Capiton buys Magix Software

The company's founders and CEO Klaus Schmidt have acquired a significant minority stake.

The acquisition was backed by a unitranche facility provided by Capzanine's fourth private debt fund. It is the direct lender's first deal in Germany since opening a Munich office in September last year.

Capiton is currently investing from its fifth buyout fund, a €440m vehicle that held a final close in January 2015.

Bellevue appointed GP Bullhound to sell Magix in November 2017, according to Unquote sister publication Debtwire.

The company projected EBITDA of €12.5m from revenues of €40m for the financial year ending in September 2018. However, the vendor was marketing the asset based on an adjusted EBITDA of €18m for the same period, including adjustments for R&D spend, according to Debtwire.

Previous funding
Bellevue Investments took Magix private in 2014. It wholly owned the company prior to Capiton's buyout.

Company
Magix provides software for editing video, music, photos, graphics and websites. The business was founded in 1993 and is headquartered in Berlin. It employs 243 people from its offices in Germany, the US, Canada, the UK and the Netherlands, and has 15 million users worldwide.

People
Magix Software – Klaus Schmidt (CEO).

Advisers
Vendor – GP Bullhound (corporate finance).
Acquirer – KPMG (financial due diligence); Deloitte (legal); Shearman & Sterling (legal); EY (tax); Skillnet (commercial due diligence); Cubus Partners (debt advisory); Russel Reynolds Associates (HR due diligence); Willis Towers Watson (insurance due diligence); Tauw (ESG due diligence).

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