Afinum-backed Garz & Fricke acquires E-Gits

Garz & Fricke was acquired in 2017 and was Afinum Siebte's ninth and final platform investment. The fund invested €10-35m in companies, with a sweet spot at around €20-25m. Garz & Fricke reported a pre-tax profit of €3.8m from €28m in sales for 2016.

Garz & Fricke acquired E-Gits to expand the company's product and service portfolio. The company's founder will stay on as managing director of E-Gits.

Company
E-Gits develops cross-platform applications such as graphical user interfaces for embedded Internet-of-Things components in markets including medical technology, industrial automation, home automation and connected vending machines. Based in Stuttgart, the company employs approximately 20 software developers. It also operates a branch in Chennai.

People
Garz & Fricke – Manfred Garz (founder, managing director).
E-Gits – Sven Liess (managing director).

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