in their hands.
>   Aquin acted as the exclusive M&A buy-side advisor to the Riverside Company.

Strategic Logic

>   With the participation of the Riverside Company, Bike24 strengthens its internationalization competence in order to realize growth opportunities outside of Germany. At the same time, national presence is to be reinforced and internal structures further professionalized.
>   Through the acquisition of the stake in Bike24, the Riverside Company was able to bring their broad online-trading experience into another strongly positioned eRetailer with attractive growth prospects.
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Bike24 GmbH

>   Bike24 GmbH, founded in 2005, belongs to the leaders in the German online market for bicycle components.
>   The company distributes high-quality bicycle components as well as bicycles, sporting electronics, outdoor-, swimming-, triathlon- and running equipment. In these categories, a total of more than five thousand items are offered online.
>   For 2014, the company expects a turnover of approximately 50 million euros and currently employs about 190 people. About two-thirds of sales are currently generated within Germany.

The Riverside Company

>   The Riverside Company is one of the largest and oldest private equity firms worldwide, specializing in investments in high-growth companies with an enterprise value of up to 200 million euros (250 million US$).
>   Since its founding in 1988, Riverside has managed over 370 transactions. The international investment portfolio currently includes more than 75 companies.

Key Terms

>   With effect from July 22, 2014, Finatem acquired a 75 percent majority stake in licht|basis GmbH based in Estenfeld (near Würzburg, Germany).
>   Management remains in the hands of the founders of licht|basis GmbH, Jürgen Meissner, Stephan Spahn and Heike Rappel. They also retain a 25 percent stake.
>   Aquin acted as an exclusive M&A advisor to the founding shareholders of licht|basis.

Strategic Logic

>   Within the context of sustainable development, licht|basis wants to further broader its position and realize growth potential, currently offered due to a strongly changing market – especially through strategic acquisitions.
>   By including the licht|basis GmbH in its portfolio of companies, Finatem enters the promising growth market of professional lighting that is strongly driven by the LED technology shift.
>   The acquisition further diversifies the Finatem III fund, which up until now has mainly invested in the manufacturing industry, particularly into the specialized distribution sector.
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licht|basis

>   licht|basis GmbH was founded in 2000 and has grown into a leading European wholesaler and planning company specializing in the commerce of luminaires and lamps. The company sells high-quality lighting products for professional applications only.
>   Due to its know-how in lighting technologies, reliability in prompt delivery and experience in light-planning services the company attracts an extremely broad and diversified customer base. Among the strongest customer segments are electricians and international retail chains.
>   In 2014, licht|basis expects a turnover of about 65 million euros.

Finatem

>   As an independent and partner-managed financial holding company based in Frankfurt, Finatem invests through majority ownerships in German, Austrian and Swiss companies focusing on medium-sized businesses with sales volumes between 25 million and 125 million euros as well as growth potential.
>   Due to its extensive international experience in private equity and the industry, Finatem is a reliable partner for its portfolio companies. Finatem builds long-term partnerships with the aim of supporting each company’s development to the fullest.

Key Terms

>   The HANNOVER Finanz Group acquired 55 percent of the shares of SIMPLON Fahrrad GmbH and its Swiss affiliate Individual Bikes GmbH.
>   Aquin acted as the exclusive M&A advisor to SIMPLON as well as to the owner family Hämmerle.

Strategic Logic

>   In the context of the company’s further sustainable development, SIMPLON aims at realizing their growth opportunities – including the achievement of a higher international market presence.
>   With the HANNOVER Finanz Group, the long-established company has brought in a supportive sparring partner. Through this business partnership, SIMPLON gains access to the Group`s broad-based network and many years of sales experience.
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SIMPLON

>   The family-held company, based in Vorarlberg (Austria), develops and produces custom-made sportive premium bicycles. SIMPLON thereby is very successful in Germany, Austria and Switzerland.
>   In 2013, SIMPLON Fahrrad GmbH attained an annual turnover of 17.4 million euros with 51 employees and 11,200 bicycles and bicycle frames sold.

HANNOVER Finanz Group

>   For over 35 years the HANNOVER Finanz Group has been a private equity partner for the SME sector. Notable companies like Fielmann, Rossmann or AIXTRON AG have realized their growth with HANNOVER Finanz.
>   In 2013, the invested capital amounts to more than 300 million euros allocated to 41 portfolio companies.
>   Through their commitment with sporting goods retailer Runners Point and the winter sports apparel manufacturer Ziener, HANNOVER Finanz has several years of experience in the sporting goods industry.

Key Terms

>   With effect from December 5, 2013, in the course of an asset deal at the Aichach (Germany) location, the WIEGEL Group took over central assets of the hot galvanizing plant of the MEA AG including its long-term customer base
>   Aquin accompanied the transaction as the exclusive M&A advisor of the MEA AG.

Strategic Logic

>   With the takeover of the galvanizing activities of the MEA AG, the WIEGEL Group gains access to a variety of attractive key customers. Therefore, a central aspect of the transaction structure was a long-term transfer of the customer relationships to the buyer.
>   For the MEA AG, the transaction represented a resource-saving alternative to the closing or rather the continuation of the location. Through a previous transfer of the galvanization of captive products at the modern site in the Czech Republic, the galvanizing plant in Aichach solely takes on externally processed orders.
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MEA AG

>   The MEA AG was founded in 1886 and is headquartered in Aichach. It is the leading supplier for the construction and industrial sector in Europe. Core competencies of the company include the workmanships of synthetics, metals, polymer concrete and hot galvanizing.
>   The company generates an annual turnover of approximately 120 million euros and employs around 700 employees at its locations in Germany, the Czech Republic, the Netherlands, France, Rumania and China.

WIEGEL Group

>   The WIEGEL Group, headquartered in Nuremberg (Germany), is a pan-European acting medium-size corporate group with its focus on metallic corrosion protection, which also comprises powder coating next to galvanizing.
>   With more than 1,400 employees and 30 locations in five countries, the WIEGEL Group is one of the market leaders in the industry.

Key Terms

>   On March 21, 2013, WHEB Partners provided HOFFMEISTER Leuchten GmbH with growth capital and acquired a majority interest in the context of a combination of capital increase and sale of shares.
>   Aquin acted as the exclusive M&A advisor to HOFFMEISTER and to the managing partners Oliver Hoffmeister and Jens Hanfland.

Strategic Logic

>   In recent years, HOFFMEISTER was able to develop a completely new portfolio of high-efficiency LED lighting systems. The provision of growth capital by WHEB enables HOFFMEISTER to further strengthen its position in the German market, accelerate their international expansion, improve their portfolio of products and support selective measures for operative optimization. In addition, the management expects the current market environment to provide attractive opportunities for the acquisition of competitors with complementary expertise.
>   Through the acquisition of an interest in HOFFMEISTER, WHEB succeeds to enter a growth market with a promising future.
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HOFFMEISTER Leuchten

>   HOFFMEISTER, founded in 1910, is one of the leading innovators of the German lighting industry. The company develops, produces and sells high-quality lighting systems for indoor and outdoor lighting based on conventional as well as on LED technology.
>   HOFFMEISTER unifies their own design, engineering and manufacturing skills under one and the same roof. The broad product range is mainly used within high-end architectural lighting.
>   For the year 2013, the company expects a turnover of 20 millions euros with approx. 130 employees at its facilities in Schalksmühle (Germany) and Dubai (UAE).

WHEB Partners

>   WHEB is the pioneer among European funds specialized in energy and resource efficiency. WHEB’s story began in 1995 as an award-winning incubator for environmentally friendly technologies.
>   In 2005, WHEB launched the first British fund which was broadly defined and specialized on resource efficiency and is currently managing two such funds with a total volume of 160 million euros.
>   The investment team of WHEB has its offices in London and Munich.

Key Terms

>   On September 1, 2012, the Licht & Optik (L&O) Group successfully closed the sale of its subsidiary Richard Schahl GmbH & Co. KG. In the course of a succession solution, the current management of Richard Schahl, together with Invest AG and Raiffeisen KMU Beteiligungs AG, took over 100 percent of the company. The management participates with a 30 percent stake.
>   Aquin acted as the exclusive M&A advisor to the L&O Group and in close cooperation with the management of Richard Schahl.

