Cowen advises Deutsche Beteiligungs AG on the acquisition financing for the purchase of akquinet AG

Tombstone DBAG akquinet 2022 en
Overview

Transaction

Cowen exclusively advised Deutsche Beteiligungs AG (“DBAG”) on the acquisition financing for the purchase of akquinet AG, a German provider of comprehensive IT services. In March 2022, DBAG Fund VII, which is advised by DBAG, entered into an agreement to acquire all outstanding shares of the circa 70 shareholders, including two company founders and akquinet employees, in a management buy-out (MBO). Members of the executive board and managing directors of subsidiaries will substantially reinvest in akquinet. The closing of the transaction was subject to the approval of the antitrust authorities and was closed on June 22, 2022.

The complex transaction involved shareholders of more than 20 individual companies, a non-profit organization and two data centers. In addition to the acquisition financing, further credit facilities were provided to finance the operating business as well as sufficient funding capacity to execute the continued expansion strategy.

Client

Deutsche Beteiligungs AG, a listed private equity company, initiates closed­-end private equity funds, and itself invests alongside those funds predominantly in well-positioned mid-market companies with development potential. For many years, DBAG’s focus has been on industrial sectors. A growing portion of DBAG’s equity investments is now deployed in the growth sectors of broadband/telecommunications, IT services/software and healthcare. lts long-term, value-enhancing entrepreneurial investment approach makes DBAG a sought-after investment partner in the German­-speaking world. DBAG Group ‘s assets under management or advisory amount to 2.5 billion euros.

Target

Founded in Hamburg in 2002, akquinet has since developed into a group offering a broad portfolio of IT services through a combination of organic growth and company acquisitions. The company specializes in the implementation of ERP systems (SAP and Microsoft) and the customized development of software solutions. akquinet can draw on many years of experience, especially in the health and social welfare sectors, as well as in mechanical and plant engineering, the public sector, and logistics. In addition, the company also provides IT systems outsourcing to businesses of all sizes, in its high-performance data centres.

In 2021, the company achieved a turnover of  around 140 million euros. akquinet employs approx. 950 people, mainly in Hamburg, but also at 20 other locations in Germany and Austria. In 2006, akquinet set up a non-profit limited company together with Evangelische Stiftung Alsterdorf and since then has employed approx. 40 people with a disability at the company. In 2019, the company received the Hamburg Senate’s Inclusion Award for its outstanding commitment.

Contact

Marco
Schunder

Partner
Debt Advisory, Cowen

+49 172 6212 755
Email

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