Defence
Exclusive financial advisor to STAR Capital on their acquisition of Vincorion from Jenoptik AG
Background
Steen Associates acted as exclusive advisor to STAR Capital on its acquisition of Vincorion from Jenoptik AG. Jenoptik AG signed an agreement to sell its Vincorion division to a fund managed by STAR Capital Partnership LLP (“STAR”), a leading private equity firm investing in medium-sized companies across Europe. Vincorion develops, produces, and sells mechatronic products, particularly for the defense and security sector, aviation, as well as the rail and transportation industries.
About the transaction
The sale of Vincorion represents a key milestone in Jenoptik’s transformation into a focused, globally leading photonics company. According to Stefan Traeger, President & CEO of Jenoptik AG, the transaction is expected to improve the Group’s earnings position, risk profile, and financing power, and support access for ESG-oriented investors. He also emphasized that STAR is seen as the right owner to realize Vincorion’s potential and highlighted the importance of STAR’s willingness to grant location guarantees. The equity value is in the mid double-digit million euro range, with additional claims and obligations (including pension obligations) also in the mid double-digit million euro range, plus certain earn-out components, resulting in an enterprise value of approximately €130 million. The carve-out transaction, signed in November 2021, was completed on 30 June 2022 following receipt of all necessary regulatory approvals, with both parties agreeing not to disclose further details.
About the client
STAR Capital is a leading European private equity firm focused on investments in medium-sized companies with strong growth and value creation potential. Vincorion, the acquired business, is a specialist provider of mechatronic solutions for defense and security, aviation, and rail and transportation markets. In 2020, Vincorion employed approximately 800 people and generated revenue of 151.7 million euros with an EBITDA margin of 11.0 percent, providing STAR with a substantial industrial platform in mission-critical technologies.
Date:
June 2022
Service:
Buy-side
Size:
€130m
Deal locations:
