
Afinum exits Sinnex in trade sale
Afinum Management has sold its stake in luxury yacht outfitter Sinnex to Mériguet.
Sinnex was acquired by Afinum Fünfte in 2010, which saw the founders retain a minority stake in the company. Afinum Fünfte held its final close on €230m in 2007.
Mériguet, which was acquired by France-based investor IDI in 2013, provides renovation services to luxury private residences and historic buildings. Following the transaction, Sinnex will contribute to residential projects taken on by Mériguet. It will retain its factory in Austria and will continue to engage its subcontractor network in south-eastern Europe.
Sinnex has more than doubled its output during Afinum's holding period, according to a statement.
Previous funding
Afinum acquired a 72% stake from the company's five founders in 2010. The transaction was fully funded with equity but also contained a substantial vendor loan.
Company
Sinnex is an interior outfitter of mega-yachts, aircraft, private residences, and conference and representation areas. The business currently focuses on privately owned luxury yachts. Sinnex offers services including project management, detailed design, sourcing of raw materials and components, production of interior, construction and assembly. The company is headquartered in Steinheim and employs approximately 110 people and was founded in 1996.
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