HTGF, MBG sell majority stake in Compositence to GON

ZFHN Zukunftsfonds Heilbronn also sold its stake in the company, having joined HTGF and MBG as a shareholder in 2013.

GON will gain extra competencies through the acquisition of Compositence, which will allow it to serve a wider industry demand. The company said in a statement that composite materials are a key part of the Chinese government's technology strategy.

All VCs reported a profitable exit but no further financials were disclosed.

Previous funding
HTGF and MBG first backed Compositence in 2009 and provided further financing for the company in 2011. Both VC firms then backed a further round in 2013 joined by ZFHN.

Company
Compositence was founded by Ingo Karb and Volker Witzel, and span out from the University of Stuttgart in 2008. The company offers components made of carbon, glass and natural fibres to fibre placement plants, with a fully automated production process. The technology is based on minimising waste rates during the production.

People
High-Tech Gründerfonds – Benjamin Erhart (investment director).
Qiangdao GON Technology – Aiguo Wang (CEO).
Compositence – Gregory Weber (CEO).

Advisers
Equity – Equinet Bank, Dirk Meyer, Okan Celiker, Andre Domes (M&A); Lenz Rechtsanwälte, Tobias Lenz (legal).

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