Maguar Capital invests in Bregal-backed STP

The deal took place in March 2021, according to a press release from Maguar's adviser, RDT Dr Dautel. The GP invested in the Luxembourg-based holding company for STP via its Maguar I fund, according to the same statement.

Maguar is led by Arno Poschik, Gunther Thies and Matthias Ick. Prior to co-founding Maguar, Poschik worked at Hg, where he was a member of the board at STP, and he also held a role with EQT from 2018-2019. Thies founded STP in 1993 and was the company's CEO until 2017. Ick held executive and board positions at a number of startups before co-founding Maguar, focusing on digitalisation.

Maguar focuses on small-cap investments in software businesses based in the DACH region. The GP made its first investment in August 2020, acquiring software platform HRWorks with additional backing from Aberdeen Standard Investments, EMZ Partners, Golding Capital Partners and LFPE, as reported.

Maguar had not responded to a request for comment at the time of publication. Bregal Unternehmerkapital declined to comment.

Previous funding
Hg acquired STP in May 2016, investing via HgCapital Mercury Fund and its listed HgCapital Trust. Maguar partner Poschik worked on the deal for the GP, according to a statement issued at the time, and former STP CEO Thies invested in the company as part of the buyout.

Bregal acquired STP from Hg in November 2020, deploying equity via Bregal Unternehmerkapital II, which held a final close in October 2018 on €1.3bn. The fund invests in businesses with EBITDA of €5-30m, deploying equity tickets of €30-150m. STP was likely to generate EBITDA in the region of €12m at the time, compared with €5-6m when Hg acquired the business, one source told Mergermarket at the time of the sale process.

Company
Founded in 1993 and based in Karlsruhe, STP is a software platform that provides process, client, litigation and data management services for law firms, as well as restructuring and insolvency practitioners. The business has 200 employees and serves 1,800 clients.

People
Maguar Capital – Matthias Ick, Arno Poschik, Gunther Thies (founding partners).
Bregal Unternehmerkapital – Jan-Daniel Neumann (co-founder, managing director).
STP – Uwe Richter (CEO).

Advisers
Equity – RDT Dr Dautel, Ralph Dautel (legal).

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• Bregal Investments
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