Strategic Logic

>   This transaction marks the first step of the L&O Group owner’s private succession plan. Through this takeover, the management team meets its wishes of becoming entrepreneurs.
>   For the capital providers, the participation in Richard Schahl represents an attractive investment, due to a stable and profitable existing business and a broad client base. With the dissociation of group interests and due to technological changes within the industry, potentials arise regarding the expansion of business activities of RSM.
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Richard Schahl

>   Richard Schahl, headquartered in Munich (Germany), was founded in 1964 and is one of the leading distributors for speciality lamps. Besides hospitals, photo stores and stage operators, the business also supplies industrial companies.

L&O

>   The L&O Group is globally active in the field of special lamps, projector lamps as well as LED solutions and has 11 subsidiaries.

INVEST AG

>   The INVEST AG is the private equity fund of the Austrian Raiffeisen Banking Group and specializes in Growth Financing and MBO/MBI transactions in the context of succession solutions. The fund has a volume of approximately 140 million euros and currently holds 30 companies within its portfolio.

Raiffeisen KMU Beteiligungs AG

>   The Raiffeisen KMU Beteiligungs AG, with its focus on medium-sized business financing, has a fund volume of 15 million euros and currently holds 25 companies within its portfolio.

Key Terms

>   With effect from August 30, 2012, a bicycle retail group (anonymous) operating throughout the German market, successfully procured growth capital for further expansion provided by the HANNOVER Finanz Group.
>   Aquin acted as the exclusive M&A advisor to the retail group and will continue to accompany its further growth.

Strategic Logic

>   The German bicycle retail industry is about to face a drastic change. The reason for this is the massive extension of variety of bicycle specifications, which have to be offered accordingly and kept in stock by the branches. Considering this background, the owner already led the retail group to being one of the biggest bicycle retailers in Germany.
>   HANNOVER Finanz will not only ensure the future financing of the groups further growth, but also act as an experienced partner in the branch business. It is a declared goal of both parties to turn the bicycle retail group into the distinct market leader within the German-speaking region over the next years.
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bicycle retail group

>   The fast growing bicycle retail group is represented by a dense branch network throughout Germany and acts as one of the largest e-bike suppliers on the German market.
>   Core strategy is to present the world of biking in the context of a complete shopping experience for the customer. This is built on a mega store concept, which not only includes an indoor-cycling test track, but also keeps all common bicycle models and types in stock.

HANNOVER Finanz Group

>   Founded in 1979, the HANNOVER Finanz Group focuses on long term participations in mid-sized companies. Commitments range from traditional industries to retail as well as new technologies.
>   In 2012, the invested capital amounts to more than 350 million euros allocated to 48 portfolio companies.
>   Reasons for investments are growth financing and succession planning for solid, mid-sized companies.

Key Terms

>   With effect from July 6, 2012, PVA TePla AG has acquired 100 percent of the shares in Munich Metrology GmbH. Both companies have agreed not to disclose the purchase price.
>   Aquin acted as the exclusive M&A advisor to Opinias Invest, the owner of Munich Metrology.

Strategic Logic

>   With the acquisition of Munich Metrology, PVA TePla is systematically building on its technological expertise in wafer analysis (metrology).
>   Over the past few years, Munich Metrology has undergone positive development. By its incorporation into PVA TePla, it will be in a position to realize additional contributions to sales revenue and earnings.
>   Furthermore, synergies in the development of technology and integration into PVA TePla’s global sales and service network mean clear advantages for the customer and therefore additional impetus for growth.
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Munich Metrology

>   Munich Metrology develops and sells innovative analysis systems to trace surface impurities on wafers for the semiconductor industry worldwide. The company originally emerged from the GeMeTec mbH.
>   The company employs highly qualified employees in Munich (Germany) and at its subsidiaries in Japan, Taiwan and the United States.

PVA TePla AG

>   PVA TePla AG is a listed manufacturer of equipment for the production, treatment and finishing of high-quality materials and surfaces.
>   In 2011, consolidated revenues amounted to 130 million euros.
>   The Semiconductor Systems division manufactures crystal growing systems for the production of silicon crystals, plasma systems for production processes in the semiconductor industry and in life science analytical equipment for quality control of high-tech materials.

Key Terms

>   With effect from April 30, 2012, ZETT OPTICS GmbH successfully acquired 100 percent of the shares of HELLUX GmbH and HELLUX Construktions-Licht GmbH.
>   Aquin acted as the exclusive M&A advisor to the HELLUX owners, Joachim Aulig and Hans-Ludwig Aulig, and in close collaboration with the CEO of the Hellux Group, Maurice Freiherr von Dalwigk.

Strategic Logic

>   The merger of HELLUX and ZETT OPTICS will strengthen their position in the growing market of conventional and LED-based street lighting.
>   For HELLUX, this step represents a milestone within its strategic focus for the following years. HELLUX will continue to exist as an independent brand, using ZETT OPTICS’ developmental and technological expertise and resources as a platform to expand its market position in the future. Joachim Aulig, remaining in the business management of both HELLUX corporations, welcomes the new partnership.
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HELLUX

>   HELLUX, founded in 1891, stands for high-quality solutions in exterior lighting. With its own resources in development, design and manufacturing, HELLUX offers a wide range of outdoor- and street lighting as well as column-, bollard-, ceiling- and wall-mounted luminaires.
>   The company employs 120 people at their locations in Berlin, Laatzen and Budweis (Czech Republic).

ZETT OPTICS

>   ZETT OPTICS, founded in 1928 and based in Braunschweig (Germany), is active in lighting technology, focusing on the rapidly growing field of LED lighting for demanding applications.
>   ZETT OPTICS is a portfolio company of VENTIZZ CAPITAL PARTNERS, a private equity firm based in Düsseldorf (Germany).

Key Terms

>   With effect from May 3, 2011, Hagemeyer Deutschland GmbH & Co. KG, a leading wholesaler of electronical goods and equipment, acquired TEGRO Technische Elektro-Großhandels GmbH, a distributor of electrical products from the owner family.
>   Aquin acted as the M&A advisor to Rexel SA, parent company of Hagemeyer.

Strategic Logic

>   With the acquisition, Rexel will strengthen its local market presence in North Rhine-Westphalia, a region with strong potential, and increase its exposure to the industrial end-market, as 80% of the newly acquired company’s sales come from industrial companies.
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TEGRO

>   TEGRO Technische Elektro-Großhandels GmbH, based in Freudenberg (Germany), distributes electrical products.
>   TEGRO employs about 26 people and generated revenues of 10 million euros in 2010.

Hagemeyer

>   Hagemeyer Deutschland GmbH & Co. KG operates as a wholesaler of electrical goods and equipment in the segments of electrical installation, illumination, domestic engineering, electric appliances, data- and network technology as well as telecommunication.
>   The company was formerly known as ETG Fröschl GmbH & Co. KG and was founded in 1920. Hagemeyer is based in Munich (Germany) and operates as a subsidiary of Rexel SA.

Rexel

>   Rexel is a global leader in the distribution of electrical supplies. The Group operates in 37 countries, with a network of some 2,100 branches, and employs over 28,000 people.
>   Rexel`s sales were 12.7 billion euros in 2011.

Key Terms

>   In the course of a structured takeover through consecutive capital increases (for the first time on March 4, 2011), CORONA EQUITY Partner AG took over a majority stake in the SBF Spezialleuchten Wurzen GmbH and its subsidiary, the Leuchtenmanufaktur Wurzen GmbH.
>   Aquin acted as the exclusive M&A advisor to the owners of SBF Spezialleuchten Wurzen GmbH.

