Company Presentation

Company Presentation
AUCTUS Capital Partners AG
AUCTUS
partner of choice
for the „Mittelstand“
Value
& Growth
Joint Business Success
Competency
& Experience
Security
& Trust
Cross-sector Investments…
• …in manufacturing and services companies
• …in Germany, Austria and Switzerland (D-A-CH)
• …in enterprises with EUR 10-150m revenue
Team
Company
Products
…following different investment opportunities…
• …Management Buy-Out (MBO)
• …Management Buy-In (MBI)
• …Owner Buy-Out (OBO)
• …Spin-Off / Carve-Out
Values
Processes
& Partners
Industries
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AUCTUS
the leading private equity firm in the German-speaking Europe
Team
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Continuity and extensive experience in the German medium-sized enterprise sector, the “Mittelstand“
13 experienced investment professionals; >90 years accumulated private equity involvement
Strong know-how in all facets of entrepreneurial partnerships and various transaction situations
Management and Investment Committee with a joint AUCTUS tenure of almost 10 years – constant
Company
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For more than 10 years the leading private equity firm in the German-speaking „Mittelstand“
More than EUR 500m assets under management with investors ranging from renowned financial institutions and
family offices to successful entrepreneurs
More than 80 transactions in Germany, Austria and Switzerland – market leader
Winner of different International Awards as best private equity firm
Products
Individual, capital efficient and tax optimized private equity solutions:
•
Owner Buy-Out (e.g. succession arrangements, Spin-Off etc.)
•
Growth financing (potentially through partial acquisition of shares)
•
Management Buy-Out/Buy-In
•
Buy&Build Strategies (e.g. market consolidation through add-ons)
•
Spin-Off / Carve-Out
3
AUCTUS
the leading private equity firm in German-speaking Europe
Values
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High level of pragmatism, solution orientation and an affinity for the „Mittelstand“ – fast, discrete and
professional
Fairness & trust – We keep our word
Flexibility and creativity in our cooperation with business partners
Processes and Partners
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Fast, efficient and reliable decision-making processes executed by an experienced investment
committee and management team
Excellent network of financial institutions, skilled auditors, lawyers and experts together with
a wide-ranging experience in different industries
High transaction completion rate and a strong experience in acquisition and corporate finance
Industries
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•
Deep industry experience, especially in the core industries Health Care, Education, Business
Services, Consumer Goods, Industry/Technology
AUCTUS focuses its investments in the industrial and technology sectors on 'hidden
champions' of the German 'Mittelstand'
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AUCTUS Team
more than 90 years of experience in the private equity sector
Dr. Ingo Krocke
Chairman
Founder of AUCTUS (2001)
Before:
Wellington Partners
Apax Partners
Procter & Gamble
Dr. Nicolas Himmelmann
Dr. Daniel Meuthen
Christoph Blanke
Director
Director
Director
Since 2005 at AUCTUS
Before:
Deutsche Bank e-M1 Fund
Boston Consulting Group
DaimlerChrysler
Since 2006 at AUCTUS
Before:
3i Group
WestLB
BNP Paribas
Since 2006 at AUCTUS
Before:
UPM Kymmene
PwC
Hahn & Hahn
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AUCTUS Team
more than 90 years of experience in the private equity sector
Florian Buddemeier
Michael Krall
Since 2008 at AUCTUS
Before:
HSBC Trinkaus,
Roland Berger,
Adidas,
Flemming Dental
Since 2014 at AUCTUS
Before:
Altira
Waterland
Booz Allen Hamilton
Benjamin Seifert
Thomas Lott
Stefano Orowitsch
Since 2009 at AUCTUS Since 2011 at AUCTUS
Since 2013 at AUCTUS
Before:
Before:
Before:
PharmaZell,
Crédit Agricole Private
4 Jahre Entrepreneur,
Equity,
Oliver Wyman,
3i Group,
Boston
Consulting
Group,
Deutsche Bank
HSBC,
Bilfinger Berger
Dialogfeld Communication
Oliver Köthe
Since 2013 at AUCTUS
Before:
UniCedit-Group,
Berenberg Bank,
Commerzbank,
Celenus Kliniken
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Proven Track Record
in a large number of industries
Firms from different industries – united under one roof
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Successful Exits
after 5-7 years of cooperation
The prospective exit of AUCTUS provides entrepreneurs with additional financial and organisational opportunities
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AUCTUS Investment Targets

Revenues between EUR 10m and EUR 150m (EBIT> EUR 2m)
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Medium-sized companies with sustainable profits in German-speaking countries
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Excellent management teams willing to invest alongside AUCTUS
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Market leader or excellent market position with distinct competitive advantages
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Strong growth and consolidation potential within the company and the sector
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Transparent and controllable risks (finance, legal, technology)
