Pinova Capital invests in AT Automation Technology

Co-founders and co-CEOs Michael Wandelt and André Kasper will remain in their management positions and will retain a minority stake in the business.

“Sell-side M&A adviser Livingstone approached us in Q4 2019 and selected a group of strategic and financial investors,” Herbert Seggewiß, a partner at Pinova Capital, told Unquote. “It was a competitive process but not broad. Very early on, we established a good basis with the company’s managing directors, who fully owned the company, and we established that we had the same strategic goals.”

“As with many transactions, there was a slight pause after the lockdown in mid-March, but we stayed in touch and it was a smooth process,” Seggewiß added.

AT is the GP’s sixth platform investment from its second fund, which held a final close in January 2017 on €180m. The fund writes equity tickets of €5-25m, investing in technology-driven companies generating revenue of €10-75m based in the DACH region.

Hamburger Sparkasse provided a debt package to support the acquisition.

Asked about the GP’s current deal-making plans, Seggewiß said: “We expect to close another two to three deals in the next six months.”

Pinova is understood to be planning to launch its next fund in 2021.

Company
Founded in 1998, AT develops and produces 3D sensors and systems for use in industrial automation and infrared cameras. Its products are used in sectors including aviation, automotive, plastics production and electronics manufacturing. AT is based in Bad Oldesloe, Schleswig-Holstein.

People
Pinova Capital – Herbert Seggewiß (partner).
AT Automation Technology –  Michael Wandelt, André Kasper (co-founders, co-CEOs).

Advisers
Equity – Taylor Wessing (legal); BPG (financial due diligence); Bluemont (commercial due diligence).
Vendor – Orrick (legal); Livingstone (M&A).

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