Alpina sells Modula to PE-backed Aptean

The transaction is expected to close in Q1 2020.

Aptean acquired Germany-based Agiles in October 2020, and the acquisition of Modula is intended to continue its expansion in the DACH region.

Modula is a buy-and-build platform, formed via the acquisition of Oxaion in 2015. The platform subsequently acquired Cimdata, Syncos and Logis in 2016, 2017 and 2018 respectively.

Alpina said in a statement that the company's revenues have tripled during the GP's investment period. Oxion reported revenues of €11.1m in 2014, according to Unquote Data.

Alpina acquired a 51% stake in Oxion via Alpina Partners Fund, which held a final close in January 2016 on €140m. The GP was known as WHEB Partners at the start of the fundraise in 2013 but rebranded as Alpina following a partner buyout. The fund generally invests around €10m in lower-mid-market growth businesses generating revenues of at least €5m.

Company
Modula provides ERP software for mid-market companies in sectors including automobiles, medical technology, manufacturing and logistics. Modula also provides manufacturing execution systems (MES) software. The business serves 500 customers and has around 300 employees, with 12 offices in Germany and Austria. The company is headquartered in Ettlingen, where original platform investment Oxaion is based. Oxaion was founded in 1978, but the new platform was initiated in 2015.

People
Alpina Partners – Florian Strehle (partner).
Modula – Volker Schinkel (CEO).
Aptean – TVN Reddy (CEO).

Advisers
Vendor – 3 Mills Advisory (corporate finance).

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