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Oakly Capital acquires Alessi

Oakley

Oakley Capital (“Oakley”) is pleased to announce that it has completed an investment in Alessi S.p.A (“Alessi”), the Italian high-end design business focussed on homeware products.

Alessi is an iconic homeware brand with 100 years of heritage; working with some of the world’s leading architects and designers it has captured a global audience and a well-established premium position in the market. The Alessi Juicy Salif Lemon Squeezer (designed by Philippe Starck) and Anna G Corkscrew (designed by Alessandro Mendini) are some of the most recognized homeware products in the world, with millions sold since they were launched, reinventing traditional categories with their innovative designs.

 

Alessi was fully owned by the founding family, who were looking to identify a partner to assist them in the development of the company. Oakley’s experience in supporting family and founder-owned businesses, and its expertise in the consumer sector made it an attractive partner at this stage in Alessi’s development.

Oakley’s strategy will focus on further strengthening and expanding the proposition of the brand by targeting new audiences and optimising the portfolio’s mix of products, pricing and distribution. In addition, Oakley brings deep expertise in marketing and shaping digital strategies for consumer-driven businesses (as seen with Parship Elite, Facile and Schülerhilfe).

Peter Dubens, Managing Partner of Oakley Capital, commented:

“We are delighted to become an investor in such a globally renowned brand. Alessi’s unique approach to design and product innovation makes it a highly attractive investment opportunity for Oakley. We are excited to partner with the Alessi family to support the business in the next phase of its development.”

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Bure has acquired shares in Yubico AB

Bure

Yubico has completed a directed share issue to Meritech Capital Partners, a venture capital firm based in Pal Alto, California. In connection with the rights issue, Bure will acquire 140,000 shares from existing shareholders for a total of SEK 50m. After the transaction Bure will own 18,8% of the capital and votes in the company before dilution.

As a result of the transaction and in accordance with IFRS 9, Bure has increased the value of its holding in Yubico by SEK 507m compared to book value at the end of the second quarter 2019. Following the transaction, the total book value of Bure’s holding in Yubico amounts to SEK 989m.

Bure Equity AB (publ)

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Altas Completes Sale of Capital Vision Services

Altas Partners

Altas Partners today announced that it has completed the sale of Capital Vision Services, LP (“CVS”), a leading provider of management services to vision care practices. CVS provides its affiliated, independent MyEyeDr. optometrists with a complete array of financial, marketing, human resources, and accounting services, along with managed care credentialing and claims processing.

CVS was sold to West Street Capital Partners VII, a fund managed by the Merchant Banking Division of Goldman Sachs. Financial terms of the transaction were not disclosed.

About Altas Partners

Founded in 2012, Altas Partners is an investment firm with a long-term orientation focused on acquiring significant interests in high-quality, market-leading businesses in partnership with outstanding management teams. The firm manages more than $6 billion on behalf of endowments, foundations, public pension funds, and other institutional investors. The firm’s past and present portfolio companies include University of St. Augustine for Health Sciences, Tecta America, Hub International, PADI, Medforth Global Healthcare Education, Capital Vision Services, and NSC Minerals. For more information, please visit https://www.altas.com.

For further information:

Aisha Sánchez
+1 (416) 306-9800
asanchez@altas.com

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Armilar invests in Tonic App

The medical Tonic App raises 3.5 million euros to conquer Europe

Tonic App, the startup that developed the favourite mobile application of more than 12,000 medical doctors, has raised 3.5 million euros in a round co-led by Vesalius Biocapital Partners (Luxembourg) and Armilar Venture Partners (Portugal), joining Portugal Ventures and TheVentureCity.

With this investment, the company, co-founded and led by Daniela Seixas, will be able to accelerate its European expansion in three of the five largest European healthcare markets – France, Spain and the United Kingdom.

In just two and a half years, the company has developed its mobile platform, obtained the CE marking as medical device, acquired more than 30% of all doctors in Portugal, and entered the Spanish market, where it recently closed its first international deal. Tonic App’s clients include some of the largest healthcare multinational companies such as Medtronic, Novartis, Pfizer and Lilly, and the HR company Randstad. It also has international partnerships for medical events and electronic prescription.

