Category Archives: News

Volpi Capital invests in Boyum IT Solutions

Volpi Capital

London, 22 October 2020: Volpi Capital (“Volpi”), a specialist European lower mid-market private equity firm, announces its eighth investment with the management buyout of Boyum IT Solutions (“Boyum”), a global SAP Business One Software Solutions Provider based in Denmark.

Boyum is the leading Software Solution Provider in the SAP Business One ERP ecosystem targeting the upper SME segment globally. The company has succeeded in establishing an unmatched distribution network of partners through an attractive product offering and comprehensive partner enablement efforts. Boyum offers 3 award-winning and mission critical software product families: Boyum: Horizontal software solutions enhancing flexibility and user-friendliness of SAP Business One, Beas Manufacturing: Advanced manufacturing software tailored to 13 distinct industry verticals and Produmex: Logistics/warehouse management software. Boyum is headquartered in Aarhus, Denmark and employs c.100 people in 7 global offices.

Marco Sodi, Volpi Capital, commented: “Boyum fits well into our thesis for independent developers of software solutions for winning ERP ecosystems, such as SAP Business One. The Company has shown how to create growth through a strong partner focus, technological expertise and a unique way to enable their partner channel. The potential is great for Boyum IT Solutions globally, and we look forward to partnering with Mikael Boyum and his team to accelerate their successful business model”.

Mikael Boyum, founder and CEO of Boyum IT Solutions, added: “We are confident that the partnership with Volpi Capital will help to create an exciting future for the company, employees and partners. Strategic support from Volpi will strengthen our continued growth plans and business potential”.

Volpi Capital was advised by Carnegie, Kromann Reumert and PwC.

Media enquiries Volpi Capital
Samantha Lang
Public Relations
+44 203 747 2625
sam@volpicapital.com

ABOUT VOLPI CAPITAL
Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

http://www.volpicapital.com

ABOUT BOYUM IT SOLUTIONS

Boyum IT Solutions is a global award-winning SAP Business One implementation, consultancy and development house with more than 8,000 customers worldwide. Their strong individual skill sets combined with fast and efficient implementation methodology make them one of the strongest teams in the field.

Founded in Denmark in 1997, Boyum IT has been implementing and supporting ERP Accounting Software for more than 15 years. In 2004, Boyum IT became an authorized Partner for the SAP Business One system and the company is today a certified SAP partner.

https://www.boyum-solutions.com

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Equistone to sell Group of Butchers to Parcom

Equistone

Funds advised by Equistone Partners Europe (“Equistone”) have agreed to sell their majority stake in Group of Butchers, a leading manufacturer and supplier of artisanal specialty meat products based in Tilburg in the Netherlands, to Dutch investment firm Parcom Private Equity (“Parcom”). Equistone acquired Group of Butchers in 2017 and since then has supported the company’s growth strategy through a range of targeted acquisitions. The financial terms of the transaction are undisclosed and the transaction remains subject to approval from the relevant competition authorities.

Founded in Tilburg in 1997, Group of Butchers has developed into a Dutch market leader for high-quality artisanal meat products with a focus on sausage and minced meat specialties. The company is characterised by high quality standards, smart product marketing, constant innovations in its production and procurement processes and a keen eye for spotting new trends in the industry such as American BBQ, gourmet burger restaurants and street food. Its broad range of high-quality meat and sausage products is primarily distributed by leading retail chains in the Netherlands, Belgium and Germany.

Equistone acquired a majority stake in Group of Butchers in early 2017 and has since then supported the company’s strategic growth through several targeted acquisitions and expansion into new markets. In 2018, Group of Butchers acquired Koetsier Vleeswaren and Keulen Vleeswaren, two Dutch producers of smoked and cured sausage products, as well as Gebroeders Snijders Vleeswarenfabriek and VLL Vers Logistiek Limburg. The latter acquisitions allowed Group of Butchers to further expand its service offering in the slicing and packaging of meat products. In addition, the company entered the German market in late 2018 by acquiring Hartmann GmbH, a leading producer of minced meat products based in Warendorf, Germany, as well as Gmyrek Group, a well-established manufacturer of meat and sausage products based in Gifhorn, Germany. In July 2019, Schouten Vleeswaren, a Dutch specialist for BBQ and grilled meat products, was also added to the group. In total, Group of Butchers today employs a staff of 900 at 12 production facilities and 2 distribution centres, and forecasts revenues of around €280 million for 2020.

