Ufenau to acquire Mac IT-Solutions

The transaction remains subject to approval from the competition authority.

Previous shareholders Dagfinn Aarskog and Dirk Wieland have reinvested in the new structure and will hold a significant minority stake in the business.

According to a statement, talks between Ufenau and Mac for the transaction began in May 2020.

Ufenau plans to pursue a buy-and-build strategy for Mac, focusing on e-commerce software businesses operating in the Microsoft-based software sector.

Asked about the buy-and-build strategy, a spokesperson for Ufenau told Unquote: "The owner buyout was sourced proprietarily. The goal with Mac is to establish a leading group of specialised and complementary IT service companies primarily in the DACH region with a distinctive focus on ERP, CRM, Business Intelligence (BI) and Cloud Services in the highly fragmented and dynamic Microsoft environment. Bolt-on acquisition typically have revenues between €7-25m and are usually OBOs. We have identified over 100 add-on opportunities and are currently in discussion with five targets."

Ufenau is currently deploying via Ufenau VI German Asset Light, which held a final close in March 2019 on €560m. The fund deploys equity tickets of €5-20m, focusing on companies with revenues of €15-150m. The GP generally follows buy-and-build strategies for its portfolio companies, focusing on business services, education, lifestyle, healthcare, IT and financial services.

Previous funding
Corporate venture firm Tengelmann Ventures acquired a 49.8% stake in Mac in 2013, alongside angel investor Dirk Wieland, who acquired a 25.1% stake in the business. Dagfinn Aarskog and Wieland acquired Mac from its previous shareholders in December 2019.

Company
Founded in 2003, Mac provides e-commerce software for retailers to manage sales, customer service, marketing, logistics and branch networks, as well as finance. Based in Flensburg, the company services clients in the DACH region and has more than 110 employees.

People
Ufenau Capital Partners – Dieter Scheiff (managing partner), Adrian Hess (investment director).
Mac IT-Solutions – Dagfinn Aarskog, Dirk Wieland (managing directors, managing partners).

Advisers
Equity – Sancovia Corporate Finance (corporate finance); GÖRG Rechtsanwälte (legal); Rödl & Partners (financial due diligence); Commercial Advisory (commercial due diligence); Valearis (technology due dilignece).

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