Capiton acquires electronics business Cedes

The deal is expected to close in Q4 2020.

Unquote sister publication Debtwire reported in November 2019 that the business was marketed based on EBITDA of €12m. The company reported 2019 EBITDA of €9m.

Capiton is currently investing via Capiton VI, which is targeting €550m and was launched in July 2019. The vehicle is currently on the road for the vehicle and is understood to have held a first close in Q2 2020. The deal is the second from the fund following its acquisition of pharmaceutical supplier CNP Group in July 2020.

Company
Founded in 1986, Cedes produces and designs 3D sensors, and positioning and control systems for use in moving doors and elevator panels. Its products are used in both residential and industrial door systems, as well as in automatic windows and escalators. Headquartered in Landquart, Switzerland, the company reports revenues of €51m.

People
Capiton – Manuel Hertweck (managing partner, member of the management board).
Cedes – Christian-Erik Thöny (CEO).
Assa Abloy – Nico Delvaux (president, CEO).

Advisers
Equity – Androschin & Partner (commercial due diligence); KPMG (financial due diligence); EY (tax); BMH (legal); Intargia (IT due diligence); Kessler (insurance due diligence); AvS (management due diligence); Tauw (environmental due diligence).

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