Beyond Capital Partners sells Sysob to trade

The GP scored returns of 3.2x money and a 41% IRR on the exit.

Christoph Kauter, managing partner at BCP, told Unquote that an auction process for the sale began in Q4 2020, with signing and closing following in mid-Q1 2021. The process aimed to find a new owner to support the company's next stage of growth.

CMS Distribution said in a statement that it expects the combined group to benefit from a larger geographical presence and complementary vendors.

BCP acquired a majority stake in Sysob in December 2016, investing via Beyond Capital Partners Fund I, which held a final close in May 2017 on €25.5m, according to Unquote Data. The deal was an all-equity transaction and the GP did not add any leverage during the investment period, Kauter told Unquote.

Sysob's revenues doubled during the investment period, BCP said in a statement, and its EBITDA also increased.

BCP sold fellow Fund I portfolio company and IT business Ebertlang in March 2019 in an SBO to HQ Equita.

The GP is currently on the road for its second fund, which is expected to hold a final close in Q1 2021.

Company
Founded in 1999 and headquartered in Schorndorf, Sysob distributes IT equipment for functions including security, wireless local area networks and server-based operations. The brands in its portfolios include Okta, Pulse Secure and Yubico. Sysob generates revenues of around €25m and employs approximately 40 staff.

People
Beyond Capital Partners – Christoph Kauter (managing partner).
Sysob IT-Unternehmensgruppe – Thomas Hruby (founder, managing director).
CMS Distribution – Frank Salmon (founder, CEO).

Advisers
Vendor – WMCF (M&A); Schalast & Partner (legal).

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