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Mainly majority investments (or at least two-digit ownership percentage)
Smaller companies can be attractive as
add-ons for our AUCTUS portfolio
companies
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Joint Business Success
through value creation and growth
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Joint
Business Success
Transaction
Security
•
A Future
for Enterprises
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Professional support
Growth through financial strength and
investments in organic growth and
add-ons
Outstanding network of financing
partners, industry experts and
enterprises
3 fund generations and > EUR 500m
assets under management
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Joint Business Success
serves as a reference
“
Despite all the uncertainty during the financial and economic crisis, AUCTUS consistenly supported and developed the company together
with the management. New products and investments in innovation were important drivers of success. In 2013, Braun saw the best result
in the history of the company. The company‘s new strategy offers a lot of opportunities in the next years and therefore a strong potential
for further growth.“
Torsten Alex, Managing Partner, Dieter Braun GmbH
“
AUCTUS acquired ACOMON from a stock-listed American company running a carve-out transaction. Due to the fact that the seller aimed to
keep elements such as the former brand name of the company and all the IT infrastructure, a lot of difficult decisions had to be made. In
the end, it turned into a great entrepreneurial story: AUCTUS together with the management team built up and cemented ACOMON‘s
market position, which is today one of the leading manufacturer for optical monomers in the world. Without a doubt, this strong
performance was primarily due to the good cooperation between the management team and the financial investors. “
Eckehardt Mielke, Managing Partner, ACOMON AG
“
AUCTUS is a positive example of an excellent and reliable cooperation between a financial investor and the „Mittelstand“. The AUCTUS
team was successful in accompanying a group of regional medium-sized companies on their way to becoming a nation-wide corporation
through personal engagement and a high level of competency.“
Petra Langenhagen, Manager, TimePartner Holding GmbH
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High Transaction Security
through competency and experience
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Joint
Business Success
Transaction
Security
A Future
for Enterprises
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Experience from more than 80 transactions
results in fair, honest and feasible offers
Fair and transparent valuations
Nearly all LOIs lead to successful transactions
Vast amount of experience and third party
references
Process security both internally (i.e. AUCTUS
investment committee) as well as externally
(i.e. through banking partners)
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Transaction Security
demonstrated in more than 80 transactions
“
AUCTUS asked the right questions during the Due Dilligence process – even the unpleasant ones – and proved that they understand our business.
That was the best basis for our cooperation. It ensures acting in concert – and very successfully, as the development of LEMO shows. But perhaps
most importantly: we fit together.“
“
AUCTUS drew attention to their offer from the very beginning by identifying the market potential and proposing trendsetting ideas. That the
transaction was completed so positively for all original shareholders was due to AUCTUS‘ great empathy, an analytic and result-orientated
collaboration as well as AUCTUS‘ reliability. The AUCTUS team is a partner of choice for the company‘s chairman and enjoys our complete trust.“
“
The employees of AUCTUS deeply impressed me with their competency, efficient way of working and especially their fair negotiation skills. The
uncomplicated and transparent cooperation with AUCTUS during the preparation of the MBO was the basis for creating trust for the future.“
“
AUCTUS did a great job, chose the right moment and successfully convinced the conservative founder to trust the new management team. We
are looking forward to achieving market leadership in the German education sector with the strategic support of AUCTUS. The AUCTUS team is
very result-orientated; that´s why our cooperation is great fun.“
Bernd Schlarp, General Manager, LEMO Maschinenbau GmbH
Hr. Miesel, Hr. Weinz, Directors, Procon Holding AG
Dr. Oliver Bolzern, General Manager, PharmaZell GmbH
Dr. Florian Schütz, General Manager, Career Partner GmbH
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A Future for Enterprises
defined by security and trust
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Joint
Business Success
Transaction
Security
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A Future
for Enterprises
Continuity of management and strategy
Entrepreneurial responsibility through coinvestments of more than 10%
No insolvencies
Fair and equal partnerships
AUCTUS as an owner-run, mid-cap
enterprise respects company cultures and
employees
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Secure Prospects
for enterprises
“
Having a 51% majority of outstanding shares, AUCTUS never leveraged its situation of ownership to force the management in a certain direction.
