Cross Equity, Pinova sell Rademacher to trade

The exit has produced returns of 2.5x money for Cross, a source close to the situation told Unquote.

Unquote sister publication Mergermarket reported in March 2021 that Rademacher was up for sale, posting revenues of €35m and EBITDA of €9m. The company was previously put up for sale in 2018, Mergermarket reported, but the process did not result in an exit.

Nord Holding acquired Rademacher from Arcadia in 2007, selling the company to Pinova and Cross in 2014. At the time, the company focused primarily on automated sun and sight protection systems for buildings.

Cross invested in Rademacher via its 2009-vintage CHF 100m Cross LP vehicle, according to Unquote Data. At the time of Pinova's investment in Rademacher, the GP was deploying equity via its 2009-vintage debut fund, which held a final close in October 2010 on €115m.

According to a statement, the two GPs supported the company in strengthening its online presence and developing its smart home products, as well as with its international growth.

Cross Equity Partners declined to comment.

Company
Founded in 1967 and headquartered in Rhede, Rademacher produces home automation systems that can be controlled by users from smartphones or tablets. Its smart home systems cover blinds and sun protection, lighting and heating, as well as gates and security.

The company posted revenues of €30m at the time of its acquisition by Cross and Pinova.

People
Cross Equity Partners – Markus Reich, Michael Petersen (managing partners).
Pinova Capital – Martin Olbort (partner).
Rademacher Geräte-Elektronik – Ralf Kern (CEO).

Advisers
Vendor – GCA Altium, Daniel Fritz (M&A).

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• Topics
• Exits
• DACH
• Technology
• Trade sale
• Germany
• Cross Equity Partners AG
• Pinova Capital