HeidelbergCapital scores 11.6x on Snom exit

The private equity firm sold the business via a limited auction process. Other exit routes were not considered.

The sale came less than two year after HeidelbergCapital became majority shareholder of the business. The early exit was sparked by HeidelbergCapital's faster than anticipated reorganisation of the business, unquote" understands. Another factor was the company's next growth phase, including expansion to the US and increased customer acquisition efforts, which would not be feasible for the small private equity house.

Previous funding
HeidelbergCapital became the majority shareholder of Snom in February 2015. The GP invested via its second fund, which focuses on secondaries direct investments. It had already acquired shares in the company from previous stakeholder Beaufort Capital in July 2014. HeidelbergCapital became majority shareholder following a capital increase.

Company
Founded in 1996, and headquartered in Berlin, Snom produces voice-over-internet protocol (VoIP) telephones, which are designed for IT professionals and private branch exchange installers. Snom has a turnover of €28m and 60 employees.

People
HeidelbergCapital Private Equity – Andre Deloch (partner).
VTech – Allan Wong Chi Yun (president).
Snom Technology – Gernot Sagl (CEO).

Advisers
Vendor – Clearwater International, Markus Otto (corporate finance).

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