“The digital healthcare market is under significant transformation and that is why this is the right time for a rapid geographic expansion. Medical doctors are increasingly using digital platforms for their work and the other healthcare stakeholders have understood the value of partnering with an independent company that ensures access to an established professional community, ”says Daniela Seixas, CEO of Tonic App and herself a physician. Daniela Seixas adds: “I want to make my colleagues’ day-to-day life easier with the help of technology, to give them more time for what matters the most – their patients. And patients are actually the ultimate vision of Tonic App – more news to follow. ”

Guy Geldhof, managing partner of Vesalius Biocapital III, adds: “Given the fast expansion and fragmentation of knowledge, medical doctors have the natural necessity to communicate with their colleagues and to quickly find the resources they need for their day-to-day work. Tonic App has already demonstrated in Portugal that it can clearly meet the needs of clinicians, having achieved very high penetration rates. It is now making its way into Spain and other strategic markets in Europe. We are convinced that by facilitating the work of physicians, we will be contributing to improving the quality and efficiency of health care and ensure that these professionals have time for the most important – their patients.”

From Armilar Venture Partners, Duarte Mineiro guarantees that “the opportunity to participate in Tonic App brings together a very solid set of attributes against the investment criteria we have defined. We highlight the fact that they have developed a very innovative solution based on a leading academic and professional path of excellence of the main Founder – and it has already shown promising revenue results in such a short time. HealthTech is an area in which we want to further develop our expertise, as we strongly believe in the potential of its value creation within the Portuguese ecosystem. The fact that we can co-invest in a solid and complementary syndicate was another decisive factor in moving forward.”

Rita Marques, CEO of Portugal Ventures (Tonic App’s first investor) states, “We are very proud to see the growth of Tonic App, which will now face the challenge of internationalization – successfully that is all we want. Fully focused on its goals, the team led by Daniela will surely further leverage the technology versus medicine effect, continuing to be a reference in the national Digital Health arena.”

Tonic App is a digital healthcare tool designed to help the medical community diagnose and treat their patients by bringing together all the professional resources they need for their day-to-day work in a single mobile application.

Founded in Porto in 2016 as a spin-off of University of Porto, Tonic App was co-founded by Daniela Seixas, Andrew Barnes, Christophe de Kalbermatten and Dávid Borsós, who were MBA colleagues at IE Business School. On 30 December 2016, Tonic App secured its first venture capital investment with Portugal Ventures. In April 2018, Gonçalo Vilaça joined the executive team as COO. The startup recently completed a growth program with the Spanish- American TheVentureCity in Madrid.

Tonic App has won multiple awards, including the Novartis Techcare Open Innovation Program in 2017, the second prize in the MEDICA Medical App Competition, the world’s largest healthcare trade fair in 2018, and in 2019 SaaStr Europe. Tonic App has been named by Forbes magazine as one of 60 women-led startups that are “revolutionizing technology around the globe”.

For more information about Tonic App:
www.tonicapp.com
Daniela Seixas, CEO – daniela@tonicapp.com | 936099363

About Vesalius Biocapital:

Vesalius Biocapital III is a specialist life sciences venture capital fund and is in line with the predecessor funds Vesalius Biocapital I and Vesalius Biocapital II, which have supported life sciences companies since 2007. Vesalius Biocapital III, launched in April 2017, announced a final close with EUR 120 million in commitments. Vesalius Biocapital I and II raised over EUR 150 million and contributed in the development of over 20 companies. The investment portfolio is well balanced between drug development, medical device & diagnostics and digital health investments and committed to providing capital to science-backed innovation and ambitious entrepreneurs, with a strong focus on exit within five years. The specialist team consists of seasoned life science professionals with experience in the healthcare industry, corporate finance and strategy consulting, supporting companies throughout their growth cycle. The team is based in Europe and explores investment opportunities and valuation potential for the portfolio.