“The partnership with Equistone allowed us to expand our geographical reach and once more significantly strengthen our position as a leading manufacturer and supplier of high-quality artisanal meat products in the Netherlands and increasingly also in Germany and Belgium. We are looking forward to our cooperation with Parcom for our next growth steps,” says Remko Rosman, CEO at Group of Butchers.

“The outstanding market position of Group of Butchers is above all a result of its high quality standards as well as its broad expertise in identifying trends in the premium meat products sector. Along with its excellent management team, we have implemented a successful buy-and-build strategy in recent years and ideally positioned the company for further growth. We are happy that Group of Butchers has found the optimal partner to support its next steps,” says Dr. Marc Arens, Partner at Equistone.

“We see a lot of potential in the integration of recent acquisitions and organic growth as well as adding new customers and product categories to Group of Butchers’ portfolio through more buy-and-build. We look forward to actively supporting the company in further developing its potential,” says Maurits Werkhoven, Partner at Parcom.

Dr. Marc Arens and Maximilian Göppert led the transaction on behalf of Equistone. Equistone was advised by Rothschild & Co (M&A), EY Parthenon (CDD), EY Financial (FDD), EY Tax (TDD) and A&O (Legal).

 

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Oakley acquires WindStar Medical

Oakley

Oakley Capital (“Oakley”) is pleased to announce that it has agreed to acquire WindStar Medical GmbH (“WindStar Medical”) from ProSiebenSat.1 majority-owned NuCom Group.

WindStar Medical is Germany’s leading over-the-counter (“OTC”) consumer healthcare company. The platform, which is expected to generate over €120 million in revenues this year, designs, develops and commercialises branded consumer health and private label products, with a track record of establishing best-in-class medical formulations and brands.

The Consumer Brands segment of WindStar Medical offers a wide range of premium high-growth branded products in Germany, including SOS (wound care / disinfectants), Zirkulin (gastro-intestinal care), GreenDoc (mental wellbeing) and EyeMedica (eye health). WindStar Medical is also a provider of Private Label products to the leading German drug stores and supermarkets, whilst also developing an international distribution footprint through existing and new partners.

WindStar Medical benefits from the long-term structural growth of Germany’s consumer health market. This growth is being driven both by demographic trends, such as an ageing population, and a shift in consumer preferences driven by factors such as increased awareness of physical and mental wellbeing and willingness to prevent illness. Through its investment, Oakley will support the company’s management team as they continue to drive revenue growth, product innovation, digitalisation, as well as identifying opportunities to scale the business through accretive acquisitions.

The investment in WindStar Medical builds on Oakley’s successful track record of investing in leading consumer platforms in the DACH region, including Verivox, Parship Elite and more recently Wishcard Technologies and 7NXT / Gymondo. The business displays the typical Oakley deal characteristics, as it has an asset-light business model, industry-leading operational capabilities, and an attractive growth profile.

 

“WindStar Medical is a unique OTC platform in a highly attractive space that Oakley is excited to be investing in, having closely followed both the development of the business and management over recent years. We look forward to working together with the team and utilising our broad expertise in digitalisation, go-to-market and M&A to help WindStar Medical accelerate its growth trajectory in Germany and international markets.”
Peter Dubens
Managing Partner of Oakley Capital

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Riverside Gets a Grip on Its Latest Investment

Riverside

News Release October 22, 2020

The Riverside Company, a global private equity firm focused on the smaller end of the middle market, has invested in Geroline Inc., a virtual manufacturer of footwear traction aids serving diverse industrial end-markets in Canada and the United States. Geroline is an add-on to Riverside’s SureWerx platform, a leading supplier of professional safety products, tools and equipment.

