Constellation IV closes on €120m hard-cap

The fund will look to invest in companies generating revenues between €20-80m and accelerate their expansion through bolt-on acquisitions. It intends to acquire majority stakes in up to six further companies by summer 2017.

Constellation closed its previous fund, Constellation III German Asset Light SICAV-FIS (Luxembourg) Private Equity Fund, in February 2012.

Investors
Constellation received commitments from funds-of-funds, family offices, universities, foundations, endowments and a state pension fund. Backers hail from France, Germany, Switzerland, the US and Asia.

Investments
Constellation IV follows the same investment strategy as its predecessor fund, focusing on management buyouts in service companies in German-speaking Europe. These can be in the business services, healthcare, education and lifestyle or financial services segments.

Four acquisitions have already been made from the fund; in August, Constellation acquired Douteil Smart Repair as part of a management buyout. A month later, Constellation took a majority stake in Roth Brandschutz, a Swiss fire protection services provider. In November, the private equity house purchased building services company Rehms. Its most recent acquisition was UK-based Dent Wizard.

People
Ralf Flore is managing partner at Constellation.

Advisers
Equity – Axon Capital (Placement agent).

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• Topics
• DACH
• Buyout
• Germany