IK acquires Lap in SBO

IK is using equity from IK VIII, a fund that closed on €1.85bn in 2016. The fund targets deals with enterprise values in the €100-500m range. This is the fund's 14th acquisition.

Unquote understands that IK competed with EQT and several strategic buyers in the sale process. The company was to be sold for approximately 10x an adjusted €18m EBITDA for 2018, according to Mergermarket.

Following the transaction, IK plans to expand the company's quality assurance software offering, and enter new markets.

Lap was a Capiton V portfolio company. This is Capiton's first exit from the fund.

The company generated a turnover of €60m in 2018.

Previous funding
Capiton acquired a majority stake in the Germany-based company in 2015. At the time of the acquisition, the company employed 250 people and, since then, has bolted on two companies: Euromechanics Medical and Lifeline.

Company
Established in 1984, Lap manufactures laser measurement and projection systems used in the healthcare and industrial segments. The company also offers quality assurance software for radiotherapy treatment. Headquartered in Lüneburg, the company operates three manufacturing sites and employs 350 people.

People
IK Investment Partners – Anders Petersson (partner).
Capiton – Manuel Hertweck (managing partner).
Lap Group – Uwe Bernhard Wache (CEO).

Advisers
Acquirer – Quarton (corporate finance); Codex Partners (operational due diligence); Ebner Stolz (financial due diligence); Renzenbrink & Partner (legal).
Vendor – William Blair (corporate finance); Milbank (legal).

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