Geroline has transformed the ice cleat market over the last five years. Under the K1 brand, the company developed a unique ‘twist’ to the traction aid industry by providing a mid-sole ice cleat that can be easily rotated from the sole to the top of the footwear for easy outdoor to indoor or outdoor to in-vehicle transitions. Geroline also provides mid-sole traction aids that are certified Intrinsically Safe for use in hazardous and flammable environments. The simple yet effective nature of this product is revolutionizing the traction aid industry for every type of professional worker.

“We’re excited to work with the Geroline team and build upon its already-proven product line,” said Riverside Partner Brad Roberts. “This investment is the next step in our strategy to build SureWerx into the leading provider of innovative, proprietary safety brands that are highly sought after by end-users and distributors alike.”

Geroline is SureWerx’s fourth add-on since Riverside acquired the platform in November 2018. Riverside is actively supporting SureWerx’s efforts to add complementary new products and categories and deliver best-in-class service to its growing, global network of loyal distributors and end-users.

“Under our platform umbrella, we plan to introduce Geroline’s superior mid-sole traction aids into the SureWerx sales engine to drive additional growth,” said Riverside Principal Constantine Elefter. “Geroline represents an opportunity for SureWerx to take a strong, niche brand and expand its reach into its broad distribution network.”

This is one more example of Riverside’s dedication to a broad range of specialty manufacturing and distribution companies and a growing commitment to businesses focused on workplace and employee health and safety. Working closely with management, Riverside fosters growth through a unified approach that pairs investment expertise with Riverside’s global resources.

“Adding K1 to our growing world-class portfolio of SureWerx brands continues to propel us toward our goal of becoming the global leader in safety and productivity,” said SureWerx Chief Executive Officer Chris Baby. “As the dominant mid-sole brand, K1 is highly complementary to our Due North portfolio, which enjoys a leadership position in full-coverage ice cleats. Combined, SureWerx now offers the best one-two punch in the slip protection market.”

Geroline’s K1 Series joins the SureWerx family of highly respected safety brands including Due North®, Jackson Safety®, Wilson®, Sellstrom®, Pioneer®, KneePro®, PeakWorks® and ADA Solutions®.

Working with Roberts and Elefter on the deal were Senior Associate Tom Wyza, Associate Max Simon, Operating Partner Eric Nowlin and Operating Finance Executive Kyle Morse. Partner Anne Hayes helped secure financing for the transaction.

Golub Capital provided debt financing for the deal. Jones Day and Alvarez & Marsal supported the transaction as the legal counsel and accounting advisor, respectively. Aramar Capital Group acted as the financial advisor to Geroline.

Muellerholly BKG 300X450 Holly Mueller Consultant, Global Marketing and Communications Cleveland +1 216 535 2236

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CapMan to publish its 1–9 2020 Interim Report on Thursday 29 October 2020

CapMan Plc press release
22 October 2020 at 8.30 a.m. EEST

CapMan to publish its 1–9 2020 Interim Report on Thursday 29 October 2020

CapMan will publish its 1–9 2020 Interim Report on Thursday 29 October 2020 around 8.30 a.m. EET. The company will present the results for the review period over a webcast press conference starting at 10.00 a.m. EET accessible at https://capman.videosync.fi/2020-q3-results. The conference will be held in English. The report and presentation material will be available at CapMan’s website (https://www.capman.com/shareholders/financial-reports/).

Webcast participation does not require advance registration. Due to the covid-19 pandemic, we will not arrange an in-person press conference at our office.

For further information, please contact:
Linda Tierala, Director, Communications and IR, tel. +358 40 571 7895, linda.tierala@capman.com

Webcast:
29 October 2020 at 10.00 a.m. EET
https://capman.videosync.fi/2020-q3-results

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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Continued positive earnings trend and strong cash flows in the third quarter

Ratos

“EBITA in the business group increased by 28% in the third quarter of 2020. For the last 12-month period, EBITA amounted to SEK 1,669m, up 60%. Cash flow also remained strong and contributed to the continuing decline in leverage. As earnings levels also improve, Ratos’s leverage has fallen to 1.4x* in the third quarter of 2020, compared with 3.0x in the third quarter of 2019.

