Evoco makes three-company Austrian portfolio deal

The deal also sees Evoco acquire stakes previously held by AWS Mittelstandsfonds in enterprise content management (ECM) software Document.One and telecommunications service producer communication software Communi5.

AWS Mittelstandsfonds is a subsidiary of Austria Wirtschaftsservice. It provides growth capital for small and medium-sized Austrian businesses in the form of equity and mezzanine financing.

Evoco specialises in lower mid-market portfolio deals and the acquisition of non-core assets, investing in resilient companies operating in attractive sectors.

The GP is deploying equity via Evoco TSE III which held a final close in December 2021 on EUR 162m, surpassing its EUR 150m target. The fund was 20% deployed at the time of its final close, according to Unquote Data. It deploys equity tickets of EUR 20m-75m with a EUR 40m sweet spot and expects to make three to four deals in total.

Evoco said in a statement that it intends to the continued growth of each company. For AMI, this is expected to include capitalising on long-term demographic trends and developing the distribution of its products.

Previous funding
AWS Mittelstandsfonds acquired AMI in April 2018, according to Unquote Data.

AWS Mittelstandsfonds acquired a 33.4% stake in Communi5 in January 2020, acting as the lead investor in the company's management buyout.

Company
Founded in 1998 and headquartered in Feldkirch, AMI produces medical technology and products for surgical applications. Its product portfolio focuses on urology, urogynaecology and coloproctology. The company employs 125 staff.

Enterprise content management (ECM) platform Document.One develops "document-as-a-service" software, automating and integrating documents. Its clients include UniCredit Leasing and Johnson & Johnson, according to its website.

Communi5 was formed in 2019 via an MBO from Teles. Headquartered in Vienna and with an additional office in Berlin, it provides communications software for telecommunications service providers.

People
Evoco – Michel Galeazzi (partner, co-founder); Lorenzo Sormani (director).
AWS Mittelstandsfonds – Nina Dohraa, Christoph Haimberger (members of the management board).

Advisers
Equity – Schindler Rechtsanwälte (legal); Medows (commercial due diligence); Grant Thornton (financial due diligence).
Vendor – WMWP Rechtsanwälte (legal); Clairfield (corporate finance).

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