Pinova invests in Raynet

Joern Pelzer, founding partner at Pinova, told Unquote that the GP was introduced to Raynet and founding CEO Ragip Aydin in November 2020. Aydin wanted to stay on board and continue his growth path with an experienced partner with the expertise and network to develop and internationalise, Pelzer added. Aydin will retain a significant minority stake in the business.

The parties worked on the deal in December 2020 and January 2021, and it was signed in February, with closing on 1 March, Pelzer said.

Pinova wants to help Raynet to grow organically and internationalise, Pelzer told Unquote, and would consider add-ons. Pinova has some targets in mind, he added, but declined to disclose further details.

Pinova is deploying equity via Pinova Capital Fund II which held a final close in January 2017 on its hard-cap of €180m. The fund can invest equity tickets of €10-25m, or up to €50m with a co-investment. Pinova plans to do two more deals from the fund this year and will then launch Fund III, Pelzer said.

The deal is currently all-equity, but the GP has linked up bank financing to back the deal, he added.

Company
Founded in 1999 and headquartered in Paderborn, Raynet provides ALM software and services for SMEs. Its software packages and software management services aim to reduce complexity and cost for businesses.

Raynet generates more than €10m in revenues. It employs 61 staff, according to LinkedIn.

People
Pinova Capital – Joern Pelzer (founding partner).
Raynet – Ragip Aydin (founder, CEO).

Advisers
Equity – Transaction Law, Jörg Windt (legal); Ebner Stolz, Markus Schmarl (financial due diligence, tax); WDP (technology due diligence); Barc (commercial due diligence).
Vendor – Imap, Henning Graw, Patrick Fritscher, Sebastian Dinklage, Mehmet Koc (M&A).

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