AGIC to sell Fotona to Vitruvian

AGIC is to reinvest alongside Vitruvian as part of the deal, the GP said in a statement.

AGIC Capital acquired Fotona from Gores Group in April 2017. Gores had acquired a majority stake in the company in a EUR 14m MBO in January 2014. AGIC said in a statement issued at the time that it intended to support Fotona's development of its presence in Asia.

In April 2021, Unquote sister publication Mergermarket reported that AGIC had relaunched the sale process for Fotona, having postponed the exit in April 2020. The company was expected to be marketed based on revenues of EUR 100m and EBITDA of around EUR 25m, with a projected 2021 EBITDA margin of 30%.
RBC Capital Markets was advising on the process, the report said.

Bloomberg reported on 19 August that the exit values Fotona at EUR 700m.

Vitruvian intends to support the comapany's continued international growth, according to a statement.

Vitruvian held a final close for Vitruvian Investment Partnership IV (VIP IV) on its EUR 4bn hard-cap in July 2020 following a three-month fundraise. The fund makes both growth capital and buyout investments, deploying equity tickets of EUR 25m-250m.

VIP IV made its first investment in January 2021, providing EUR 100m for Ireland-based fund services business Carne Group.

Company
Founded in 1964 and headquartered in Ljubljana, Fotona specialises in the design and production of medical lasers for surgery, aesthetics, gynaecology and dentistry. Its customer base spans 65 countries.

People
Fotona – Matjaz Lukac, Jeff Jones (co-CEOs).
Vitruvian Partners – James Sanderson (partner, chief financial officer).
AGIC Capital – Heiko von Dewitz (partner, managing director).

Advisers
Equity – Houlihan Lokey (corporate finance); Kirkland & Ellis (legal).
Vendor – RBC Capital Markets (corporate finance); Gibson Dunn & Crutcher (legal).

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• Topics
• Buyouts
• Exits
• CEE
• Healthcare
• Slovenia
• Vitruvian Partners
• Secondary buyout