For more information:
www.vesaliusbiocapital-3.com
g.geldhof@vesaliusbiocapital.com

About Armilar Venture Partners:
Armilar Venture Partners is a leader in venture capital fund management in Portugal. An independent venture capital with a 19-year history, a track record of high performance and international presence, Armilar invests in companies in the areas of information and communication technologies (ICT), health technologies (HealthTech) and environment technologies (CleanTech), focusing on strong technology-based early-stage companies. Armilar currently has a total of around € 260 million under management, with five funds typically mobilized as the main investor in seed and early stage transactions of companies in Portugal, Europe and the US. Armilar Venture Partners TechTransfer Fund is supported by InnovFin Equity, with financial support from the European Union under the Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), established under the investment plan for Europe. EFSI’s objective is to help support the financing and implementation of productive investments in the European Union and to ensure greater access to financing. The fund is also co-financed by the Capital & Quasi Capital Fund (FC & QC), managed by IFD – Instituição Financeira de Desenvolvimento, S.A.

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Alteri Investors and Apollo Funds launch second European retail sector investment vehicle

Alteri

26th August 2019

– Capital commitment doubled, reflecting success of first venture
– Scope for further Apollo backing extends capacity for larger deals

London, 26 August 2019: Specialist retail sector investor Alteri Investors (“Alteri”) today announces the launch of its second investment vehicle, Alteri Investors II (“Alteri II”) with the backing of funds and accounts managed by affiiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo,” and such funds and accounts, “Apollo Funds”) (NYSE: APO).

Alteri has developed an impressive track record since its launch in late 2014, as a joint venture between Apollo Funds and Alteri management. With in-house operational expertise and a remit to source investment opportunities across the European retail sector, Alteri has built a broad portfolio of businesses. It has had particular success in Germany, including CBR Fashion, one of Germany’s leading womenswear businesses, and leading multi-channel retailer Versandhaus Walz, which has successfully undergone a comprehensive turnaround. The UK’s leading rent-to-own specialist Brighthouse remains the other current investment within the existing portfolio. Exited investments cover a range of equity, debt and direct lending transactions across multiple retail sectors and Western European geographies, notably in Germany, Switzerland, the Netherlands and the UK.

Following Alteri’s successful first venture, Apollo Funds have committed more than double the amount of capital to Alteri II. Additionally, Alteri II may have access to additional funds to co-invest in larger transactions with funds managed by Apollo, enabling it to target businesses with sales of up to c.£3 billion. Alteri II will continue to invest in European retailers with sales in excess of £100 million, targeting a broad range of opportunities from performing businesses facing structural or stakeholder issues, to companies which require fundamental financial and operational transformation.

Alteri II is expected to expand the Alteri platform’s geographic footprint with greater emphasis on the Spanish and Italian markets, alongside its existing core markets of the UK, DACH, Benelux and Nordic regions.

Alteri Founder and CEO Gavin George stated, “We are extremely excited about the launch of our second investment vehicle. We believe that Alteri’s unique combination of financial firepower and retail expertise can help management teams unlock the potential in their businesses. With the European retail market going through a truly transformational period we believe the time is right to launch our second venture. With continued backing from Apollo Funds, we look forward to an even more successful future.”

Rob Ruberton, Apollo Partner and co-head of the firm’s Hybrid Value strategy, commented, “We are delighted with Alteri’s performance to date, which has exceeded our expectations and delivered over 2x returns on capital. Doubling our capital commitment underlines our confidence in Gavin and the Alteri team’s ability to source and execute profitable, downside-protected investments in the retail sector.”

About Alteri Investors

Alteri Investors is an operationally driven specialist investor, focused exclusively on the European retail sector. It was launched in November 2014, as a joint venture between Alteri’s management and funds managed by affiliates of leading alternative investment manager Apollo Global Management, LLC.

Retail sector expertise, a hands-on style and deep transformational skills lie at the heart of Alteri’s approach, enabling it to support management teams and optimise value creation. Alteri’s proven expertise is combined with access to substantial capital for investment. Alteri is based in Mayfair, London.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $303 billion as of March 31, 2019 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

Contact

Maitland/AMO

Clinton Manning
Sam Cartwright

020 7379 5151

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TA Associates Announces Strategic Growth Investment in Gong Cha Group

TA associates

BOSTON, LONDON and HONG KONG – TA Associates, a leading global growth private equity firm, today announced that it has signed a definitive agreement to make a strategic growth investment in the Gong Cha Group (“Gong Cha”), a leading global provider of premium quality bubble and milk tea.

The founders of Gong Cha Korea will participate in the investment alongside TA. Financial terms of the transaction, which is expected to close in early October, were not disclosed.