After the end of the period, an agreement was signed to divest Bisnode to Dun & Bradstreet. The divestment is a good deal for Ratos and reduces risk in the business group while freeing up capital. This enables us to step up the pace of our business plan through add-on and potential new acquisitions together with a continued focus on organic growth and margin growth. The divestment represents a major step in the transformation of Ratos to a business group focused on profitable growth.

Overall, I am very pleased with the performance of Ratos as a business group during the third quarter.”

Jonas Wiström, President and CEO of Ratos

Performance Ratos business group

  • Net sales for the Ratos business group increased 1% organically but decreased in total by 6%, mainly due to negative currency effects, and amounted to SEK 5,580m (5,951)
  • EBITA for the Ratos business group increased to SEK 426m (332)
  • Cash flow from operations for the Ratos business group increased to SEK 203m (-277)

Performance Ratos Group

  • Operating profit for the Ratos Group amounted to SEK 419m (832). Profit for the year-earlier period included a capital gain of SEK 487m from the sale of Ratos’s property.
  • Earnings per share after dilution, adjusted for non-recurring items, amounted to SEK 0.64 (0.18). Non-recurring items mainly relates to the sales process of Bisnode.
  • Reported earnings per share after dilution amounted to SEK 0.31 (1.70)
  • Net cash in the parent company totalled SEK 1,225m
  • The Board of Ratos proposes the reintroduction of a dividend for the full-year 2019 of SEK 0.65 per share (0.50). Ratos will repay the subsidies for temporary lay-offs received in Sweden linked to the Covid-19 pandemic.

Events after the end of the period

  • Ratos has signed an agreement to divest its holding in Bisnode to the company’s partner Dun & Bradstreet for an enterprise value of approximately SEK 7,200m, corresponding to a 13.8 multiple of EV/EBITA and an equity value of approximately SEK 3,900m. The capital gain is estimated at approximately SEK 2,000m. In addition, Ratos will receive a dividend from Bisnode during the fourth quarter 2020 amounting to SEK 175m.

*Net debt/EBITDA, excluding IFRS 16 and including Ratos’s parent company cash position.

A teleconference will be held at 9:00 a.m. CET today to present the earnings. The presentation will be held in English and will be available as an audiocast on the Ratos website, www.ratos.com

Link to audiocast: https://ratos-live.creo.se/i/75LsSKkqyGOEwcCKhlH7cg

Those who want to participate in the teleconference in connection with the presentation are welcome to call the numbers below. To ensure a successful connection to the conference call, call a few minutes before the start of the conference to register.

Telephone numbers:
UK: +44 33 3300 9264
SE: +46 8 505 583 57
US: +1 833 526 8398

Stockholm 22 October 2020
Jonas Wiström
President and CEO

For further information, visit www.ratos.com or contact:
Helene Gustafsson, Head of IR & Press, telephone: +46 70 868 40 50
E-mail: helene.gustafsson@ratos.com 
Jonas Wiström, President and CEO, telephone: +46 70 868 40 50
This is information that Ratos AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00 a.m. CET on 22 October 2020.

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 38 billion in sales and EBITA of SEK 1.8 billion. Our business concept is to develop mid-sized companies headquartered in the Nordics that are or can become market leaders. We enable independent mid-sized companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

Categories: News

Triton acquires HiQ

Triton

Triton acquires HiQ

22.10.2020

Stockholm (Sweden), 22 October 2020 – Triton Fund V (“Triton”) through Trisall AB (“Trisall”) is the owner of 91 percent of the shares in HiQ International AB (“HiQ”)

This follows Tritons public offer, through Trisall to the shareholders of HiQ to tender 100% of the shares at a purchase price of 72 SEK per share. The shares tendered in the public offer as of 19 October 2020 amounts to in aggregate 50,871,458 shares in HiQ, corresponding to approximately 91 per cent of the share capital and the voting rights in HiQ.