Strategic Logic

>   With the strengthened equity basis, SBF is able to realize growth investments into current and non-current assets in order to maximize its revenue and profitability potential.
>   The stake in SBF offers CORONA the opportunity to actively accompany the business along its growth path and to realize attractive value enhancement potentials through its development towards becoming a »key player« within the growth market of lighting for railway vehicles.
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SBF Spezialleuchten

>   For more than 60 years, SBF has been developing, constructing and manufacturing innovative lighting systems for the railway industry suited to customer requirements on a high-quality basis. Siemens, Bombardier, Alstom and Stadler are among SBF’s long-term customers.
>   In the field of LED illumination for high-speed trains, SBF was able to establish itself as market leader in Germany.
>   The Leuchtenmanufaktur Wurzen GmbH draws and produces historic lamps for buildings rich in tradition (e.g. Semper Opera in Dresden). It has a strong partnership with Swarovski and creates custom-made items for its private, international clients.

CORONA EQUITY

>   The CORONA EQUITY Partner AG is a holding company, listed at the m:access Munich Stock Exchange and is headquartered in Grünwald (Germany).
>   Its participations focus centers around mid-sized companies with a sustainable product structure in an attractive industry and revenues of minimum 30 million euros.

Key Terms

>   On January 1, 2011, the Edelmann Group, based in Heidenheim (Germany), successfully completed the majority acquisition of Lindauer Druckerei Eschbaumer GmbH.
>   Aquin acted as the exclusive M&A advisor to the owner of Lindauer Druckerei, Oliver Eschbaumer. The purchase price was not disclosed.

Strategic Logic

>   This cooperation constitutes a logical, strategic step for Lindauer Druckerei as well as for Edelmann, as the growing internationalization and consolidation of the global players in the pharmaceutical and OTC sector and within the cosmetics market lead to altered or completely new packaging requirements.
>   Within the new structure, the Edelmann Group is able to offer a high level of security for the supply of package inserts and to meet the growing demand for system suppliers, who are able to provide folding cartons, package inserts and labels one-stop.
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Lindauer Druckerei

>   Lindauer Druckerei specializes in security-sensitive printed matter within the pharmaceutical and aerospace industry. It has established itself especially in the field of pharmaceutical package inserts and outserts and recorded a growing turnover in this area.
>   Lindauer Druckerei will contribute 16 million euros in sales to the Edelmann Group.

Edelmann Group

>   Edelmann is a leading provider of high quality and innovative packaging solutions made from cardboard. Currently, the company develops and manufactures folding cartons, system solutions and package inserts for the health and beauty care market at ten locations in Germany, Poland, France, Mexico and China.
>   In 2009, 1,532 employees generated sales of 180 million euros. In 2010, the total turnover of the Edelmann Group is expected to be around 190 million euros. More than 40 percent of the revenues are generated by the group’s international locations.

Key Terms

>   On December 31, 2010, TRILUX, Germany’s leading luminaire manufacturer, acquired RSL Rodust & Sohn Lichttechnik, a supplier of high-quality special luminaires.
>   Aquin acted as M&A advisor to the owners of RSL, Oliver Hoffmeister and Jens Hanfland. The parties have agreed not to disclose the purchase price.

Strategic Logic

>   With the acquisition of RSL, TRILUX aims to intensify its own project business to expand its contacts towards architects and light planners as well as to provide an integral offer to its clients of serial applications and individual lighting solutions from a single source. As a brand, RSL will continue its business on a stand-alone basis within the TRILUX-Group.
>   As a consequence of the economic crisis, RSL was facing liquidity problems, even though it had a high volume of orders. Large-scale projects, which were assumed to be realized soon, were shifted. By means of a very fast and stringent sales process, RSL was able to win TRILUX as investor and to successfully close the liquidity gap.
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RSL

>   RSL, headquartered in Sankt Augustin (Germany), is a manufacturer of special high-quality luminaires for distinct architectural requirements. The technical realization of the ideas and visions of worldwide leading light planners and architects are the main competencies of the company.
>   It employs 50 people and strived to generate revenues of 10 million euros in 2011.

TRILUX

>   With a consolidated group turnover of more than 450 million euros in 2010, TRILUX is Germany‘s leading luminaire manufacturer for exterior and interior lighting.
>   The company, headquartered in Arnsberg (Germany), has 12 subsidiaries in Europe and employs 5,500 people worldwide.

Key Terms

>   Effective September 11, 2020 the family office, Emendo GmbH, acquired 100 percent equity in Nils Holger Moormann GmbH.
>   Nils Holger Moormann engaged Aquin as the sole M&A advisor.

Strategic Logic

>   The sale of Nils Holger Moormann GmbH to younger entrepreneurs allowed Nils Holger Moormann, at the age of 67, to arrange his succession.
>   Nils Holger, along with his wife Silke Moormann, will remain on the management board until February of 2021. Thereafter, taking over an advisory role for strategy and design.
>   Employees, business partners, local production and branding along with the location in Aschau (Chiemgau, Germany), including the logistics center and the guesthouse berge will not be impacted by this transaction.
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Nils Holger Moormann GmbH

>   The Moormann name stands for the development and sale of minimalistic, avant-garde, and timeless designer furniture of the highest quality.
>   The distinctive, often unconventional, striking furniture creations enjoy the enthusiasm from a devoted fan base. The furniture, made out of only sustainable raw materials, is produced exclusively by regional craftsmen located within a 50 km radius.
>   Founded in 1984 by the self-taught Nils Holger Moormann, the company has maintained its cutting edge innovative ability by consistently staying true to its own values as well as allowing young external designers to have a platform to bring their new ideas to life.
>   The company earns approximately 10 million euros in annual revenues with above average profitability in its industry.

Emendo GmbH

>   The family office, Emendo GmbH, was founded by siblings Kristina Münnix and Christian Knorst. Having invested their own capital, they consider themselves long-term partners, who bring their knowledge and expertise to the daily management of the business.
>   Having invested their own capital, they consider themselves long-term partners, who bring their knowledge and expertise to the daily management of the business.

Key Terms

>   Effective June 29, 2020 a Singapore based investor consortium acquired 95 percent equity in Kümpers Composites GmbH & Co. KG.
>   Aquin was engaged by the shareholders of Kümpers Composites as the sole M&A advisor.

Strategic Logic

>   The acquisition has allowed the investors to secure the technological know-how, along with the perfected product quality from a leading manufacturer of reinforced carbon-fiber structural components.
>   Through the investment consortium, Kümpers Composites has gained access to the promising Asian composite and lightweight construction market. A production facility in Taicang, near Shanghai (China) is already under construction.
>   The managing director and co-owner Franz-Jürgen Kümpers has continued to manage the company post acquisition.
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Kümpers Composites

>   Kümpers Composites GmbH & Co. KG, headquartered in Salzbergen-Holsterfeld (Germany), specializes in high-tech materials made out of carbon-, glass- and aramid fibers.
>   The company relies on its proven, perfected technology along with a fully automated, robot driven production, to deliver high-strength composite solutions to the automobile, aviation and wind power industries.

The Investment Group

> The investment consortium, based in Singapore, wishes to remain anonymous.

Key Terms

>   With effect from July 19, 2019, the German SACS Boysen Aerospace Group sells the Boysen distribution business, one of the leading distributors of high-quality fastening solutions for the aerospace industry, to the Swiss listed company Bossard Group.
>   Aquin acted as exclusive M&A advisor to Oliver Dratius and Achim Mayenberger, the owners of the SACS Boysen Aerospace Group.

Strategic Logic

>   With the sale of the Boysen distribution business, the SACS Boysen Aerospace Group is placing its strategic focus on the expansion of the vertical integration and further growth of their development and production company SACS.
>   With this major acquisition, the Bossard Group can further strengthen its distribution expertise in the aerospace industry. It is also in line with Bossard’s profitability-oriented growth strategy.
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Boysen

>   The distribution company Boysen, founded in 1967 and headquartered in Munich, has a superior reputation for fastening solutions for the aerospace industry and generates an annual turnover of approx. 26 million EUR. The main sales market is Europe.
>   Boysen provides screws, nuts, washers, inserts and other fastening products mainly for OEMs, Tier 1 and 2 as well as Airline MRO business.
>   The company employs 54 people and has further locations in Hamburg and Irving (Texas), USA.

