HQIB acquires majority stake in ATX

Co-founder Hans Drexler will remain with ATX as a minority shareholder and managing director, and will continue to manage operations. Robert Schulz will stay on as commercial director.

The all-equity deal was based on an enterprise value of less than €25m.

Gregor May, managing partner at HQIB, told Unquote that the firm was approached by sell-side M&A adviser Sonntag Corporate Finance and that the process took four to five months from first contact. The deal was conducted via a structured auction process and the company was bought via a newco.

HQIB plans to pursue a buy-and-build strategy for the company. May noted that ATX operates in a fragmented but growing market and told Unquote that the firm will target direct market competitors, component suppliers and alternative or complementary testing technologies. The acquisitions will focus on Europe with the potential for US add-ons, May said.

May added that the firm has already initiated the buy-and-build process via discussions with potential targets and strategic partners.

HQIB comprises several family offices that are shareholders in the firm and commit capital to its balance sheet, from which it invests. The firm does not manage a fund and is not limited in its holding periods based on a fund structure, said May.

Company
ATX employs 150 people and was founded in 1997. It is based in Pürgen in Bavaria and Weil im Schönbuch in Baden-Wuerttemberg. The company produces test adapters for electronic test procedures such as in-circuit, functional and final testing of electronic assemblies and printed circuit boards. It generates revenues of less than €25m.

People
Harald Quandt Industriebeteiligung – Gregor May (managing director).
ATX Hardware – Hans Drexler (managing director); Robert Schulz (commercial director).

Advisers
Equity – Lanweiser (legal); Ebner Stolz (financial due diligence, tax); Invensity (commercial due diligence).
Company – Sonntag Corporate Finance (corporate finance).

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• Topics
• Buyouts
• DACH
• Industrials
• Germany