STAR Capital on their acquisition of Vincorion from Jenoptik AG
Steen Associates acts as exclusive adviser to STAR Capital on their acquisition of Vincorion from Jenoptik AG.
Jenoptik AG has signed an agreement to sell the Vincorion division. It will be acquired by a fund managed by STAR Capital Partnership LLP (“STAR”). STAR is a leading private equity firm investing in medium-sized companies across Europe. Vincorion develops, produces, and sells mechatronic products in particular for the defense and security sector, the aviation as well as the rail and transportation industries.
“The sale of Vincorion is a further milestone in transforming Jenoptik into a focused and globally leading photonics company. I am convinced that the transaction will have a positive impact on the Group’s earnings position, risk profile, and financing power. It will also enable ESG-oriented investors to invest in Jenoptik. In addition, we are convinced that with STAR we have found the right owner to realize the potential we see for Vincorion. In addition, it was important to us that STAR was willing to grant location guarantees,” says Stefan Traeger, President & CEO of Jenoptik AG.
The equity value is in the mid double-digit million euro range. In addition, there are claims and obligations (e.g. resulting from pension obligations) in the mid double-digit million euro range as well as certain earn-out components. The enterprise value amounts to approximately 130 million euros. Both parties have agreed not to disclose any further details.
The carve-out transaction, which was signed in November 2021, completed on the 30th of June 2022 following successfully obtaining all necessary regulatory approvals.
In 2020, the division had approximately 800 employees and generated revenue of 151.7 million euros with an EBITDA margin of 11.0 percent.