Ufenau registers third continuation vehicle

The filing for the Luxembourg-domiciled vehicle, which is expected to house two or three investments, is dated 8 October 2021.

The GP has previously formed two continuation vehicles of EUR 25m and EUR 100m for Intelligent Repair Solutions (IRS), which Ufenau acquired in August 2014 via its EUR 120m, 2014-vintage Ufenau IV German Asset Light fund. IRS provides car body repair services for car dealers, fleet operators, leasing companies, insurance companies and claim managers. The GP pursued a buy-and-build strategy for the company, making add-ons to expand its service range and geographical presence, including Germany-based Auto-Gauss in February 2021 and Belgium-based Cryns Carosserie Center in November 2020.

The second EUR 100m vehicle was raised in conjunction with Ufenau's EUR 560m fundraise for Ufenau German Asset Light VI in 2019. IRS posted revenues of EUR 30m at the time of its acquisition by Ufenau; it posted 2018 revenues of EUR 155m and now posts revenues of EUR 250m.

Following the formation of two continuation vehicles for IRS, Ufenau IV has three remaining portfolio companies, according to Unquote Data. Aside from IRS, the assets that the GP has held for the longest duration are housed in this fund. These portfolio companies are Switzerland-headquartered Trans Europa Express, acquired in April 2015; property damage claim management and handling business Faircheck Schadenservice, held via Fair Damage Control Holding), acquired in September 2015; and Switzerland-headquartered gastroenterology, radiology and general medicine clinic chain Doktorhuus, acquired via Ufenau IV in June 2016.

The GP is preparing to raise its next fund, Ufenau VII, in Q1 2022, as reported. The fund is targeting EUR 800m and expects to follow the investment strategy of its predecessor, targeting services-focused SMEs with revenues of EUR 10m-150m and pursuing buy-and-build strategies for market consolidation. The GP generally invests in the DACH region, but made its first two platform deals in Spain in 2021.

The GP's most recent exit is Swiss IT Security, which it sold in an SBO to Triton in July 2021, netting 12x money on the sale of the IT and cybersecurity consultancy, as reported.

Ufenau Capital Partners declined to comment.

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