eCapital et al. sell Novaled for €260m

Kim Richters
13 August 2013

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eCapital Entrepreneurial Partners and other backers have sold 40% of organic light-emitting diode (OLED) specialist Novaled to Samsung Electronics, as well as a further 50% of the business to its subsidiary Cheil Industries, in a transaction valued at €260m.

Cheil, an electronic materials company and a subsidiary of the Samsung Group, acquired approximately 50% of the business from eCapital, Zweite TechnoStart Ventures Fonds, Omnes Capital, TechFund Europe Management, Innovation Capital, KfW, Dresden Fonds, Tudag TU Dresden and other shareholders.

Meanwhile, Samsung Electronics acquired a stake of around 40% from the same investors. The remaining stake of about 10% is currently held by Samsung Venture Investment, which originally backed Novaled in 2011.

The transaction was valued at €260m and includes a €30m contingent payment.
Cheil and Samsung Electronics will also acquire the shares of the founding partners of Novaled.

eCapital is a venture capital firm based in Münster, North-Rhine Westphalia. It initially invested in Novaled in 2009.

Company
Novaled was founded in 2001 as a spin-off of the University of Dresden and the Fraunhofer Institute. Novaled researches, develops and commercialises technologies and materials that enhance the performance of OLEDs.

The company is based in Dresden, Saxony, and has sales offices in Japan and Korea. In 2012, Novaled recorded a €26m turnover, according to eCapital.

People
Gildas Sorin is CEO of Novaled. Paul-Josef Patt is CEO of eCapital. Michel de Lempdes is a partner at Omnes. Jong-Woo Park is Cheil's CEO. Choi Gee-sung is Samsung Electronic's CEO.