Ardian buys Imes-Icore

This is the fifth investment from Ardian Expansion Fund IV, which held a final close on €1bn in June 2016.

Imes-Icore generated an EBITDA of €8m from €30m in sales in 2016, according to publicly available documents. It was expected to sell for around 12x EBITDA, attracting leverage pitches up to 4.75x, according to unquote" sister publication Debtwire.

Current CEO Christoph Stark will retain a "significant" minority stake and will continue to run the business. Other members of the management team will also become shareholders.

Company
Founded in 2002 and headquartered in Eiterfeld, Imes-Icore designs and sells CAD and CAM systems for milling, water jet and laser cutting, and 3D printing. Its products are used mainly for medical and dental device manufacturing but it also has lines for jewellery, orthopaedic and automotive businesses. It employs 150 people and generated €8m in EBITDA from €30m in sales in 2016. Revenues increased from €22.1m in 2014 and €27.1m in 2015.

People
Ardian – Marc Abadir, Dirk Wittneben (directors); Yannic Metzger, Max Dolata (investment managers).
Imes-Icore – Christoph Stark (CEO).

Advisers
Equity – Deloitte, Egon Saschsalber (financial due diligence); LEK, Tobias Kösters, Nicole Damani (commercial due diligence); Orrick, Christoph Brenner (corporate finance); Herrington & Sutcliffe, Fabian von Samson (corporate finance); Willkie Farr & Gallagher, Jan Wilms (legal); Taxess, Gerald Thomas, Richard Schäfer (tax); Aon, Christoph von Lehmann (insurance due diligence); Raymond James, Dirk-Oliver Löffler (M&A); DC Advisory, Daniel Gebler (debt advisory).
Vendor – UniCredit, Michael Bälz, Garbor Grailach (M&A); McDermott Will & Emery, Clemens Just, Norman Wasse (legal).

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• Topics
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