Bossard

>   The Bossard Group, headquartered in Zug (Switzerland) and listed on the SIX Swiss Exchange, is an internationally active trading and logistics company. It is among the market leaders in fastening technology in Europe, the Americas and Asia-Pacific. The product portfolio includes the full range of high-quality fastening products such as screws, nuts, bolts, washers and pins.
>   With 2,500 employees in 77 locations worldwide, the global network of companies generates sales of approximately CHF 870 million.

Key Terms

>   The Austrian Swareflex GmbH, a company and brand of the Swarovski Group, is divesting its tunnel lighting business. Aquin acted as exclusive M&A advisor to the sellers.
>   With effect from April 30, 2019, the special lighting manufacturer NORKA took over all assets of the „Traffic & Industries“ division of Swareflex.

Strategic Logic

>   With the sale of its »Traffic & Industries« division, Swareflex will focus on its core business – the development and marketing of solutions with glass reflectors for traffic safety and industrial applications for light control with glass lenses.
>   The transaction further expands NORKA‘s business activities. The addition of the tunnel lighting division will be an excellent extension to the existing product portfolio and will strengthen NORKA‘s market position as a specialist for professional lighting technology.
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Swareflex

>   Swareflex GmbH has been offering solutions for traffic safety systems and functional lighting worldwide for more than 60 years. In addition to retro-reflectors with glass elements and glass lenses, Swareflex has also produced LED-based lighting systems for roads, tunnels and industrial applications.
>   Swareflex is a company and brand of the Swarovski Group and employs approximately 50 people at its headquarters in Vomp (Austria).

NORKA

>   The company NORKA – Norddeutsche Kunststoff- und Elektrogesellschaft Stäcker mbH & Co. KG – has been known for more than 70 years as a solution provider for technical lighting under extreme environmental conditions and enjoys high brand recognition as the market leader in this field.
>   NORKA employs around 200 people at two locations in Germany with its administration based in Hamburg and its production plant based in Dörverden-Hülsen.

Key Terms

>   Taking effect as of September 12, 2018, Eurocrane has signed a binding share purchase agreement to acquire 100 percent of the shares of industrial cranes builder Voith-Werke Ing. A. Fritz Voith GmbH & Co. KG, Traun, Austria. After obtaining regulatory approvals by the relevant authorities, the transaction has been successfully closed on December 10, 2018.
>   Aquin acted as the exclusive M&A advisor for the sellers.

Strategic Logic

>   With the entry of Eurocrane the owners of Voith arrange for their succession.
>   Voith shall not only remain as a trademark, but function as a premium brand for the whole Eurocrane group. Common structures such as sales and service in new international markets shall be developed in joint activity. Furthermore, the companies can benefit from each other`s R&D activities.
>   »The company will continue to operate on its own to the greatest possible extent. The successful philosophy of the current management shall be combined with the additional business opportunities arising.«, substantiate Eurocrane owners Irene Jin and Tony Tao.
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Voith

>   Ing. Voith has been active in the construction of innovative industrial cranes for 70 years and has established itself as one of the most successful producers of special crane systems in Europe.
>   Voith cranes are entirely designed, developed, planned and produced by around 170 employees in the plant in Traun – from the mechanical as well as the electrical engineering side.

Eurocrane

>   Eurocrane was founded in 2002 by the entrepreneurial couple Irene Jin and Tony Tao.
>   Since then, the company has developed itself to be one of the most significant producers of high-quality cranes and lifting equipment in Asia, employing more than 800 people.
>   Being listed on the Shanghai Stock Exchange now, enjoying a market capitalization of 250 million euros, a majority share of Eurocrane still remains in the hands of the founders.

Key Terms

>   With effect from September 28, 2018, HORIBA Automotive Test Systems acquired FuelCon AG, one of the leading global suppliers of test and diagnostic systems for fuel cells and batteries.
>   Aquin acted as the exclusive M&A advisor to the founders and managing partners of FuelCon, Dr. Ingo Benecke and Mathias Bode.

Strategic Logic

>   With the sale, FuelCon gains access to HORIBA`s strong global network and is able to meet the growing customer demand for increasingly complex test requirements for the E-Mobility sector.
>   Together with HORIBA, FuelCon will achieve its strategic goal to significantly grow internationally (especially in Asia and in the US) much faster. The intention is to develop FuelCon as the worldwide central competence center for fuel cell and battery testing within the Group
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FuelCon

>   The company FuelCon AG, founded in 2001, is a leading manufacturer and supplier of end-of-line and turnkey test bench systems for the E-Mobility sector, with strong expertise in battery and fuel cell applications.
>   FuelCon has an enviable reputation for design and assembly of precision high performance solutions and is trusted for its deep technical know-how by global OEMs, including among others BMW and Volkswagen, tier 1s as well as international research laboratories.
>   FuelCon is headquartered in Magdeburg-Barleben (Germany) and achieves an annual turnover of 14 million euros in 2018.

HORIBA

>   HORIBA Automotive Test System (part of HORIBA Group) is a leading supplier in the fields of engine, driveline, brake and emissions test systems for all industries using electric motors, internal combustion engines and turbines. These include the automotive, heavy-duty, off-road, consumer goods, marine, aerospace and locomotive sectors.
>   HORIBA Group, listed on the Tokyo Stock Exchange with annual revenues of 1.5 billion euros in 2017, is a global leading supplier of measurement technology and systems for various fields from automotive testing, process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing and metrology to scientific R&D and QC measurements.

Key Terms

>   With effect from September 15, 2017, Perusa Partners Fund 2, L. P., a fund advised by the independent Perusa GmbH, took over a majority stake of 51% in MBN GmbH (MBN-PROLED), a specialist in the development and distribution of LED-lighting.
>   Aquin acted as exclusive M&A advisor to the owner of MBN GmbH, Bernd Menrad.Aquin acted as exclusive M&A advisor to the owner of MBN GmbH, Bernd Menrad.

Strategic Logic

>   With the cooperation, MBN-PROLED and Perusa are pursuing the shared goal of accelerating the growth of the company and achieving a top position in Europe. Measures to be taken to reach this goal are the further development of the distribution network, the expansion of the range of products and services and acquisitions of additional companies in the lighting industry.
>   Bernd Menrad: »After nearly 30 intense years, I look forward to taking the business to the next level together with Perusa.«
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MBN-PROLED

>   MBN GmbH, founded in 1988, is an innovative, leading German lighting company in the field of development and distribution of LED-technology and is one of the pioneers in the LED-lighting industry.
>   Together with its Austrian subsidiary PROLED Austria, the brand names PROLED and MBNLED offer high-quality (mainly linear) LED-luminaires and intelligent lighting controls globally.
>   MBN-PROLED, headquartered in Friedberg, has shown both growth rates as well as profitability levels way beyond industry average.

Perusa

>   Perusa is an independent capital holding company, which currently has two funds with 350 million euro equity investing in medium-sized companies and Group divisions in the German or Scandinavian area.
>   Perusa is pursuing a strong operational approach to increase the efficiency and thus the long-term value as well as the potential of the portfolio companies. Strategic acquisitions (buy and build strategy) are also striving to strengthen the growth of the portfolio companies.

Key Terms

>   With effect from August 1, 2017, Energetic Lighting Europe/ Yankon (China), one of the world’s leading manufacturers of lamps and luminaires, acquired Nordlux Group A/S, a leading Danish company for design oriented indoor and outdoor lighting products.
>   Aquin acted as the exclusive M&A advisor to Energetic Lighting/ Yankon.

Strategic Logic

>   The takeover is an important step for Yankon to realize the group`s future strategy. The plan is to strengthen its market positioning in the European consumer luminaires industry and substantially increase European business, with Nordlux as the engine.
>   »We are convinced that there is much untapped potential in the brand, products and design of Nordlux«, says Zhangming Yang, General Manager of Energetic Lighting in Europe.
>   With the sale, Nordlux gains access to Yankon`s large international customer base, top-notch LED-technology and production capacity.
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Energetic Lighting Europe / Yankon

>   Zhejiang Yankon Group Co., Ltd. is a Chinese lighting specialist established in 1975 and is one of the world’s largest manufacturers of LED bulbs and luminaires. The company is listed on the Shanghai Stock Exchange and sells its products globally under the brand »Energetic«. Energetic Lighting Europe NV, a 100% European subsidiary of Yankon, is headquartered in Antwerp (Belgium).
>   Yankon achieved an annual turnover of 600 million euros with 290 million euros cash at hand.
>   The company is a subcontractor to some of the world’s largest OEMs but also uses its own sales outlets as a preferred supplier to many European supermarket and DIY store chains.

