Pinova sells Human Solutions, Avalution to Bridgepoint's Humanetics

Synergies between the two companies are expected to come from their common client base of automotive companies.

Prior to the exit, Pinova owned a 70% stake in Human Solutions, with founder and CEO Andreas Seidl owning 30%.

During the investment period, Human Solutions was split into three business units to sell its sector-focused products separately: Human Solutions, Avalution and Assist.

The sale is a partial exit for Pinova, since the GP will retain its stake in former Human Solutions business unit Assist, which is based in Munich and specialises in design software for the fashion industry. Pinova has seen significant strategic interest for Assist and foresees an exit in 12-18 months, Joern Pelzer, founding partner at Pinova, told Unquote.

The deal was closed at the end of February 2021, Pelzer added, noting that both the businesses involved remained stable in 2020 in spite of the pandemic.

Nord Holding sold its stake in the business in 2020. The firm was an LP in Pinova I and exited its investment in the business in a GP-led deal, which saw Pinova buy out the investor, financed by Headway.

Pelzer told Unquote that Pinova made good returns on the partial sale, but declined to disclose figures at this stage.

Previous funding
Cornerstone Capital invested in Human Solutions in 2004. In June 2015, Pinova and Nord Holding acquired a majority stake in Human Solutions in a deal that saw Cornerstone exit the business. At the time, the company generated €22.5m in revenues and employed 200 staff.

Pinova deployed equity via Pinova I, which held a final close in October 2010 on €115m. The fund deployed equity tickets of €3-15m, with larger tickets possible with LP co-investments, focusing on engineering and services businesses in the DACH region. Human Solutions was the vehicle's final platform investment.

Company
Based in Kaiserslautern and founded in 2002, Human Solutions is a virtual ergonomic design platform, while Avalution specialises in 3D body scanning for design. Both software tools specialise in serving automotive original equipment manufacturers via their 3D manikin and ergonomics simulation software.

People
Pinova Capital – Joern Pelzer (founding partner).
Human Solutions – Andreas Seidl (CEO).

Advisers
Vendor – GCA Altium (M&A); Transaction Law, Jörg Windt (legal); Crowe BPG, Andreas Hoffmann (tax, financial due diligence).
Acquirer – Howard & Howard (legal); SKW Schwarz (legal); BDO (financial due diligence).

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• Topics
• Exits
• DACH
• Technology
• Germany
• Partial sale
• Exclusive
• Pinova Capital
• Nord Holding