Polaris acquires manufacturing software company Configit

Sources with knowledge of the deal said Polaris's investment follows a six-month sales process and auction run by UBS, in which the GP was chosen as the preferred bidder despite higher competing bids.

Little-to-no leverage was applied to the deal, with just a small working capital facility arranged.

The transaction saw Polaris draw capital from its 2015-vintage DKK 3bn fourth fund, through which the GP has now completed three buyouts; the fund is now deployed at around 20%. The vehicle has not yet held a final close, but individuals close to the fundraising process said it had surpassed its DKK 3bn target and is likely to close before the end of Spring.

Former Configit owner Michael Moesgaard Andersen and founders Henrik Reif Andersen and Henrik Hulgaard will retain a minority stake in the company post-buyout. Reif Andersen will also remain with the company as CEO.

Configit is Polaris's first deal for a software business and comes following a deliberate push by Polaris to invest more in the sector, which involved setting up an internal team and a network of industrial advisers focusing on software. As part of the deal, strategic adviser Allan Vestergaard will join Configit's board of directors as chair.

Polaris said the company's turnover had tripled over the past three years. The GP intends to support the company's continued growth and globalisation push.

Company
Founded in 2000, Configit is a developer of software for the handling of manufacturing models for industrial companies. Its customers include Jaguar Land Rover, Fiat, Siemens and Phillips.

The company employs 150 people at its Copenhagen headquarters and has offices in China, Germany, India, the US and the UK.

In 2015, Configit generated DKK 128m of revenue and had EBITDA of DKK 42m.

People
Polaris – Allan Bach Pedersen (partner); Jan Johan Kühl (managing partner).
Configit – Henrik Reif Andersen (CEO).

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• Polaris Private Equity