Gong Cha’s main offering, Taiwanese-style bubble tea, is sweet milk tea infused with pearl-shaped tapioca. The company also offers a variety of seasonal and specialty tea-based drinks. Utilizing primarily a franchise model, Gong Cha reaches consumers through a variety of retail store formats, including urban and suburban stores, as well as take-out shops, mall-based stores and kiosks, often in high traffic areas such as train and metro stations. There are more than 1,000 Gong Cha stores in 17 countries across the globe, including Korea, Japan, Taiwan, the Philippines, Malaysia, Mexico, Australia, Canada, the United Kingdom and the United States. Gong Cha was founded in 2006 in Kaohsiung in southern Taiwan.

“We are very pleased to invest in Gong Cha, a high-growth business that is among the world’s most recognized tea brands,” said Edward Sippel, a Managing Director at TA Associates and Co-head of Asia operations of TA Associates Asia Pacific Ltd. “We are incredibly impressed with how successfully the management team has grown Gong Cha into such a profitable, global business. We will work closely with management in supporting the company’s franchise partners to further Gong Cha’s strong business model. We are looking forward to this partnership and helping to grow the Gong Cha brand in new and existing markets.”

“We welcome TA Associates as investors in Gong Cha,” said Euiyeol Kim, CEO of the Gong Cha Group. “With its scale, large capital base and global footprint, TA is an ideal partner for Gong Cha at this stage in our growth. TA offers the truly deep global resources and experience that will help us further strengthen our market position and allow us to even more effectively build our leading global tea brand.”

“I am very pleased to join Gong Cha at this important juncture in the company’s evolution,” said Peter Rodwell, incoming Executive Chairman of Gong Cha. “Gong Cha’s success is a result of the management team’s persistent customer-centric focus on quality, innovation and service. I am confident that with TA’s long history of building value in growing businesses, we are poised to bring Gong Cha’s quality tea products to many more consumers around the world.” Rodwell brings more than three decades of retail food and beverage and franchising experience to the Gong Cha Group, having led McDonald’s expansion across Asia-Pacific and the Middle East.

“The global tea market has enjoyed steady growth over the past several years, and milk tea, including bubble tea, remains a staple beverage across Asia and increasingly around the world,” said Michael Berk, a Managing Director at TA Associates. “Globally, the tea market is estimated to be larger than that of coffee, with continued expected growth. Given these market dynamics, we believe that Gong Cha is very well-positioned to further expand the company’s presence and brand throughout the world.”

About Gong Cha Group
Founded in 2006, Gong Cha is one of the most recognized bubble and milk tea brands in the world. Gong Cha, which translates to “tribute tea for the emperor,” provides quality tea, products and services, sourcing product from select Taiwanese tea estates and offering customers freshly brewed tea every four hours. Since its founding, Gong Cha has expanded to more than 1,000 locations in 17 countries, including Korea, Japan, Taiwan, the Philippines, Malaysia, Mexico, Australia, Canada, the United Kingdom and the United States. For more information, please visit www.gong-cha.com/en.

About TA Associates
TA Associates is one of the most experienced global growth private equity firms. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $32.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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Gladstone Investment Corporation Exits its Investment in Alloy Die Casting Corporation

Gladstone

August 26, 2019

MCLEAN, Va., Aug. 26, 2019 (GLOBE NEWSWIRE) — Gladstone Investment Corporation(NASDAQ: GAIN) (“Gladstone Investment”) announced today the sale of its investment in GAIN ADC Holdings, LLC, parent company to Alloy Die Casting Corporation (“ADC”), to PWP Growth Equity on August 23, 2019.  The transaction resulted in a significant realized gain on Gladstone Investment’s equity investment and full repayment at par of the debt investment. Gladstone Investment acquired ADC in October 2013.

ADC is a leading provider of value-added manufacturing and supply-chain solutions for highly- engineered metal components serving the aerospace, defense, medical, automotive, and industrial markets.

“Gladstone Investment has enjoyed a strong partnership with ADC’s management team over the last several years,” said Christopher Lee, Managing Director of Gladstone Investment.  “Rick Simpson, President, and the entire management team have achieved outstanding results in both growing and transforming the business and we wish them continued success.”

