Triton acquires Inwerk

The deal was initiated via a long-term proprietary relationship with sell-side adviser KMC.

As part of the transaction, Inwerk's founders will remain on board and will reinvest in the company's structure for a minority stake.

The business is valued at around €100m.

According to a statement, Triton intends to support Inwerk's growth by strengthening its position within its customer base, as well as to launch and commercialise new products. Add-on acquisitions are being actively screened, with smaller targets beyond Germany and in the DACH region in consideration.

Triton has previously invested in the office furniture sector, acquiring Norway-based office chair manufacturer Flokk (then known as SB Seating) in 2014 via the fourth fund in its large-cap strategy.

Inwerk had been considered as a potential add-on for Flokk, but Inwerk serves a broader portion of the office furniture market and was viewed and acquired as a standalone opportunity.

Triton has deployed equity via its Triton Smaller Mid-Cap Fund (TSM). The vehicle held a final close in July 2018 on €448m, surpassing its target of €350m. The fund made its first investment in February 2017, acquiring Via Location. The vehicle deploys equity tickets of €20-50m, acquiring majority stakes in mid-cap businesses in the DACH and Nordic regions.

Inwerk is Triton's 10th deal from TSM; the vehicle still has dry powder remaining to support add-ons for its portfolio companies.

TSM II was registered as a Luxembourg-domiciled vehicle in July 2020, according to publicly available documents.

Debt has been arranged for the deal by a consortium of three local banks.

Company
Inwerk designs, manufactures and sells office furniture for use in both commercial buildings and at home. The company developed its ergonomic home office product range in 2018. It sells its products online and began as an e-commerce business. Inwerk's client base comprises 400,000 companies, including 75% of the DAX 30 businesses, according to a statement. The company sells third-party furniture as well as its own products.

Founded in 2001, Inwerk employs 80 people and is headquartered in Meerbusch (North Rhine-Westphalia), with an additional site in Biebertal (Hesse). Inwerk reported revenues of €30m in 2017, according to its website, and now generates revenues of €50m and EBITDA of €10m.

People
Triton – Peder Prahl (managing partner); Andi Klein (investment advisory professional, member of the TSM investment advisory committee).
Inwerk – Jens Hohenbild (managing director).

Advisers
Equity – Gibson Dunn (legal); PwC (financial due diligence); Ommax (commercial due diligence).
Vendor – KMC (corporate finance); Berten Partner (legal).

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