Chequers Capital to carve out Corning Services

The deal is expected to close in Q2 2021.

The GP said in a statement that it intends to work with Corning Services' management team to support future growth, including via a proactive acquisition strategy.

Chequers is currently deploying equity via Chequers Capital XVII, which held a final close in May 2017 on €1.1bn. The fund makes equity investments of €40-120m, targeting mid-market European companies with enterprise values of €80-350m.

The vehicle was 36% deployed as of March 2020, according to Unquote Data. The fund has made three further platform deals since March 2020, with Corning Services the fourth.

Chequers recently made another investment in Germany when it acquired medical workwear company 7Days alongside Paragon Partners in November 2020.

Company
Corning Services provides services for utility companies and IT and telecommunications network operators. Its services include network monitoring and maintenance, as well as design and systems integration. Headquartered in Hannover, the company employs 80 staff.

Corning Incorporated said in its 2020 annual report that Corning Optical Communications had returned to growth in 2020 and expected this trajectory to continue. The company posted 2020 revenues of $3.56bn, compared with $4bn in 2019.

People
Chequers Capital – Uwe Gleitz (director).
Corning Services – Naif Kiy (CEO).

Advisers
Equity – Alvarez & Marsal (financial due diligence).

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