Nordlux

>   Nordlux is a well-established and renowned Danish lighting design brand for indoor and outdoor luminaires. Under the brand names »Desingfor the people«, »Nordlux«, »Lampekonsulenten« and »See Mee«, the company designs and develops its high-quality products in-house, while external partners handle production. It has sales companies in Norway, Sweden, Germany and China and is represented in more than 35 countries today.
>   Nordlux, founded in 1977, is headquartered in Aalborg (Denmark). It is one of the biggest and most profitable lighting companies in Denmark.

Key Terms

>   With effect of August 7, 2017, SHW Automotive GmbH, a member of the listed SHW-Group, acquired 100% of the shares of Lust Hybrid-Technik GmbH, a provider of electronic- and microsystem solutions.
>   Aquin acted as exclusive M&A-advisor to SHW AG.

Strategic Logic

>   »This is a forward-looking transaction for SHW«, says Dr. Frank Boshoff, CEO of SHW AG. With this acquisition SHW AG optimizes the degree of vertical integration in its electric pumps business and strengthens its competitive position in the field of electromobility.
>   Through the synergies resulting from the acquisition, Lust Hybrid-Technik GmbH will be capable of realizing existing growth potentials.
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SHW AG

>   The enterprise was founded in 1365 making it one of the oldest industrial companies in Germany.
>   Today, SHW is one of the leading automobile suppliers. Renowned automobile manufacturers as well as manufacturers of utility vehicles, agricultural machinery and construction equipment along with other suppliers of the automotive industry are part of its customer base.
>   With two business segments, Pumps and Engine Components, as well as Brake Discs, SHW currently has four manufacturing sites in Germany.
>   With around 1,250 employees, the company generated group sales of more than 400 million euros in fiscal year 2016.

Lust Hybrid-Technik GmbH

>   The range of services offered by Lust Hybrid-Technik GmbH, located in Hermsdorf (Germany), includes the entire contract production of electronic modules in the field of Electronics Design and Manufacturing Services – all the way from designing the components to process development and circuit board assembly to complex testing concepts and worldwide distribution.
>   Lust Hybrid-Technik has about 90 employees and generated consolidated sales of nearly 10 million euros in 2016.

Key Terms

>   In April 2017, Intertek Group Plc, a Total Quality Assurance provider to a range of industries worldwide, acquired KJ Tech Services GmbH, a leading provider of vehicle road testing services.
>   Aquin acted as the exclusive M&A advisor to the owners of KJ Tech, Dr. K. Christian Schödel and Dr. Ulrich J. Schödel.

Strategic Logic

>   KJ Tech’s on-road testing solutions fully complement Intertek`s capabilities and expertise in providing laboratory-based services to the automotive industry. Intertek is now uniquely positioned to provide a Total Quality Assurance service offering to its automotive clients globally.
>   In becoming part of Intertek Group, KJ Tech benefits from Intertek`s worldwide presence to better meet the demands of its customers.
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KJ Tech

>   The KJ Tech portfolio includes full vehicle road fleet testing, data accumulation and analytical assessment for components, systems, lubricant and engine testing, test method development and industry benchmarking.
>   Headquartered in Griesheim (Germany), with approximately 100 employees, KJ Tech Services has been providing on-road vehicle, component, lubricant and fuel testing services to the automotive industry for more than 27 years.

Intertek

>   Intertek Group Plc is a leading provider of Total Quality Assurance to a wide range of industries with a global network of more than 1,000 laboratories and offices, employing over 42,000 people in more than 100 countries.
>   Intertek delivers innovative and bespoke Assurance, Testing, Inspection and Certification solutions for its customers’ operations and supply chains.

Key Terms

>   With effect from March 31, 2017, REAC AB acquired AAT Alber Antriebstechnik GmbH, a leading supplier and manufacturer of electrically powered stair climbing solutions and add-on kits in the field of rehabilitation and transportation technology.
>   Aquin acted as the exclusive M&A advisor to the owners and founders of AAT, Thomas and Markus Alber.

Strategic Logic

>   The sale to REAC AB is part of AAT`s succession plan. The takeover will enable the company to realize its long-term growth strategy, to strengthen its leading market position in Germany and to fully leverage its potential to significantly increase its international footprint.
>   With the acquisition, REAC creates an excellent basis to further pursue its strategy to establish themselves as a leading supplier of motion systems for the global medical technology industry.
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AAT

>   The company AAT Alber Antriebstechnik GmbH, founded in 1995, is an asset-light producer of mobile, flexible and innovative stair climbing solutions as well as add-on drives currently exporting to more than 30 countries.
>   AAT is headquartered in Albstadt (Germany), achieved an annual turnover of 18 million euros and employs 72 people.

REAC

>   REAC Group, headquartered in Åmål (Sweden), produces and supplies motion systems within the global mobility rehab industry. The product portfolio consists of a broad range of advanced power solutions, such as electrical actuators, lift and tilt systems as well as control systems.
>   As a fully-owned subsidiary of Latour Industries AB, which has posted sales of 170 million euros in 2016 and is a part of the investment company Latour Investment AB, REAC generates revenues of 35 million euros and employs 345 people at three sites in Sweden and Poland.

Key Terms

>   With effect from December 1, 2016, the Nordeon Group took over 100 percent of the shares in the German professional lighting manufacturer Schmitz-Leuchten GmbH & Co. KG.
>   The former owner and manager of Schmitz-Leuchten, Christoph Schmitz, will continue to direct the business within the Nordeon Group.
>   Aquin acted as the exclusive M&A advisor to the owners of Schmitz-Leuchten.

Strategic Logic

>   As part of Nordeon, Schmitz will benefit from the group’s extensive technological abilities and competencies, the worldwide distribution network as well as from the international presence in key markets and will be able to focus on its own design and technological development.
>   The acquisition of Schmitz complements the existing product portfolio of the Nordeon Group and supports them on their way to a full service provider in the lighting industry.
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Schmitz-Leuchten

>   Founded in 1932, Schmitz has a rich history and is known for its sophisticated design and its high-performance luminaires for office, hospitality, architecture and retail applications.
>   The company’s product range includes professional and linear lighting as well as highly customizable lighting objects, used by professionals like architects, lighting designers and engineers.
>   Schmitz employs around 75 staff members at its headquarters in Arnsberg (Germany).

Nordeon

>   The Nordeon Group is one of the world’s leading lighting companies for professional indoor and outdoor lighting. With its brands Hess, Wila, Griven, Nordeon, Vulkan and now Schmitz, the Group combines knowledge in all fields and across the entire manufacturing process in the lighting segment.
>   The company, headquartered in Springe (Germany), was founded in 2012 and employs around 700 people.

Key Terms

>   With effect from November 3, 2016, Osram acquired a minority stake of 47.5 percent in Tvilight B.V., a Dutch IoT software company specialized in sensor technology and light management software for smart city solutions.
>   The M&A process was led by Aquin on behalf of Tvilight and its shareholders, Chintan Shah, the founder of Tvilight, and Ponooc B.V., a Dutch clean-tech investment fund.

Strategic Logic

>   By taking a share in Tvilight, Osram responds to the growing demand for connected, energy-efficient and intelligent street lighting in cities.
>   The partnership will allow Osram to tap into the knowledge and experience that Tvilight has acquired in connected street lighting networks.
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Tvilight

>   Tvilight, established in 2012, is a European IoT technology leader specializing in sensors, wireless controls and connected light management software for the outdoor environment. Its professional end-to-end street lighting control solutions provide a backbone for future smart city applications.
>   With a team of 35+ people, working from offices in the Netherlands and India, it has an installed base of over 100 projects globally and has deployed thousands of intelligent devices in iconic cities and critical infrastructure.