“With the sale of ADC and from inception in 2005, Gladstone Investment has exited 19 of its management supported buy-outs, generating significant net realized gains on these investment exits in aggregate,” said David Dullum, President of Gladstone Investment. “Our strategy and capability as a buyout fund with our investment approach of realizing gains on equity, while generating strong current income during the investment period, provides meaningful value to shareholders.”

Gladstone Investment Corporation is a publicly traded business development company that seeks to make significant equity and secured debt investments in lower middle market private businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstonecompanies.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment and ADC and its management team, and the ability of Gladstone Investment and ADC to be successful in the future are “forward-looking statements.” These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment’s current beliefs that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investmentundertakes no obligation to update or revise these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE:  Gladstone Investment Corporation

For further information: Gladstone Investment Corporation, 703-287-5810

Source: Gladstone Investment Corporation

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Dynatect expands into China and adds further scale in Europe through the acquisition of Thodacon

3I

3i-backed Dynatect, a leading manufacturer of engineered, mission critical components for the protection of equipment and people, has acquired Thodacon, a leading provider of way-wipers and other critical components for the industrial machining and automation markets. Dynatect is acquiring Thodacon from its CEO and founder,who will stay with the business, and a minority shareholder.

Founded in 2007 and headquartered in China with operations in Germany, Thodacon is a leading provider of way-wipers which are industrial wipers designed into machining equipment to protect the machines from dirt, oiland dust during the metal cutting process. The company also sells covers and bellows primarily into the same markets. Thodacon has approximately 160 employees,operates out of two locations near Munich, Germany and Wuxi, near Shanghai, China, and generates revenue from a global customer base.Dynatect has been an OEM customer of Thodacon for over 10 years and servicing the full diversity of OEMs will remain a foundation of the business.

The acquisition will expand Dynatect’s customer base, with increased exposure to European and Asian markets. It will also provide Dynatect with an established manufacturing and assembly operation in China. Finally, the acquisition will offer cross-selling opportunities across both companies.

Mark Thurman, CEO, Dynatect commented:“We are very pleased to be partnering with Thodacon as the two businesses are highly complementary, and we would like to welcome Thomas Vorpahl, CEO and founder of Thodacon, to the Dynatect team and to his new position as President of Dynatect Asia. We are excited by the prospect of accelerating our international growth strategy and customer base.”

Thomas Vorpahl, CEO, Thodacon added:“I am excited to see Thodacon joining forces with Dynatect to fuel the next phase of development. Dynatect has a broader portfolio of products including cable carrier, clutches and roll-up doors which will increase our ability to serve existing customers and reach new customers.”Richard Relyea, Partner at 3i, US added:“Thodacon has grown rapidly since it was founded, driven by its tremendous value proposition to its customers in China and Europe. Combining it with Dynatect will materially accelerate Dynatect’s ambitions for growth in China and Asia more broadly. It will also open up significant opportunity for the combined business in Europe and provide Dynatect the ability to better serve its existing customers’ operations across the globe.”-Ends-

For further information, contact:3i Group plc Silvia Santoro

Investor enquiries Kathryn van der Kroft

Media enquiries Tel: +44 20 7975 3258 Email: silvia.santoro@3i.comTel: +44 20 7975 3021Email: kathryn.vanderkroft@3i.comNotes to editors:

About Dynatect

Dynatect, established in 1945, is a leading designer and manufacturer of highly engineered protective systems used to safeguard components, people, and equipment in dynamic motion. The Company’s solutions provide longer uptime and a safer work environment. Dynatect’s product portfolio primarily includes covers, bellows, cable carriers, roll-up doors, ball screws, slip clutches, and molded elastomeric products which are sold into a variety of industries. The company is headquartered in Wisconsin, USA, and operates in four locations in the US and one location in Europe.

About Thodacon

Thodacon, established in 2007, is leading provider of highly engineered protective components to the global machine tool industry. The Company’s product portfolio includes way wipers, bellows and covers. Thodacon has approximately 160 employees and is headquartered in Wuxi, China with two sales and distribution offices in Germany.

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. 3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m -€500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.