Instead, a vital dialogue arose. We have never had any legal issues regarding mutual rights and obligations – neither while AUCTUS held a stake in
the company nor afterwards. As a matter of fact, the opposite is true: AUCTUS gave a lot of support that was strongly in favour of the
management and employees. To discuss key elements of the business strategy, a phone-call or a meeting was always possible and gave, at the
end of the day, a lot of confidence to me as an entrepreneur. “
Matthias Niggemann, Managing Partner, Noventiz GmbH
“
In AUCTUS we found a partner, who had an in-depth understanding of our business model. During our cooperation, AUCTUS was always available
to decisively support management on equal terms without trying to control every detailed business operation. That is how a good partnership
should look like. We developed a relationship of trust and respect that lasted to the successful exit and beyond.“
Markus Höfels, Managing Partner, Noventiz GmbH
“
“
From the start AUCTUS was a solid partner on equal footing. In terms of operational, financial and even structural measures AUCTUS always
supported us in a competent and sustainable manner. For our management team and employees AUCTUS was a lot more than just a financial
investor. In fact, AUCTUS provided for a trustful cooperation.“
Oliver Walter, Managing Partner, Dialogfeld Beteiligungs GmbH
We had already spoken to different financial investors by the time we met AUCTUS in 2006. We were looking for a suitable and sustainable
succession arrangement for our company and employees. AUCTUS gave the most convincing answers to our questions. That´s why we decided to
re-invest with a double-digit percentage. Subsequently, we developed step by step the structures that allowed us to retire. In the same manner,
we successfully developed the business together with AUCTUS, were able to battle the financial crisis 2008/09 and consequently, completed a
successful exit in 2012 with a strategic buyer. Through the transaction we were able to sell our stake in the business. We would definitely do it
again.“
Horst Ahlisch, Managing Partner, AS Electronics
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Individual Private Equity Solutions
for diverse equity investments
1 Partial Sale / Owner Buy-Out
2 Full Sale/ Succession Arrangement / Carve-Out
Process
• Partial realisation of enterprise value through the sale of
company shares – often in preparation of succession and full
company sale (phased company sale)
• Re-investment of existing shareholders
• Entrepreneur remains responsible for the management of the
company
Process
• Sale of 100% of shares; where applicable vendor loan and/or
earn-out as link to the business
• Leadership transfer to new management
• Carve-Out
• Phasing-out of existing shareholders (e.g. through advisory role)
Motivation
• Diversification of private capital, succession planning,
capital/partner for growth strategies (organic /external), creation
of company value
Motivation
• Succession Arrangements
• Total value realisation of company
Examples:
Examples
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Individual Private Equity Solutions
for diverse equity inverstments
3 Management Buy-Out / Buy-In
4 Growth Capital / Consolidation / Buy&Build
Process
• The management team together with the AUCTUS fund acquires
shares in a company
• The management of the business is now in the hands of the new
management team – if required successors for previous
shareholders are found
• Alternatively: AUCTUS provides capital and infrastructure for a
sector-specific MBI by succesful managers
Process
• Capital provision for a company takeover / consolidation strategy
(Buy&Build)
• Typically accompanied by an acquisition of shares (part)
• Capital infusion for additional acquisitions
• AUCTUS provides constant support in the acquisition process
• Management remains in hands of the entrepreneur
Motivation
• Purchase and management of a company
• Realisation of attractive returns / company valuations / capital
gain
Examples:
Motivation
• Industry consolidation, formation of a larger group of businesses
• Creation of significant company value
Examples:
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1 Partial Sale / Owner Buy-Out
Noventiz GmbH
Noventiz – key figures
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Revenue:
Employees:
Sites:
Transaction
ca. EUR 24m
ca. 70
Cologne (head quarters)
As an outsourcing service for disposal solutions NOVENTIZ caters to the needs
of its customers – no matter if it concerns refuse/garbage disposal or
packaging circulation
The interface between dual systems / waste remover as well as industry and
commerce, NOVENTIZ buys disposal quotas in large quantities and passes the
price reduction on to the customer
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AUCTUS acquired a stake in NOVENTIZ through an Owner Buy-Out
The founder were able to realise a significant part of the business‘ value and
won AUCTUS as a strong partner for future growth
AUCTUS differentiated itself from other investors through understanding of
NOVENTIZ complex regulatory business model
Sellers expressed their trust in the cooperation with AUCTUS through their
significant re-investment (49%) in NOVENTIZ
Value creation strategy, Cooperation
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Implementation of a reporting and control system
Strengthening of the management team through share inclusion of the entrepreneurial-thinking, second tier of management in the transaction
Joint build-up of a third general manager
Improved management of cash and cash equivalents, working capital and cost controlling
Support for the realignment and creation of a sales team, e.g. by hiring of a sales manager and introducing a CRM system and sales controlling
Promotion and extension of strategic competencies in business development and support in the valuation of potential purchases
Online portal creation for the licencing and acquisition of an online platform for secondary commodity trade
Cross-selling of NOVENTIZ services to other AUCTUS portfolio companies
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2 Full Sale / Carve-Out
PharmaZell GmbH
PharmaZell – key figures
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Revenues:
Employees:
Sites:
Transaction
ca. EUR 60m
ca. 500