Ponooc

>   Ponooc is an investment fund of Pon Holdings, a Dutch family-owned conglomerate in the transportation sector, generating multibillion revenues and employing 13,000 people. The investment focus of Ponooc is on sustainable energy and mobility.

Osram

>   Osram is one of the world`s leading lighting manufacturers. Its portfolio ranges from high-tech applications based on semiconductor technologies, such as infrared and laser applications, to intelligent networked lighting solutions in buildings and cities.
>   As of the end of the fiscal year 2015, Osram employed around 33,000 people worldwide and achieved sales of almost 5.6 billion euros.

Key Terms

>   With effect from January 14, 2016, Ambienta acquired the Mikrotron GmbH, one of the leading providers of high-speed cameras for industrial image processing.
>   Aquin acted as the exclusive M&A advisor to Ambienta.

Strategic Logic

>   This transaction is part of Ambienta‘s strategy to establish itself as one of the leading European suppliers for industrial image processing (LakeSight).
>   The cornerstone of the project LakeSight was laid in 2012 with the acquisition of Tattile, a supplier of industrial machine vision solutions from northern Italy. The acquisition of Mikrotron represents another important step towards becoming a provider of image-processing systems at a global scale.
>   In the medium term, and as a result of the consolidation of smaller but innovative companies, LakeSight should be able to achieve an annual turnover of about 50 million euros with the global export of innovative high-quality products.
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Mikrotron

>   Mikrotron GmbH, founded in 1976, ranks among the leading manufacturers of high-speed cameras and recording systems for various applications in many different industries.
>   The company offers a wide range of products and has an extensive network of major customers, who are serviced through consistently expanded international distribution channels.
>   Mikrotron employs about 35 people and has an annual turnover of about 10 million euros.

Ambienta

>   Ambienta is a leading European private equity fund located in Milan, Düsseldorf and London.
>   Ambienta invests in businesses with a strategic focus on resource and energy efficiency as well as the reduction and prevention of environmental pollution.
>   With an equity capital of more than 500 million euros, Ambienta has already invested in 18 companies in the field of environmental engineering.

Key Terms

>   With effect from January 29, 2015, Müller-Licht took over the StarLicht division of the ZETT Group.
>   Aquin acted as the exclusive M&A advisor to the ZETT Group and its shareholder Vorndran Mannheims Capital Advisors (VMCap).

Strategic Logic

>   Through the acquisition of StarLicht, Müller-Licht complements its own product portfolio with innovative LED lights, widens its sales channels with the existing customer base of StarLicht in the DIY sector and thus improves its position in the market significantly.
>   The divestment of StarLicht is part of the long-term corporate strategy by ZETT Optics with the aim to focus the group activities on high-quality LED lighting products for the B2B sector. The key requirements of the technologically less complex B2C business of StarLicht have markedly changed, now including e.g. packaging, logistics & time to market, which is why the two business fields today only fit together to a limited extent.
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StarLicht

>   StarLicht is one of the most renowned manufacturers of lighting products for the European DIY-Market (DIY=Do-It-Yourself). For over 30 years, StarLicht has been supplying hardware stores, kitchen studios and furniture stores in Europe with LED lighting systems.
>   In 2014, StarLicht generated a turnover of about 20 million euros.

ZETT Group & VMCap

>   In 2011, the ZETT Optics Group, already part of the portfolio of VMCap, acquired LITE-LICHT GmbH from insolvency together with its business division StarLicht. In the following, StarLicht was retreaded and became a leading player in the European DIY-lighting market.
>   VMCap is one of the leading private equity firms in the German-speaking region with a total capital under management of approximately 800 million euros.

Müller-Licht & Wünsche-Group

>   Müller-Licht specializes in manufacturing and sales of LED retrofit products. Since 2011, the company is part of the Wünsche-Group.
>   Wünsche Group, a family-owned group of companies active in several areas of international trade, is headquartered in Hamburg (Germany) and generates sales of about 450 million euros (2012) and among others counts Lidl, Aldi & Tchibo to its customers.

Key Terms

>   With effect from January 1, 2015, the Riverside Company acquired a majority stake in the Bike24 GmbH based in Dresden (Germany).
>   The founders of Bike24, Andrés Martin-Birner, Lars Witt and Falk Herrmann remain involved with a minority interest. The management of Bike24 will also stay centrally in their hands.
>   Aquin acted as the exclusive M&A buy-side advisor to the Riverside Company.

Strategic Logic

>   With the participation of the Riverside Company, Bike24 strengthens its internationalization competence in order to realize growth opportunities outside of Germany. At the same time, national presence is to be reinforced and internal structures further professionalized.
>   Through the acquisition of the stake in Bike24, the Riverside Company was able to bring their broad online-trading experience into another strongly positioned eRetailer with attractive growth prospects.
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Bike24 GmbH

>   Bike24 GmbH, founded in 2005, belongs to the leaders in the German online market for bicycle components.
>   The company distributes high-quality bicycle components as well as bicycles, sporting electronics, outdoor-, swimming-, triathlon- and running equipment. In these categories, a total of more than five thousand items are offered online.
>   For 2014, the company expects a turnover of approximately 50 million euros and currently employs about 190 people. About two-thirds of sales are currently generated within Germany.

The Riverside Company

>   The Riverside Company is one of the largest and oldest private equity firms worldwide, specializing in investments in high-growth companies with an enterprise value of up to 200 million euros (250 million US$).
>   Since its founding in 1988, Riverside has managed over 370 transactions. The international investment portfolio currently includes more than 75 companies.

Key Terms

>   With effect from July 22, 2014, Finatem acquired a 75 percent majority stake in licht|basis GmbH based in Estenfeld (near Würzburg, Germany).
>   Management remains in the hands of the founders of licht|basis GmbH, Jürgen Meissner, Stephan Spahn and Heike Rappel. They also retain a 25 percent stake.
>   Aquin acted as an exclusive M&A advisor to the founding shareholders of licht|basis.

Strategic Logic

>   Within the context of sustainable development, licht|basis wants to further broader its position and realize growth potential, currently offered due to a strongly changing market – especially through strategic acquisitions.
>   By including the licht|basis GmbH in its portfolio of companies, Finatem enters the promising growth market of professional lighting that is strongly driven by the LED technology shift.
>   The acquisition further diversifies the Finatem III fund, which up until now has mainly invested in the manufacturing industry, particularly into the specialized distribution sector.
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licht|basis

>   licht|basis GmbH was founded in 2000 and has grown into a leading European wholesaler and planning company specializing in the commerce of luminaires and lamps. The company sells high-quality lighting products for professional applications only.
>   Due to its know-how in lighting technologies, reliability in prompt delivery and experience in light-planning services the company attracts an extremely broad and diversified customer base. Among the strongest customer segments are electricians and international retail chains.
>   In 2014, licht|basis expects a turnover of about 65 million euros.

Finatem

>   As an independent and partner-managed financial holding company based in Frankfurt, Finatem invests through majority ownerships in German, Austrian and Swiss companies focusing on medium-sized businesses with sales volumes between 25 million and 125 million euros as well as growth potential.
>   Due to its extensive international experience in private equity and the industry, Finatem is a reliable partner for its portfolio companies. Finatem builds long-term partnerships with the aim of supporting each company’s development to the fullest.

Key Terms

>   The HANNOVER Finanz Group acquired 55 percent of the shares of SIMPLON Fahrrad GmbH and its Swiss affiliate Individual Bikes GmbH.
>   Aquin acted as the exclusive M&A advisor to SIMPLON as well as to the owner family Hämmerle.

Strategic Logic

>   In the context of the company’s further sustainable development, SIMPLON aims at realizing their growth opportunities – including the achievement of a higher international market presence.
>   With the HANNOVER Finanz Group, the long-established company has brought in a supportive sparring partner. Through this business partnership, SIMPLON gains access to the Group`s broad-based network and many years of sales experience.
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SIMPLON

>   The family-held company, based in Vorarlberg (Austria), develops and produces custom-made sportive premium bicycles. SIMPLON thereby is very successful in Germany, Austria and Switzerland.
>   In 2013, SIMPLON Fahrrad GmbH attained an annual turnover of 17.4 million euros with 51 employees and 11,200 bicycles and bicycle frames sold.

