Hg-backed Noventic bolts on Ch. Mittendorf and Neotech

The acquisition of Ch. Mittendorf is a continuation of the expansion strategy of Noventic. The company, which is based in Bergisch Gladbach, will allow Noventic to extend into the North Rhine-Westphalia region. Klaus Lambers and Wolfgang Mülfarth of Kalorimeta, a Novtec brand, will take over the management of the company. Axel Mittendorf, a long-time managing partner of the firm, will assist the company in the coming months.

Managing director Daniele Mietto will continue to lead Neotech, a company that manages more than 68,000 residential units in Milan. Noventic already has a 50% market share of the metering devices market in Italy with its product Qundis.

The company plans to develop Neotech into a full-service provider of metering, assembly and billing services and expand its customer base. The transaction took place in December 2018. 

For its 2017/2018 financial year, Noventic generated revenues of €200m. Before the purchase of Neotech and Ch. Mittendorf, the company was considering acquisitions of service providers in the smart-building segment that could generate up to €300m, domestically and in Italy and France, according to Unquote sister publication Mergermarket.

Previous funding
Hg acquired a majority stake in Qundis from Capcellence and the management team in 2012. The latter reinvested a substantial portion of their stake. Hg exited the company to Kalorimeta in a trade sale valuing Qundis at €400m. A merger between the two companies created Noventic, which now operates the Qundis, Kalo, PPC and KeepFocus brands. Hg retained a minority stake in the company.

Company
Ch. Mittendorf was founded in 1981 and employs approximately 35 people. The firm offers services around meters and smoke detectors for multi-residential properties and offices in the North Rhine-Westphalia region.

Neotech is based in Milan and offers accounting services for energy costs, building management, meter installation services and is a reseller of meters.

People
Noventic- Andreas Göppel (managing director).
Ch. Mittendorf- Axel Mittendorf (managing partner).
Neotech- Daniele Mietto (managing director).

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