Pinova buys WMD Group

The GP drew equity for the deal from Pinova Capital Fund 2, a €180m vehicle that held a final close in January 2017. WMD Group is the fourth investment to be drawn from the fund, which is approximately 40% drawn with an extra 10% reserved.

Silicon Valley Bank provided debt for the transaction, the first time the bank has provided leveraged buyout debt to a German company, according to Unquote Data. A person close to the deal said the leverage was less than 50%.

Pinova plans to accelerate the internationalisation of the business, as well as develop new products to sell to its existing customers.

The transaction will facilitate the succession of managing directors Matthias Lemenkühler and Thomas Radestock, who will take over from founders Andreas Karge and Albrecht Lüdemann. All four will remain invested in the new company.

Company
WMD was founded in 1994 and is headquartered in Ahrensburg. The company providers enterprise software for invoice automation, sales support, email processing and various other corporate purposes. Its clients include BMW and Commerzbank, and it generates revenues of €30m.

People
Pinova Capital – Nina Albert (partner).
WMD Group – Matthias Lemenkühler, Thomas Radestock (founders); Andreas Karge, Albrecht Lüdemann (managing directors).

Advisers
Equity – P+P Pöllath + Partners (legal).
Company – GCA Altium, Sascha Pfeiffer (corporate finance); Taylor Wessing (legal).

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• Topics
• Buyouts
• DACH
• Technology
• Pinova Capital
• Germany