Project A sells Contorion to Hoffmann

The purchase price has not been disclosed but, according to a source close to the situation, is around €120m.

Steel distributor Klöckner & Co and early-stage investor Endeit Capital have also sold their stakes in the company.

Project A provided operational support to the company in the areas of online marketing, business intelligence and IT since it first backed the company in 2014.

The acquisition is a strategic investment for Hoffmann, which will expand its expertise in digitilisation as well as its customer base. The acquirer is active in 50 countries and recorded revenues of €1bn in 2016. Contorion will continue to operate as an independent brand within the Hoffmann group.

Previous funding
In July 2014, Project A invested an undisclosed sum for a minority stake in Contorion.

Company
Founded in 2014, Contorion is an online store for industrial and trade supply. It mainly offers industrial tools and supplies from its web portal. It generated €20m in sales in the first half of 2017 and employs 130 staff. The company is based in Berlin, Germany.

People
Project A Ventures – Thies Sander (partner).
Hoffmann – Robert Blackburn (CEO).
Contorion – Frederick Roehder (managing director).

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