Capiton sells Trioptics to trade

The transaction remains subject to German competition authority approval and the deal is expected to close in Q3 2020.

The enterprise value amounts to 10.4x Tripoptics' projected 2021 EBITDA, according to a statement.

The deal will be structured in two stages, according to the same statement. Jenoptik will initially take a 75% stake in the business and will acquire the remaining 25% stake after fulfilling defined success criteria by 2021.

Jenoptik reports revenues of €855m, employing 4,100 staff. It has a market capitalisation of €1.24bn.

Capiton bought a minority stake in Trioptics in April 2015, investing via Capiton IV, which held a final close in November 2009 on €350m.

Trioptics reported revenues of €45m in 2014. The company experiencd annual turnover growth of 17% during the investment period.

Unquote sister publication Mergermarket reported in August 2019 that Capiton had mandated Alantra to lead the sale process.

Company
Founded in 1991 and based in Wedel, Trioptics develops and produces optical measuring and manufacturing technology for lenses, lens systems and camera modules. Its products are also used in smartphones.

Trioptics reported revenues of almost €82m in 2018, compared with €63.8m in 2017. The company had an operating margin before depreciation of 27% in 2019. It employs 400 people.

People
Capiton – Christoph Spors (partner).
Trioptics – Eugen Dumitrescu (founder, CEO).

Advisers
Vendor – Alantra, Frank Merkel (corporate finance); BMH Partners, Jan-Peter Heyer, Tina Schmidt (legal).

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