For further information, please visit: www.3i.com

 

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Dynatect expands into China and adds further scale in Europe through the acquisition of Thodacon

3I

3i-backed Dynatect, a leading manufacturer of engineered, mission critical components for the protection of equipment and people, has acquired Thodacon, a leading provider of waywipers and other critical components for the industrial machining and automation markets. Dynatect is acquiring Thodacon from its CEO and founder, who will stay with the business, and a minority shareholder.

Founded in 2007 and headquartered in China with operations in Germany, Thodacon is a leading provider of way-wipers which are industrial wipers designed into machining equipment to protect the machines from dirt, oil and dust during the metal cutting process. The company also sells covers and bellows primarily into the same markets. Thodacon has approximately 160 employees, operates out of two locations near Munich, Germany and Wuxi, near Shanghai, China, and generates revenue from a global customer base. Dynatect has been an OEM customer of Thodacon for over 10 years and servicing the full diversity of OEMs will remain a foundation of the business.

The acquisition will expand Dynatect’s customer base, with increased exposure to European and Asian markets. It will also provide Dynatect with an established manufacturing and assembly operation in China. Finally, the acquisition will offer cross-selling opportunities across both companies.

Mark Thurman, CEO, Dynatect commented: “We are very pleased to be partnering with Thodacon as the two businesses are highly complementary, and we would like to welcome Thomas Vorpahl, CEO and founder of Thodacon, to the Dynatect team and to his new position as President of Dynatect Asia.  We are excited by the prospect of accelerating our international growth strategy and customer base.”

Thomas Vorpahl, CEO, Thodacon added: “I am excited to see Thodacon joining forces with Dynatect to fuel the next phase of development.  Dynatect has a broader portfolio of products including cable carrier, clutches and roll-up doors which will increase our ability to serve existing customers and reach new customers.”

Richard Relyea, Partner at 3i, US added: “Thodacon has grown rapidly since it was founded, driven by its tremendous value proposition to its customers in China and Europe. Combining it with Dynatect will materially accelerate Dynatect’s ambitions for growth in China and Asia more broadly.  It will also open up significant opportunity for the combined business in Europe and provide Dynatect the ability to better serve its existing customers’ operations across the globe.”

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Dynatect expands into China and adds further scale in Europe through the acquisition of Thodacon

3I

3i-backed Dynatect, a leading manufacturer of engineered, mission critical components for the protection of equipment and people, has acquired Thodacon, a leading provider of waywipers and other critical components for the industrial machining and automation markets. Dynatect is acquiring Thodacon from its CEO and founder, who will stay with the business, and a minority shareholder.

Founded in 2007 and headquartered in China with operations in Germany, Thodacon is a leading provider of way-wipers which are industrial wipers designed into machining equipment to protect the machines from dirt, oil and dust during the metal cutting process. The company also sells covers and bellows primarily into the same markets. Thodacon has approximately 160 employees, operates out of two locations near Munich, Germany and Wuxi, near Shanghai, China, and generates revenue from a global customer base. Dynatect has been an OEM customer of Thodacon for over 10 years and servicing the full diversity of OEMs will remain a foundation of the business.

The acquisition will expand Dynatect’s customer base, with increased exposure to European and Asian markets. It will also provide Dynatect with an established manufacturing and assembly operation in China. Finally, the acquisition will offer cross-selling opportunities across both companies.

Mark Thurman, CEO, Dynatect commented: “We are very pleased to be partnering with Thodacon as the two businesses are highly complementary, and we would like to welcome Thomas Vorpahl, CEO and founder of Thodacon, to the Dynatect team and to his new position as President of Dynatect Asia.  We are excited by the prospect of accelerating our international growth strategy and customer base.”

Thomas Vorpahl, CEO, Thodacon added: “I am excited to see Thodacon joining forces with Dynatect to fuel the next phase of development.  Dynatect has a broader portfolio of products including cable carrier, clutches and roll-up doors which will increase our ability to serve existing customers and reach new customers.”

Richard Relyea, Partner at 3i, US added: “Thodacon has grown rapidly since it was founded, driven by its tremendous value proposition to its customers in China and Europe. Combining it with Dynatect will materially accelerate Dynatect’s ambitions for growth in China and Asia more broadly.  It will also open up significant opportunity for the combined business in Europe and provide Dynatect the ability to better serve its existing customers’ operations across the globe.”

 

– ENDS –

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