DBAG acquires Congatec

Congatec is the second investment from DBAG Fund VIII, which held a final close in May 2020 on more than €1.1bn. The fund writes equity tickets of €40-100m, investing in companies with an enterprise value of €75-250m.

The GP has also co-invested €23m from its balance sheet, amounting to a stake of around 20% and implying a total equity value of around €115m.

The deal is the third to be announced by DBAG in August 2020: it acquired Italy-based PM Plastic Materials via its seventh fund, following which the GP made the first investment from its eighth fund, acquiring Germany-based fire safety systems company Multimon, as reported.

Company
Congatec produces computer-on-modules (CoM) for use in industrial robots, image processing and ultrasonic devices, as well as industrial single-board computers (SBC). Its technology serves industries including digital signage, industrial automation, medical technology and the Internet of Things (IoT).

The company was founded in 2004 and is based in Deggendorf. It reported revenues of $126m in 2019, compared with $132.5m in 2018 and $106.6m in 2017. According to a statement, around 80% of its revenues come from its CoM hardware design business. Congatec has subsidiaries in the US, Asia and the Czech Republic, and employs 270 staff.

People
Deutsche Beteiligungs AG – Rolf Scheffels (member of the board of management).
Congatec – Jason Carlson (CEO).

Advisers
Equity – Roland Berger, Sven Kleindienst, Michael Alexander, Justus Jandt (commercial due diligence); Alvarez & Marsal, Andreas Schmitz, Amil Klisura (financial due diligence); Baker McKenzie, Ingo Strauß, Heiko Gotsche (legal); Gleiss Lutz, Eike Bicker (legal); Flick Gocke Schaumburg, Torsten Engers (tax); ERM, Jens Wrabel (environmental due diligence); Euro Transaction Solutions, Jürgen Reinschmidt (insurance due diligence).

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