Trisall has initiated compulsory acquisition of the remaining shares in HiQ and is promoting a de-listing of HiQ’s shares from Nasdaq Stockholm. HiQ is a leading Nordic digital transformation company with a reputation of having among the strongest industrial and technology expertise in their market and is recognized as one of the leaders in custom application development for R&D, as well as for very strong digitalization and design capabilities. Digital services, systems and products are at the core of HiQ’s business offer which span the entire tech and media landscape, from initial business development and digital innovation of new services, business models and experience, all the way to implementation and marketing of these services.

“Triton has a tradition of investing in companies with high potential and is working closely with them to unlock such potential. With HiQ, we are now adding a top-class company to our portfolio, characterized by its expertise and strong culture. We look forward to actively supporting the management and employees of HiQ as a stable owner by investing in the growth and development of the company into a Northern European leader “, said Peder Prahl, Director of the General Partner for the Triton funds.

On 26 August 2020, Triton Fund V, through Trisall announced a public offer to the shareholders HiQ to tender all their shares in HiQ to Trisall for SEK 70 per share. The price was increased on 15 September 2020 to SEK 72 per share.

 

About HiQ

HiQ helps to make the world a better place by using technology and communication solutions to make people’s lives simpler. HiQ is the perfect partner for everyone eager to achieve results that make a difference in a digital world. Founded in 1995, HiQ currently has close to 1500 specialists in four countries and is listed on the Nasdaq Stockholm MidCap list.

For further information: www.hiq.se

 

 

About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 45 companies currently in Triton’s portfolio have combined sales of around €18,2 billion and around 100,800 employees.

For further information: www.triton-partners.com

Press Contacts

Triton
Fredrik Hazén
Phone: +46 709 483 810

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Successful closing of Dufry’s rights issue sees Advent become a minority investor

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Advent International

LONDON, October 22, 2020 – Dufry AG (SIX: DUFN) (“Dufry”) announces that it has successfully concluded the rights offering. The offer price of the new shares was set at CHF 33.22 per share, corresponding to the volume weighted average price of the existing shares as of market close on October 19, 2020, in line with the pricing mechanism publicly communicated on October 6, 2020. All 24,696,516 offered shares were sold in the offering, resulting in expected gross proceeds of CHF 820 million.

Before the launch of the offering, Dufry had secured equity investment commitments to purchase new shares not taken up by existing shareholders from funds managed by Advent International Corporation or its affiliates (“Advent International”) and a wholly owned subsidiary of Alibaba Group (the “Commitment Shares”). As the number of Commitment Shares exceeds the number of offered shares which were not subscribed for by existing shareholders, the offer price was set in line with the terms of the offering at the price at which the Commitment Investors placed binding orders in the international offering, being CHF 33.22 per new share. No new shares will be sold to the market in the international offering.

10,612,024 new shares were subscribed by existing shareholders as part of the rights offering, 9,178,033 new shares have been allocated to Advent International and 4,906,459 new shares have been allocated to Alibaba Group, corresponding to the maximum possible total of 24,696,516 new shares sold in the offering.

Immediately following the closing of the offering, Advent International will own a stake of 11.4% in Dufry and Alibaba Group of 6.1%. Advent International and Alibaba Group have agreed to a lock-up period of six months following the first day of trading of the new shares.

The new shares are expected to be listed and eligible for trading on SIX Swiss Exchange as of October 22, 2020. The settlement and delivery of the new shares against payment of the subscription price is expected to occur on October 22, 2020.

Based on the offer price of CHF 33.22 per new share, Dufry expects gross proceeds of CHF 820 million. After the capital increase, the share capital of Dufry increases by CHF 123,482,580 from CHF 277,835,830 to CHF 401,318,410, divided into 80,263,682 registered shares with a nominal value of CHF 5.00 each.

