Pinova sells Sill Optics to DPE

Following the deal, CEO Christoph Sieber and CFO Benjamin Sauter will remain invested in the Wendelstein, Germany-based company.

DPE is currently investing in Deutschland IV, which raised EUR 1bn in 2020. The fund focuses on DACH Mittelstand businesses and deploys equity tickets of EUR 20-60m, according to Unquote data.

Pinova acquired Sill Optics in 2019 and developed the group organically, Herbert Seggewiß, partner at Pinova, told Unquote.

The most significant investments made during its hold period was significant capex spending on a cleanroom, which increased the quality and speed of production, Seggewiß said. Other important investments include introducing a second layer of management, encompassing a finance department headed by CFO Sauter, production director, business development manager and R&D director, among others.

Pinova had initially explored bolt-on acquisitions for Sill Optics following the management buyout, but this was made difficult as the COVID-19 pandemic emerged, he said. The new hires and new systems introduced also meant that Pinova and the management team had to focus its energy on managing the transition, Seggewiß said.

The Munich-based private equity firm began actively considering exiting the company following inbound interests both from strategic buyers and sponsors in the US and Europe. This included DPE, who was familiar with CEO Sieber, the company and the industry, he said. DPE then offered a valuation considered to be "competitive", at which point Pinova decided to conduct a bilateral deal with its peer, he added.

Company
Sill Optics is a manufacturer of precision optics used in various applications including laser material processing, additive manufacturing, medical technology and select chip manufacturing processes. Sill employs approximately 250 employees in Wendelstein, Bavaria.

People
DPE - Fabian Rücker (partner).
Pinova - Herbert Seggewiß (partner).
Sill Optics - Christoph Sieber (CEO).

Advisors
Vendor - King & Wood Mallesons (legal), Crowe BPG (financial) and HLB Hußmann 
Buyer - Cowen (debt advisory), Ebner Stolz Hamburg (financial and tax due diligence), Latham (financing), Noerr (legal), PWC (ESG), Pöllath + Partners (structuring) and strategy& (commercial due diligence).

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• Topics
• Exits
• Industrials
• DACH
• Pinova Capital
• Deutsche Private Equity