HANNOVER Finanz Group

>   For over 35 years the HANNOVER Finanz Group has been a private equity partner for the SME sector. Notable companies like Fielmann, Rossmann or AIXTRON AG have realized their growth with HANNOVER Finanz.
>   In 2013, the invested capital amounts to more than 300 million euros allocated to 41 portfolio companies.
>   Through their commitment with sporting goods retailer Runners Point and the winter sports apparel manufacturer Ziener, HANNOVER Finanz has several years of experience in the sporting goods industry.

Key Terms

>   With effect from December 5, 2013, in the course of an asset deal at the Aichach (Germany) location, the WIEGEL Group took over central assets of the hot galvanizing plant of the MEA AG including its long-term customer base
>   Aquin accompanied the transaction as the exclusive M&A advisor of the MEA AG.

Strategic Logic

>   With the takeover of the galvanizing activities of the MEA AG, the WIEGEL Group gains access to a variety of attractive key customers. Therefore, a central aspect of the transaction structure was a long-term transfer of the customer relationships to the buyer.
>   For the MEA AG, the transaction represented a resource-saving alternative to the closing or rather the continuation of the location. Through a previous transfer of the galvanization of captive products at the modern site in the Czech Republic, the galvanizing plant in Aichach solely takes on externally processed orders.
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MEA AG

>   The MEA AG was founded in 1886 and is headquartered in Aichach. It is the leading supplier for the construction and industrial sector in Europe. Core competencies of the company include the workmanships of synthetics, metals, polymer concrete and hot galvanizing.
>   The company generates an annual turnover of approximately 120 million euros and employs around 700 employees at its locations in Germany, the Czech Republic, the Netherlands, France, Rumania and China.

WIEGEL Group

>   The WIEGEL Group, headquartered in Nuremberg (Germany), is a pan-European acting medium-size corporate group with its focus on metallic corrosion protection, which also comprises powder coating next to galvanizing.
>   With more than 1,400 employees and 30 locations in five countries, the WIEGEL Group is one of the market leaders in the industry.

Key Terms

>   On March 21, 2013, WHEB Partners provided HOFFMEISTER Leuchten GmbH with growth capital and acquired a majority interest in the context of a combination of capital increase and sale of shares.
>   Aquin acted as the exclusive M&A advisor to HOFFMEISTER and to the managing partners Oliver Hoffmeister and Jens Hanfland.

Strategic Logic

>   In recent years, HOFFMEISTER was able to develop a completely new portfolio of high-efficiency LED lighting systems. The provision of growth capital by WHEB enables HOFFMEISTER to further strengthen its position in the German market, accelerate their international expansion, improve their portfolio of products and support selective measures for operative optimization. In addition, the management expects the current market environment to provide attractive opportunities for the acquisition of competitors with complementary expertise.
>   Through the acquisition of an interest in HOFFMEISTER, WHEB succeeds to enter a growth market with a promising future.
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HOFFMEISTER Leuchten

>   HOFFMEISTER, founded in 1910, is one of the leading innovators of the German lighting industry. The company develops, produces and sells high-quality lighting systems for indoor and outdoor lighting based on conventional as well as on LED technology.
>   HOFFMEISTER unifies their own design, engineering and manufacturing skills under one and the same roof. The broad product range is mainly used within high-end architectural lighting.
>   For the year 2013, the company expects a turnover of 20 millions euros with approx. 130 employees at its facilities in Schalksmühle (Germany) and Dubai (UAE).

WHEB Partners

>   WHEB is the pioneer among European funds specialized in energy and resource efficiency. WHEB’s story began in 1995 as an award-winning incubator for environmentally friendly technologies.
>   In 2005, WHEB launched the first British fund which was broadly defined and specialized on resource efficiency and is currently managing two such funds with a total volume of 160 million euros.
>   The investment team of WHEB has its offices in London and Munich.

Key Terms

>   On September 1, 2012, the Licht & Optik (L&O) Group successfully closed the sale of its subsidiary Richard Schahl GmbH & Co. KG. In the course of a succession solution, the current management of Richard Schahl, together with Invest AG and Raiffeisen KMU Beteiligungs AG, took over 100 percent of the company. The management participates with a 30 percent stake.
>   Aquin acted as the exclusive M&A advisor to the L&O Group and in close cooperation with the management of Richard Schahl.

Strategic Logic

>   This transaction marks the first step of the L&O Group owner’s private succession plan. Through this takeover, the management team meets its wishes of becoming entrepreneurs.
>   For the capital providers, the participation in Richard Schahl represents an attractive investment, due to a stable and profitable existing business and a broad client base. With the dissociation of group interests and due to technological changes within the industry, potentials arise regarding the expansion of business activities of RSM.
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Richard Schahl

>   Richard Schahl, headquartered in Munich (Germany), was founded in 1964 and is one of the leading distributors for speciality lamps. Besides hospitals, photo stores and stage operators, the business also supplies industrial companies.

L&O

>   The L&O Group is globally active in the field of special lamps, projector lamps as well as LED solutions and has 11 subsidiaries.

INVEST AG

>   The INVEST AG is the private equity fund of the Austrian Raiffeisen Banking Group and specializes in Growth Financing and MBO/MBI transactions in the context of succession solutions. The fund has a volume of approximately 140 million euros and currently holds 30 companies within its portfolio.

Raiffeisen KMU Beteiligungs AG

>   The Raiffeisen KMU Beteiligungs AG, with its focus on medium-sized business financing, has a fund volume of 15 million euros and currently holds 25 companies within its portfolio.

Key Terms

>   With effect from August 30, 2012, a bicycle retail group (anonymous) operating throughout the German market, successfully procured growth capital for further expansion provided by the HANNOVER Finanz Group.
>   Aquin acted as the exclusive M&A advisor to the retail group and will continue to accompany its further growth.

Strategic Logic

>   The German bicycle retail industry is about to face a drastic change. The reason for this is the massive extension of variety of bicycle specifications, which have to be offered accordingly and kept in stock by the branches. Considering this background, the owner already led the retail group to being one of the biggest bicycle retailers in Germany.
>   HANNOVER Finanz will not only ensure the future financing of the groups further growth, but also act as an experienced partner in the branch business. It is a declared goal of both parties to turn the bicycle retail group into the distinct market leader within the German-speaking region over the next years.
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bicycle retail group

>   The fast growing bicycle retail group is represented by a dense branch network throughout Germany and acts as one of the largest e-bike suppliers on the German market.
>   Core strategy is to present the world of biking in the context of a complete shopping experience for the customer. This is built on a mega store concept, which not only includes an indoor-cycling test track, but also keeps all common bicycle models and types in stock.

HANNOVER Finanz Group

>   Founded in 1979, the HANNOVER Finanz Group focuses on long term participations in mid-sized companies. Commitments range from traditional industries to retail as well as new technologies.
>   In 2012, the invested capital amounts to more than 350 million euros allocated to 48 portfolio companies.
>   Reasons for investments are growth financing and succession planning for solid, mid-sized companies.

Key Terms

>   With effect from July 6, 2012, PVA TePla AG has acquired 100 percent of the shares in Munich Metrology GmbH. Both companies have agreed not to disclose the purchase price.
>   Aquin acted as the exclusive M&A advisor to Opinias Invest, the owner of Munich Metrology.

Strategic Logic

>   With the acquisition of Munich Metrology, PVA TePla is systematically building on its technological expertise in wafer analysis (metrology).
>   Over the past few years, Munich Metrology has undergone positive development. By its incorporation into PVA TePla, it will be in a position to realize additional contributions to sales revenue and earnings.
>   Furthermore, synergies in the development of technology and integration into PVA TePla’s global sales and service network mean clear advantages for the customer and therefore additional impetus for growth.
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Munich Metrology

>   Munich Metrology develops and sells innovative analysis systems to trace surface impurities on wafers for the semiconductor industry worldwide. The company originally emerged from the GeMeTec mbH.
>   The company employs highly qualified employees in Munich (Germany) and at its subsidiaries in Japan, Taiwan and the United States.