Concurrently with the rights offering, Dufry and Alibaba Group have agreed a term sheet under which Alibaba Group shall invest CHF 69.5 million in Dufry via mandatory convertible notes. For this purpose, Dufry shall issue 3-year mandatory convertible notes with a 4.1% coupon per annum to Alibaba Group, convertible into approximately 2.1 million ordinary shares of Dufry at CHF 33.22 per Dufry share.

Pursuant to the terms and conditions of the Dufry Senior Convertible Bonds due 2023, as a result of the Rights Offering, as described in the Offering Circular dated October 6, 2020, in accordance with condition 6.1(c), it is determined that no adjustment to the conversion price shall be made.

For further information please click here.

Media contacts

ADVENT INTERNATIONAL
Germany
Jobst Honig
Tel: +49 (30) 59 00 46 9-13

Jacqueline Niemeyer
Tel: +49 (69) 92 18 74-71
advent@heringschuppener.com

UK
Graeme Wilson or Harry Cameron
Tel: +44 (0)20 7353 4200
Advent@tulchangroup.com

United States
Kerry Golds or Andrew Johnson
Tel: +1 646 805 2000
Adventinternational-US@finsbury.com

DUFRY
Renzo Radice – Global Head Corporate Communications & Public Affairs
Tel: +41 61 266 44 19
Email: renzo.radice@dufry.com

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Avedon expands DELABO.GROUP with acquisitions of Rauschelbach Zahntechnik, Dentaltechnik Knebelsberger and Laufer Zahntechnik

Avedon

Düsseldorf, October 21st, 2020 – DELABO.GROUP, a leading German platform of dental laboratories backed by Avedon Capital Partners, is glad to announce the acquisitions of Rauschelbach Zahntechnik GmbH, Dentaltechnik Knebelsberger GmbH and Laufer Zahntechnik GmbH. The addition of these three independent German dental laboratories with complementary technical and operational capabilities will strengthen the group and firmly establish DELABO.GROUP among the 5 largest players in the German dental laboratory market.

DELABO.GROUP was founded in September 2019 and pursues a buy & build strategy in the fragmented German dental laboratories market. Since foundation, the group already conducted 7 transactions and will likely double in size by the end of 2020 as compared to the initial platform. The group offers a comprehensive portfolio of domestically produced dental prosthetics across all relevant price/quality combinations as well as a wide range of high-end services. Today, the combined group employs more than 230 employees across 8 locations. Investments into technology and the harmonization of production processes, a shared organizational set-up as well as in strategic sales and marketing initiatives are ongoing and are slowly starting to bear fruit.

Thomas Dold, CEO DELABO.GROUP:
“We are very pleased to welcome these three excellent labs to the DELABO.GROUP and thereby further expand our network and our presence in both North- and South-Germany. These acquisitions perfectly fit with our strategy and it will be the beginning of a fruitful partnership. It is great to see that we are able to enthuse such exceptional entrepreneurs like Frank Rauschelbach, Ralf Schieweg and Andreas Laufer with our concept and together, we will accelerate the impressive growth the DELABO.GROUP has achieved thus far. Especially in these uncertain times, this is a strong sign that we are on the right track with our value proposition and our vision.”

About Rauschelbach Zahntechnik GmbH
Rauschelbach Zahntechnik in Pinneberg near Hamburg is an innovative dental laboratory characterized by outstanding expertise in the field of implantology, combination technology and anterior aesthetics. Managing Director Frank Rauschelbach focuses on digitalization in combination with individual craftsmanship as well as a personal exchange with dentists and patients. With this renowned partner laboratory, the DELABO.GROUP strengthens its position in the market and further expands its presence in northern Germany.

About Dentaltechnik Knebelsberger GmbH
Dentaltechnik Knebelsberger is located in Karlsruhe and is headed by Managing Director Ralf Schieweg, who has been working for the company since 1993. With more than 40 employees, Knebelsberger Zahntechnik covers the entire spectrum of modern, digital dental technology. Special expertise includes innovative measuring systems and computer-aided CAD/CAM systems as well as the treatment of functional disorders with the DIR system. The claim of Knebelsberger Zahntechnik is: Quality in all technical and aesthetic aspects as well as strong service and reliability.

