HCS sells AGO to RheinEnergie

The sale was structured as a competitive auction process and the company received interest from international bidders, with both German and international strategic buyers in the final round. The process began in August 2019 and was closed in November 2019, following which the deal was approved in April 2020.

HCS bought a majority stake in Ago in April 2014. The company had a market capitalisation of around €3.5m at the time, according to Unquote sister publication Mergermarket.

HCS generally takes minority stakes in young companies, investing €500,000-5m, but will consider majority stakes in more established businesses, according to its website.

The GP will focus its investment portfolio on the areas of AI, Internet of Things and cybersecurity following the sale, according to a statement.

Company
Ago advises clients on the planning and construction of energy plants with a focus on electricity, heating, cooling and ventilation technology, as well as biomass plants. It also offers advice on energy efficiency projects, and advises industry and public clients on contracting.

The company was founded in 1980 and is based in Kulmbach, Bavaria. It has 180 employees and generated revenues of €60m in 2018, with EBITDA of €2.5m.

People
RheinEnergie – Achim Südmeier (sales director).
HCS Beteiligungen – Renate Semmler (managing director); Hans-Christian Semmler (managing director).

Advisers
Vendor – Mayland (M&A).

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