Sofindev exits Syx Automations

Alice Tchernookova
21 June 2017

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Sofindev Private Equity has exited ticketing and leisure facility management software business Syx Automations after a four-year holding, selling its stake to Ardian-backed business Gantner.

Gantner said it acquired shares from Sofindev and the company's management. Syx's CEO, Dirk Syx, will continue in his role, and is also acquiring a minority stake in the new group.

Sofindev acquired a majority stake in Syx in 2013, drawing equity from its third vehicle, Sofindev III.

The transaction, which was completed on 16 June, represents the first bolt-on completed by Gantner since receiving Ardian's backing in February 2016. A debt facility arranged by North LB was set up upon the GP's investment in order to support a strategy aiming to tap into new markets and bolt-on acquisitions, unquote" reported at the time.

The combined business expects to generate revenues of €50m in 2017.

Founded in 1982 and headquartered in Schruns, Austria, Gantner makes electronic hardware, such as contactless radio frequency identification (RFID), near-field communication (NFC) electronic access control and staff time recording products. The company supplies its technology to leisure facilities such as fitness clubs, water parks, public pools and spas. With around €36m in revenues, the company operates in 60 countries with subsidiaries in Germany, the UK, Dubai, the US and Australia.

Previous funding
In November 2013, Sofindev acquired a majority stake in Syx, investing from Sofindev III.

In 2016, Ardian acquired a majority stake in Gantner. The GP acquired the business from Identec Group alongside Gantner's management, which retained a minority stake. The acquisition represented the 13th investment from the €450m Expansion Fund III. A debt facility was provided by North LB.

Company
Established in 1985, Syx develops software and automation services for the recreational sector through the platform ReCreateX. It offers ticketing services, IT infrastructure, network management, access control systems, camera surveillance and building management systems. Based in Ypres, Belgium, the company has additional offices in the Netherlands and the UK.

People
Gantner – Elmar Hartmann (managing director).
Ardian – Dirk Wittneben (head of expansion, Germany).
Syx Automations – Dirk Syx (CEO).
Sofindev Private Equity – Jan Camerlynck (partner).