ECM acquires majority stake in SIS

The GP said in a statement that it intends to invest in the company's management and sales structures. It also plans to assist the company with expansion to new European markets and new sectors, such as the chemicals industry.

Guido Soyk, founder of SIS, will remain in his management position and will retain a stake in the business. Sales director Martin van der Veen has also been appointed to the company's board.

Unquote understands that M&A adviser CFC approached a limited number of potential investors on behalf of SIS, with a focus on independence, longevity, reputation and personal fit.

DZ Bank and Hermes Investment provided debt for the acquisition.

ECM invested from GEP V, which held a final close in June 2018 on €325m. The vehicle deploys €10-40m per investment in companies with enterprise values of €20-80m. SIS is the second investment from the fund and follows ECM's acquisition of test software developer PikeTec in June 2019. The fund was 11.2% deployed following the investment in PikeTec. 

Company
SIS was founded in 2008 and originally developed its mobile combustion units to improve occupational safety for workers in the cleaning of process plants and tanks. The company's technology is now used to reduce emissions from hydrocarbons produced by the oil and gas sectors, supplying its mobile combustion units for thermal waste gas treatment and degassing on-site for customers. Its client base includes BASF, BP, Exxon Mobil, Dow Chemical, Sabic, Shell and Total.

The company is based in Amelinghausen, Lower Saxony. It had a headcount of 48 in 2017, reporting profit of €2.3m and total assets of more than €6.7m in the same period, according to Northdata.

People
ECM Equity Capital Management – Alexander Schönborn (investment director); Florian Kähler (partner, managing director); Christoph Demers (investment associate).
SIS – Guido Soyk (founder, managing director).

Advisers
Equity – Milbank (legal); Androschin & Partner (commercial due diligence); Ebner Stolz (tax); Willis (insurance due diligence).
Company – CFC Corporate Finance Contor, Thomas Bister (M&A, legal).

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• Buyouts
• DACH
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• Germany
• ECM Equity Capital Management