Raubling (GER), Chennai und Vizag (India)
PharmaZell specialises in the electro-chemical production of pharmaceutical
active ingredients in various areas of indication as well as in the development
of new production processes
PharmaZell‘s customers are producers of patent-protected pharmaceuticals as
well as generic pharmaceuticals companies
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Purchase and Spin-Off of PharmaZell as a business division of Noveon-Pharma,
a company of the Lubrizol Group through AUCTUS in May 2006
AUCTUS was able to successfully compete against a number of strategic buyers
and financial investors due to its flexible and fast process management and the
chosen transaction structure
The entrepreneurial-orientated management acquired a significant share of
the company as part of the transaction and remains responsible for the
management afterwards
Value creation strategy, Cooperation
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Implementation of an independent organisational structure after the Spin-Off from the Lubrizol Group (i.a. introduction of an ERP System)
Acquistion and expansion of a production site of the Lubrizol Group in India
Creation of an additional ‘state-of-the-art‘ production site as well as a large research laboratory in India
Consistent promotion of investment in research and development to expand the product portfolio
Creation of a distribution office in the United States to accelerate the internationalisation process and entry into the largest pharmaceutical market
Financing of major capacity expansions at sites in Germany and India
Subsequent successful extension of the product portfolio, especially in India
Improved reporting allowed better management of working capital and cost reduction potential through efficiency improvements that made the production
process more transparent
Revenues tripled by the time of PharmaZell‘s sale in 2011
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3 Management Buy-Out / Buy-In
Career Partner GmbH
Career Partner- key figures
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Revenues:
Employees:
Sites:
Transaction
ca. EUR 36m
ca. 300
5 Campus sites, 28 Online Study Centres
Career Partner is a leading provider of private education for higher and
executive education e.g. brands IUBH- International University Bad Honnef and
PROAKTIV
At present the group caters to 6.000 students which are enroled in more than
25 bachelor, master, and other certified programmes in addition to 10.000
participants in executive education programmes each year
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Acquisition of IUBH - International University Bad Honnef in 2007, a private
universiy with 1.000 students, as nucleus for Career Parnter through AUCTUS
Owner (active CEO) was in search of a capital investor who also offered
expertise to strategically develop the business and build up a new
management team
AUCTUS was able to win the auction process by presenting the seller an
experienced Buy-In manager and a convincing concept for the existing
company properties
Value creation strategy, Cooperation
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An ambitious growth strategy was used to generate significant potential, triple revenues and realise a double-digit yearly growth
• Add-on of a university of cooperative education and its integration in the Career Partner Group, subsequent organic roll-out of site openings in two
additional cities
• Add-on of two providers in the executive education sector and integration of offerings in existing university programmes
• Implementation of an internationalisation strategy through an international recruiting strategy of students as well as preparation for franchise
agreements with international partner universities
• Development of innovative, solely online-based distance learning courses for certified bachelor, master and MBA porgrammes and creation of an
international network of examination centres
Creation and expansion of the management team and holding structures with central shared services
Safeguarding of the financing and growth plan through addition debt and equity capital
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4 Industry Consolidation/ Buy&Build
TimePartner GmbH
Time Partner – key figures
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Revenues:
Employees:
Sites:
Transaction
ca. EUR 182m (2006)
ca. 5.500
46
TimePartner is a temporary employment agency focusing on skilled workers
and engineers
TimePartner is to date one of the largest players in the German market, it has
developed special expertise and a crucial position in the aviation industry
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Identification of consolidation potential in the highly fragmented market for
qualified subcontracted employment (10 largest providers <25% market share
(2004))
A focused sector analysis led to the identification of DELTA Time-Control as
nucleus for the industry-specific concept
The transaction was completed in only 4 months following the initial contact in
April 2004 and the Holding TimePartner was established
The subsequent sector consolidation led to 9 add-ons for TimePartner through
the cooperation with AUCTUS
Value creation strategy, cooperation
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The TimePartner success story is based on the consistently followed Buy&Build strategy: 9 add-ons were completed in just 2 years in addition to the nucleus,
DELTA Time-Control
Up to 5 AUCTUS employees helped develop the company over the term of the investment
Apart from external growth through add-ons, TimePartner together with AUCTUS was able to reduce its client and sector dependency and expanded its
national coverage
An efficiency improvement was achieved by the implementation of an efficient IT-environment
A strengthend industry perception of the group as well as market leadership in the defined niche of qualified temporary employment was achieved through
well-aimed marketing initiatives
Thus revenues surged in only 2 years from EUR 19m to EUR 180m
Simultaneuously EBITA rose from EUR 2m to EUR 25m
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We are looking
forward to
talking to you!
AUCTUS Capital Partners AG
Prinzregentenstraße 18
D - 80538 Munich
Tel. +49 (89) 15 907 00 00
Fax +49 (89) 15 907 00 49
[email protected]
www.auctus.com