Deutsche Private Equity (“DPE”) and its co-investors reached a
definitive agreement to sell their majority holding in Elatec,
a leading global provider of multi-standard RFID readers, through a
majority recapitalization by global growth equity investor Summit
Partners. DPE and its co-investors will retain a minority stake in
the company. The transaction is subject to investment review by the
German Federal Ministry for Economic Affairs and Energy and is expected
to close in the first half of 2018.
DPE and Elatec: Improved market position and strong growth
Elatec is one of the world’s leading suppliers of multi-standard RFID
readers. Since DPE’s investment in Elatec in January 2016, the company,
headed by CEO and co-owner Stefan Haertel, has nearly doubled its
revenues and headcount. “With DPE’s expertise in growth, we have
successfully accelerated the development of our core business,
strengthened our market leadership in Europe, expanded our U.S.
presence, established an Asian footprint in both China and Japan, and
diversified the industries served by Elatec‘s market-leading products,”
said CEO Stefan Haertel. “DPE’s support has been instrumental in this
growth, and we are now excited to welcome Summit Partners to the Elatec
team. We look forward to leveraging Summit Partners’ deep expertise in
supporting the global expansion of high-growth technology companies.”
Summit Partners and Elatec: A partnership for continued growth
DPE partner Dr. Frank Müller added: “We are delighted by Elatec’s growth
during our partnership. The company has achieved its goals faster than
planned, and we look forward to participating in the company’s continued
development as a minority shareholder. We believe Summit Partners will
be an ideal partner for Elatec’s next stage of growth.”
“Elatec’s multi-protocol solutions uniquely address a market need,
supporting more than sixty different transmission standards and enabling
the use of RFID applications across myriad end-markets,” said Dr.
Matthias Allgaier, a Managing Director at Summit Partners who will
join the Elatec Board of Directors. “We believe the company is
well-positioned for continued, accelerated growth, bringing Elatec’s
solutions to new customers, new verticals and new geographies.”
Elatec, based in Puchheim near Munich, is specialized in the development
and global sales of contactless (RFID, NFC, Bluetooth) and contact
(SmartCard) readers/writers. Elatec modules enable the clear
identification of individual users on end devices and are used across a
broad range of numerous applications and solutions, such as secure
printing, elevator systems, fitness devices, industrial production,
kiosk, physical access, and point-of-sale systems. The readers/writers
developed by Elatec support all common RFID standards worldwide, which
allows the greatest possible degree of flexibility in integrating new
peripheral devices into existing RFID-based security environments.
Elatec is therefore the world's leading manufacturer of multi-standard
RFID readers for high- and low-frequency RFID coverage.
For more information, please see www.elatec.com.
About DPE Deutsche Private Equity
DPE is a partnership headquartered in Munich and founded ten years ago
with the aim of supporting the growth of medium-sized companies. We view
ourselves as entrepreneurs and pursue long-term strategies in the
sustainable development of market leaders. Based in Munich, we focus
exclusively on medium-sized companies in the German-speaking region.
Since its founding, DPE has successfully launched three funds. DPE has
EUR 1.2 billion assets under management, EUR 600 million of which in
DPE’s third fund. Since 2007, we have invested in 22 platform companies
and made 50 follow-up investments together with these portfolio
For more information, please see www.dpe.de.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm
that is currently managing more than $14 billion in capital dedicated to
growth equity, fixed income and public equity opportunities. Summit
invests across growth sectors of the economy and has invested in more
than 475 companies in technology, healthcare and other growth
industries. These companies have completed more than 140 public equity
offerings, and more than 190 have been acquired through strategic
mergers and sales. Notable technology
and technology-enabled business
services companies financed by Summit Partners include Fineline
Technologies, FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis,
Parts Town, PSC Info Group and RELEX Solutions. Summit maintains offices
in North America and Europe, and invests in companies around the world.
For more information, please see www.summitpartners.com
or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an
SEC-registered investment advisor. In the United Kingdom, this document
is issued by Summit Partners LLP, a firm authorized and regulated by the
Financial Conduct Authority. Summit Partners LLP is a limited liability
partnership registered in England and Wales with registered number
OC388179 and its registered office is at 11–12 St. James’s Square,
London, SW1Y 4LB, UK. This document is intended solely to provide
information regarding Summit Partners’ potential financing capabilities
for prospective portfolio companies.
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