BayBG et al. sell Torqeedo to Deutz

Other vendors include Alpina Partners, WHEB Partners, Brose Trust, Robert Bosch Venture Capital and Extorel Management.

Deutz is investing €100m in its E-Deutz strategy, which involves producing lower emission diesel drive systems as well as wholly electric motors. 

The acquisition has been financed wholly in cash from Deutz's balance sheet.

The acquirer says it plans to bring low-emission engines to market in two years with the help of Torqeedo, a timeframe that would not have been possible had it embarked on the strategy alone.

Torqeedo has reported average annual revenue growth of 35% since 2006, amounting to sales of €25m for 2016. Deutz says it expects a marked rise in revenue and moderate increase in EBIT for Torqeedo in 2017.

Torqeedo managing directors Christoph Ballin and Ralf Plieninger will remain involved in Torqeedo and also take on senior management positions at Deutz, as head of strategy and head of electrification respectively.

Previous funding
In June 2008, BayBG invested €4m in Torqeedo for a minority stake. The VC predicted at this stage that the company's cleantech offering could claim market share from fuel-operated engine producers.

In January 2010, WHEB led a €4.7m follow-on round alongside Alpina, Brose and BayBG. At the time, the company reported revenues of €5m and employed 30 people.

Robert Bosch Venture Capital then led a €5.6m series-C with WHEB, Brose, Extorel and BayBG also taking part. The company employed 44 people by then.

Company
Based in Gilching near Starnberg, Bavaria, Torqeedo is an electric boat engine manufacturer that employs 130 people. It has offices in Crystal Lake, US, and Bangkok, Thailand. The company was founded in 2006 and reported sales of €25m for 2016.

People
Bayerische Beteiligungsgesellschaft – Alexander Ullmann (senior investment manger).
Deutz – Frank Hiller (chairman).
Torqeedo – Christoph Ballin, Ralf Plieninger (managing directors).

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