Ufenau buys stake in Integr8

Ufenau acquired a stake of 70%, while the management team have retained 30%.

The deal was closed in November 2019. Ralf Flore, partner at Ufenau, told Unquote that the process took six to eight weeks to close and that the GP had looked into around 15 companies. "We were looking to invest here in the past couple of years," he said. "There is a significant shift towards digitalisation in business models. Integr8 really focuses on data, new technologies and new tools as part of the data-driven digitalisation of marketing."

The GP will follow a buy-and-build strategy, aiming to build a group of similar agency companies. Flore told Unquote that the GP has a list of 50 potential add-on targets and is in discussions with several of them. Ufenau will focus on add-ons in Germany and Switzerland for now.

Ufenau deployed equity from Ufenau VI German Asset Light, which is now around 20% deployed following its €560m final close in March 2019. The fund invests in companies with revenues of €15-150m revenues, deploying equity tickets of €5-20m.

The GP's predecessor vehicle is now around 80-85% deployed, Flore told Unquote, and it has equity remaining for add-on investments.

Flore added that the deal has an enterprise value of around €20m and that the financing is all-equity for now, but the GP may seek to refinance.

Company
Integr8 is a digital agency based in Berlin. It offers services including creation and design, workshops and digital marketing. Its client base includes Nivea, O2, Volkswagen, Audible and Audi, according to its website.

The company was founded in 2013 and has a headcount of 50. It reports revenues of almost €10m and has an EBITDA margin of 30%, reporting recent growth of 30% per year.

People
Integr8 – David Rost (CEO, founder).
Ufenau Capital – Ralph Flore (managing partner).

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• Ufenau Capital Partners