Ardian acquires Mimacom Flowable Group

The GP has invested alongside management, led by CEO Agim Emruli, according to a press release. It will support the company with targeted acquisitions of IT service and business process automation companies, it said.

Unquote sister publication Mergermarket first reported that Miracom was on the market for a new owner in a KPMG-led sale process in November 2022. Three bidders had progressed to the second round before Christmas, with A&M Capital named as a bidder in the final round in February 2023, as reported.

Mimacom was marketed based on 2022 EBITDA of around EUR 10m and revenues of EUR 60m, although forward-looking EBITDA could reach a range of EUR 13m-EUR 15m, as reported. Mimacom was expected to be valued at an enterprise value (EV) of around EUR 150m, as reported.

Ardian is currently deploying equity via vehicles including its Expansion Fund V, which held a final close on EUR 2bn in September 2020. The fund targets mid-market, high-growth European companies and usually deploys tickets ranging between EUR 40m-EUR 180m, according to Unquote Data.

The firm’s Expansion strategy made two deals in 2022, according to its website, acquiring business transformation consultancy Alixio in May and technology consultancy Serma Group in June.

In addition to new deals from the strategy, the sponsor is also entertaining pitches to award a sellside mandate for the sale of its German healthcare tech asset Imes-icore, as reported. The GP acquired the business in 2017 via its 2016-vintage fourth expansion fund.

Company
Headquartered in Bern, Switzerland, the Mimacom Flowable Group advises companies on the digital transformation of business processes and the creation of software projects. It serves customers in a range of industries including finance, insurance, life sciences and manufacturing, according to its website. Its other offerings include nearshoring, managed services, data engineering, and the Internet of Things (IoT) and UX development services. It has more than 500 employees in 10 locations worldwide, including in Germany, Spain, the US, and Poland. Mimacom merged with Flowable, then trading as Edorasware, under a single holding company in 2018, and acquired a majority stake in Zurich-based Luware in 2019.

People
Mimacom Flowable Group − Agim Emruli (CEO of the Group & Flowable), Alain Sahli (CEO of Mimacom), Tim Weinmann (CRO of Mimacom) and Micha Kiener (founder and CTO).
Ardian − Marc Abadir (managing director), Max Dolata (director), Nicolas Münzer (senior investment manager), Marlon Sandvoss (investment manager), Janine Paustian (analyst).

Advisers
Vendor – KPMG (corporate finance).
Equity – Deloitte (corporate finance); Singulier (commercial & technical due dilligence), Milbank, Advestra (legal corporate M&A, legal financing and tax structuring), EY (tax due diligence); Lincoln International (M&A & debt advisory).

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• Topics
• Buyouts
• DACH
• Technology
• Ardian (formerly Axa PE)
• Switzerland