PVA TePla AG

>   PVA TePla AG is a listed manufacturer of equipment for the production, treatment and finishing of high-quality materials and surfaces.
>   In 2011, consolidated revenues amounted to 130 million euros.
>   The Semiconductor Systems division manufactures crystal growing systems for the production of silicon crystals, plasma systems for production processes in the semiconductor industry and in life science analytical equipment for quality control of high-tech materials.

Key Terms

>   With effect from April 30, 2012, ZETT OPTICS GmbH successfully acquired 100 percent of the shares of HELLUX GmbH and HELLUX Construktions-Licht GmbH.
>   Aquin acted as the exclusive M&A advisor to the HELLUX owners, Joachim Aulig and Hans-Ludwig Aulig, and in close collaboration with the CEO of the Hellux Group, Maurice Freiherr von Dalwigk.

Strategic Logic

>   The merger of HELLUX and ZETT OPTICS will strengthen their position in the growing market of conventional and LED-based street lighting.
>   For HELLUX, this step represents a milestone within its strategic focus for the following years. HELLUX will continue to exist as an independent brand, using ZETT OPTICS’ developmental and technological expertise and resources as a platform to expand its market position in the future. Joachim Aulig, remaining in the business management of both HELLUX corporations, welcomes the new partnership.
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HELLUX

>   HELLUX, founded in 1891, stands for high-quality solutions in exterior lighting. With its own resources in development, design and manufacturing, HELLUX offers a wide range of outdoor- and street lighting as well as column-, bollard-, ceiling- and wall-mounted luminaires.
>   The company employs 120 people at their locations in Berlin, Laatzen and Budweis (Czech Republic).

ZETT OPTICS

>   ZETT OPTICS, founded in 1928 and based in Braunschweig (Germany), is active in lighting technology, focusing on the rapidly growing field of LED lighting for demanding applications.
>   ZETT OPTICS is a portfolio company of VENTIZZ CAPITAL PARTNERS, a private equity firm based in Düsseldorf (Germany).

Key Terms

>   With effect from May 3, 2011, Hagemeyer Deutschland GmbH & Co. KG, a leading wholesaler of electronical goods and equipment, acquired TEGRO Technische Elektro-Großhandels GmbH, a distributor of electrical products from the owner family.
>   Aquin acted as the M&A advisor to Rexel SA, parent company of Hagemeyer.

Strategic Logic

>   With the acquisition, Rexel will strengthen its local market presence in North Rhine-Westphalia, a region with strong potential, and increase its exposure to the industrial end-market, as 80% of the newly acquired company’s sales come from industrial companies.
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TEGRO

>   TEGRO Technische Elektro-Großhandels GmbH, based in Freudenberg (Germany), distributes electrical products.
>   TEGRO employs about 26 people and generated revenues of 10 million euros in 2010.

Hagemeyer

>   Hagemeyer Deutschland GmbH & Co. KG operates as a wholesaler of electrical goods and equipment in the segments of electrical installation, illumination, domestic engineering, electric appliances, data- and network technology as well as telecommunication.
>   The company was formerly known as ETG Fröschl GmbH & Co. KG and was founded in 1920. Hagemeyer is based in Munich (Germany) and operates as a subsidiary of Rexel SA.

Rexel

>   Rexel is a global leader in the distribution of electrical supplies. The Group operates in 37 countries, with a network of some 2,100 branches, and employs over 28,000 people.
>   Rexel`s sales were 12.7 billion euros in 2011.

Key Terms

>   In the course of a structured takeover through consecutive capital increases (for the first time on March 4, 2011), CORONA EQUITY Partner AG took over a majority stake in the SBF Spezialleuchten Wurzen GmbH and its subsidiary, the Leuchtenmanufaktur Wurzen GmbH.
>   Aquin acted as the exclusive M&A advisor to the owners of SBF Spezialleuchten Wurzen GmbH.

Strategic Logic

>   With the strengthened equity basis, SBF is able to realize growth investments into current and non-current assets in order to maximize its revenue and profitability potential.
>   The stake in SBF offers CORONA the opportunity to actively accompany the business along its growth path and to realize attractive value enhancement potentials through its development towards becoming a »key player« within the growth market of lighting for railway vehicles.
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SBF Spezialleuchten

>   For more than 60 years, SBF has been developing, constructing and manufacturing innovative lighting systems for the railway industry suited to customer requirements on a high-quality basis. Siemens, Bombardier, Alstom and Stadler are among SBF’s long-term customers.
>   In the field of LED illumination for high-speed trains, SBF was able to establish itself as market leader in Germany.
>   The Leuchtenmanufaktur Wurzen GmbH draws and produces historic lamps for buildings rich in tradition (e.g. Semper Opera in Dresden). It has a strong partnership with Swarovski and creates custom-made items for its private, international clients.

CORONA EQUITY

>   The CORONA EQUITY Partner AG is a holding company, listed at the m:access Munich Stock Exchange and is headquartered in Grünwald (Germany).
>   Its participations focus centers around mid-sized companies with a sustainable product structure in an attractive industry and revenues of minimum 30 million euros.

Key Terms

>   On January 1, 2011, the Edelmann Group, based in Heidenheim (Germany), successfully completed the majority acquisition of Lindauer Druckerei Eschbaumer GmbH.
>   Aquin acted as the exclusive M&A advisor to the owner of Lindauer Druckerei, Oliver Eschbaumer. The purchase price was not disclosed.

Strategic Logic

>   This cooperation constitutes a logical, strategic step for Lindauer Druckerei as well as for Edelmann, as the growing internationalization and consolidation of the global players in the pharmaceutical and OTC sector and within the cosmetics market lead to altered or completely new packaging requirements.
>   Within the new structure, the Edelmann Group is able to offer a high level of security for the supply of package inserts and to meet the growing demand for system suppliers, who are able to provide folding cartons, package inserts and labels one-stop.
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Lindauer Druckerei

>   Lindauer Druckerei specializes in security-sensitive printed matter within the pharmaceutical and aerospace industry. It has established itself especially in the field of pharmaceutical package inserts and outserts and recorded a growing turnover in this area.
>   Lindauer Druckerei will contribute 16 million euros in sales to the Edelmann Group.

Edelmann Group

>   Edelmann is a leading provider of high quality and innovative packaging solutions made from cardboard. Currently, the company develops and manufactures folding cartons, system solutions and package inserts for the health and beauty care market at ten locations in Germany, Poland, France, Mexico and China.
>   In 2009, 1,532 employees generated sales of 180 million euros. In 2010, the total turnover of the Edelmann Group is expected to be around 190 million euros. More than 40 percent of the revenues are generated by the group’s international locations.

Key Terms

>   On December 31, 2010, TRILUX, Germany’s leading luminaire manufacturer, acquired RSL Rodust & Sohn Lichttechnik, a supplier of high-quality special luminaires.
>   Aquin acted as M&A advisor to the owners of RSL, Oliver Hoffmeister and Jens Hanfland. The parties have agreed not to disclose the purchase price.

Strategic Logic

>   With the acquisition of RSL, TRILUX aims to intensify its own project business to expand its contacts towards architects and light planners as well as to provide an integral offer to its clients of serial applications and individual lighting solutions from a single source. As a brand, RSL will continue its business on a stand-alone basis within the TRILUX-Group.
>   As a consequence of the economic crisis, RSL was facing liquidity problems, even though it had a high volume of orders. Large-scale projects, which were assumed to be realized soon, were shifted. By means of a very fast and stringent sales process, RSL was able to win TRILUX as investor and to successfully close the liquidity gap.
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RSL

>   RSL, headquartered in Sankt Augustin (Germany), is a manufacturer of special high-quality luminaires for distinct architectural requirements. The technical realization of the ideas and visions of worldwide leading light planners and architects are the main competencies of the company.
>   It employs 50 people and strived to generate revenues of 10 million euros in 2011.

TRILUX

>   With a consolidated group turnover of more than 450 million euros in 2010, TRILUX is Germany‘s leading luminaire manufacturer for exterior and interior lighting.
>   The company, headquartered in Arnsberg (Germany), has 12 subsidiaries in Europe and employs 5,500 people worldwide.