Invision buys majority stake in VR Equitypartner's N3K

The transaction remains subject to competition authority approval.

VR Equitypartner has partially sold its previously held minority stake but will reinvest in the structure to hold a stake in the business following the transaction, according to a statement.

Alexander Häcker, the current co-CEO and head of sales and distribution, will become CEO of N3K, while founder and former CEO Rainer Maurer will remain on board in an advisory role. Christian Ehrenthal, founder of Cynga Labs (a subsidiary of N3K since 2019), will resume his role as CEO of Cynga.

Unquote sister publication Mergermarket reported in September 2020 that management presentations had been held as part of the sale process for N3K. The company was marketed based on EBITDA of €8m.

VR Equitypartner acquired a minority stake in N3K in 2016 via a growth capital investment, with the management team holding the remaining shares in the business. N3K acquired US-based Cynga Labs in February 2019.

Invision and VR Equitypartner plan to support the company in strategic acquisitions and investments, as well as via investment in new products.

Invision is currently deploying equity via Invision VI, which held a final close in February 2019 on €375m. The fund deploys equity tickets of €25-45m and focuses on DACH-based companies with revenues of €25-200m.

Company
Founded in 2000 and based in Heilbronn, N3K provides software and infrastructure services for network projects, including IP address and network management, as well as active director and cloud auditing. The company also offers training courses. It generally offers third-party software products, as well as primary products that are compatible with third-party software.

N3K has 60 employees. Its client base comprises 150 companies, including businesses such as Evonik, Deutsche Bank, Commerzbank and O2 Germany.

People
Invision – Frank Becker (managing partner).
N3K Network Systems – Rainer Maurer (founder, co-CEO).
VR Equitypartner – Christian Futterlieb (managing director).

Advisers
VR Equitypartner – Cowen, Jozsef Bugovics, Jens Schmidt-Sceery (M&A); CMS, Jörg Lips, Christoph Löffler (legal); Norton Rose Fulbright, Christoph Ritzer, Markus Müller (legal); Ebner Stolz, Joachim Hau, Daniel Bertram (financial due diligence).
Invision – Skye Partners, Holger Scheer, Christoph Breithaupt, Julia Rosigkeit, Sandra Brieske, Lisa Schulte (legal); Frank Bayer, Jutta Schneider (tax); BCA Law, Bettina Carr-Allinson (commercial due diligence, IT due diligence); Nordemann, Christian Czychowski, Thomas Boddien, Luisa Siesmayer (IT due diligence); Buhler Duggal & Henry, Raoul Duggal, Carl Berry (corporate finance); King & Wood Mallesons, Daniel Ehret (debt advisory).
Management – Latham & Watkins, Stefan Widder, Susanne Decker (legal).

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• Topics
• Buyouts
• Exits
• DACH
• Technology
• Partial sale
• Germany
• Invision Private Equity AG