About Laufer Zahntechnik GmbH
Laufer Zahntechnik GmbH is located in Mannheim and operates nation-wide and is one of the largest and leading dental laboratories in Germany in the field of implantology and combined dentures. Laufer Zahntechnik was founded in 1989 by master dental technician Andreas Laufer, who is the managing director of the laboratory, now employing around 50 employees. The innovative entrepreneur has always invested in new technologies, which is why Laufer Zahntechnik was, for example, one of the first laboratories in Germany with a high-precision 3D metal printer.

About the DELABO.GROUP
DELABO.GROUP is a buy & build platform in the fragmented German dental laboratories market. The value proposition of the group is based on its comprehensive product offering, which comprises all medically relevant price-quality product combinations as well as a broad range of supportive services for dentists and patients. Despite acting as a nation-wide dental lab platform, the Group emphasizes the regional character of the dental laboratories by leveraging the respective brand heritage as well as the local presence of each group lab. DELABO.GROUP labs are supported in terms of administrative activities, operational investments, recruitment of skilled labor force and the exploration of different growth avenues. Additionally, the Group seeks to extend its geographical coverage as well as its regional presence by pursuing further acquisitions of dental labs in the upcoming years. For more information please visit https://www.delabo.com.

About Avedon Capital Partners
Avedon is a leading growth capital investor based in Amsterdam and Düsseldorf. Avedon invests in small and medium-sized companies in Western Europe with a focus on the software & technology, industrials, consumer & leisure, and business services sectors. Avedon works closely with its management teams to realize growth ambitions and has a long track record of successfully delivering results through autonomous growth and buy-and-build strategies. For more information please visit www.avedoncapital.com.

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Graphite Capital acquires software services provider, Ten10

Graphite

Graphite Capital, a leading UK mid-market private equity specialist, has backed the management buy-out of Ten10, a leading independent UK quality engineering and software testing services provider.
Ten10 has a large and diversified customer base of approximately 100 blue-chip organisations across the financial services, retail, legal and public sectors.

Ten10’s services help customers manage the commercial and financial risks involved in developing, implementing, upgrading and integrating software to enable them to comply with regulatory change, support business growth, increase customer satisfaction or reduce costs.
The company has more than 250 staff, with offices in London, Leeds and Raleigh, North Carolina. Combining market-leading tools and methodologies with wide-ranging specialist consulting expertise, it provides clients with a flexible and cost-effective resource on a project, outsourced, or in-house basis.

It also operates an award-winning academy which provides graduates with industry-leading training in business analysis, software development, testing, DevOps and robotic process automation (RPA).
The management team is led by Chris Shaw who has repositioned the business and overseen a period of strong growth since his arrival as chief executive in September 2017. In the two years to April 2020, revenues increased by 28 per cent to more than £26 million. The management team has reinvested a substantial percentage of its proceeds as part of the deal.

Ten10 is forecast to continue to grow strongly in the UK and to expand further in the fast-growing North American market. The £1 billion UK quality engineering and software testing market is forecast to grow by 7 per cent a year to 2023. The £4 billion North American market is expected to increase at or above this rate over the same period.
Chris Shaw said: “We have known Graphite for a long time and believe they will be great partners for Ten10. Graphite has a strong track record of supporting technology-enabled businesses to become leaders in their sector. Their expertise will be invaluable as we continue the development of our software testing, DevOps and RPA services and accelerate our international expansion.”

Graphite partner Humphrey Baker commented: “We are looking forward to supporting Chris and his team in the next chapter of Ten10’s development. The company has a strong position in its market, with exciting organic growth prospects driven by an increasing demand for automation skills and the continuing growth of software development as companies seek to become more technology-enabled.”
Mike Tilbury, head of new investment at Graphite, John Western, investment director, and Zoe Jackson, investment executive, also worked on the transaction.

Shawbrook Bank provided the debt finance for the transaction.

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