Portfolio Overview - AUCTUS · AUCTUS – Company Profile AUCTUS Capital Partners AG The Company • AUCTUS, founded in 2001, is 100% owned by its management team and fully independent

Portfolio Overview AUCTUS Capital Partners AG

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AUCTUS – Company Profile AUCTUS Capital Partners AG

The Company

• AUCTUS, founded in 2001, is 100% owned by its management

team and fully independent

• More than 100 transactions in Germany, Austria and Switzerland –

market leader

• Winner of different International Awards as best private equity firm

The Team

• 14 experienced investment professionals with more than 90 years

accumulated private equity involvement

• Specific know-how and deep experience in different industries

• Management and Investment Committee of almost 10 years –

constant

• >10% co-investments of the AUCTUS team into the portfolio

companies

The Funds

• More than EUR 500m assets under management with investors

ranging from renowned financial institutions and family offices to

successful entrepreneurs

• ‘Evergreen’ fund structure allows long-term investments and real

development of the companies

Investments Opportunities

Investment Criteria

Revenues between 10 M€ and 150 M€

Medium-sized companies with sustainable profits in

German-speaking countries

Excellent management teams willing to invest alongside AUCTUS

Market leader or excellent market position with distinct competitive

advantages

Strong growth and consolidation potential within the

company and sector

Transparent and controllable risks (finance, legal, technology)

Mainly majority investments (or at least two-digit ownership

percentage)

We don’t seek the perfect company but help to create it.

Classic management buy-out (MBO) and management buy-in (MBI)

transactions

Owner buy-out (e.g. succession arrangements, spin-offs etc.)

Spin-offs / Carve-outs

Buy&Build strategies (e.g. market consolidation through add-ons)

Growth financing (potentially through partial acquisition of shares;

Growth-OBO)

Creative solutions for transactions of complex structure

Dr. Himmelmann C. Blanke Dr. Krocke Dr. Meuthen

Geographical Overview of Portfolio

Companies


Brill Präzisionskomponenten

Profile:

• Automotive supplier with 110

employees

• Activities: Production of turning

work pieces, other swivel plates

and sub-assemblies

• Reference customers: Volkswagen,

Daimler, Bentley, Audi, Getrag,

Ford Transmissions, Magna

Powertrain

Development:

• Brill was founded in 1951, the first

automotive parts were produced in

the early 80s

• In 2007 funds advised by AUCTUS

acquired the company together with

an external manager

• Since then, the focus has been on

broadening the large customer base

and on renewing the machine park

Locations and Particularities:

• Lennestadt-Grevenbrück

(Germany): Headquarter and

production facilities

Growth Strategy:

• Organic growth based on product

innovation (i.e. assembling) and

increasing complexity of products

• The European market for milling parts is dominated by German

companies

• In this segment of the tier-2 automotive supplier market, fast and

flexible response to customer demands is crucial – thus,

competition is not only on price

• Thanks to its high flexibility Brill has a good competitive position

• Brill’s quality level and precision but as well its reliability are

further reasons for its good reputation in the industry

• The continuously growing competence in assembly will be a USP

Overview Products & Capabilities

Market & Competition

Sector Revenue Range Deal Type

Automotive 10-20 M€ Management Buy-Out

Milling & Turning:

• High precision turning parts for

automotive and mechanical

engineering customers

• Coating and heat treatment in

cooperation with

subcontractors

• Product focus: Parts for drive

and gear systems

Mechanical Components:

• Assembly of mechanical

components and spare parts

• Small to large production runs

for prototyping as well as for

serial manufacturing

• Quality testing

Profile:

• DABERO is a management

company that builds up an IT

service group in the DACH-region

• Management team members have

committed significant personal co-

invest in target companies

Development:

• Platform founded in 2012

• Five acquisitions already

accomplished between 2012-2015

Investment Rational / Value Creation:

• Operational synergies among group

members

• Operational performance increase

through additional Know-How by the

DABERO management

• Leverage-effect

• Large groups are more attractive to

investors and therefore achieve

higher valuations (Multiple

Arbitrage)

Acquisition Strategy:

• Target Companies:

o Revenue: 5-50 M€

o EBIT: 0,5-5 M€

o Majority stake

o Lean balance sheet

o Headquarter in the DACH-

region

• Build up an entity that generates >

100 M€ revenue and above 10 M€

EBIT

Capabilities of the management team:

• The team has already finished two group building strategies

• The team has excellent market-access

Product of group companies:

• IT Services

• Currently the market is highly fragmented:

o over 40.000 IT-Service companies in GER

o TOP 10 IT-Service Companies only make up c. 44% of the

market

• However, there is strong consolidation expected (6 Companies

were identified as consolidators in the DACH-market)

• There is a range of foreign (USA, India, Japan) IT-companies

trying to enter the DACH-market

• Need for higher levels of proficiency in small and medium sized

businesses

DABERO Service Group


IT Services 60 – 80 M€ Buy&Build



Profile:

• Dental Partner is a leading European

provider of dental laboratory services

(primarily Flemming Dental and

Artinorway), CAD/CAM dental

prostheses production, outsourcing

services for dentists and dental

services for patients

Development:

• Flemming Dental was founded in

1998 to consolidate the dental lab

market

• Buy-Out by AUCTUS in 2011 and

integration into the newly founded

company Dental Partner

• Ongoing focus on production

efficiency and transformation from a

handcraft business to an industrial

production and services company

• Expansion of technology offering and

services business for dentists and

patients (organic and acquisitive

growth)

• Acquisition of Artinorway (market

leader in Norway for foreign dental

prothetics)


• Headquarter in Hamburg

• Central CAD/CAM production facility

in Leipzig

• 45 local dental labs throughout

Germany and Norway

Growth Strategy:

• Buy&Build approach: Growth with the

existing business by product and

service innovations and integration of

additional dental service providers

into Dental Partner

• Dental Partner’s high quality products and services enable the

dentist to work efficiently and to offer its patients an individual and

completely satisfying treatment

• Dental Products (e.g. Crowns and Bridges, Veneers, Implants,

Abutment )

• Patient Services (e.g. Purchasing services, Management support,

Patient marketing)

• Dentist Services (e.g.) Financing solutions, Guarantee

management, Appointment support

• Stable and slightly growing market with approximately EUR 20bn

market volume in Germany (overall dentistry) and approximately 6bn

dental prostheses

• Manual handcraft still dominating production method but price

pressure increases; CAD/CAM with a growing share and further

expected growth

• Dental Partner is the clear market leader in Germany for dental labs

• Highly fragmented dental lab market with ~ 8,000 market participants;

regional champions & offshore producers depict fiercest competitors

• Services market as well highly fragmented

Dental Partner Sector Revenue Range Deal Type

Dental Services 60 – 80 M€ Management Buy-In /

Buy&Build



Profile:

• Gustoso is a multibrand restaurant

group; Gustoso operates the

restaurant groups Cotidiano and

Sushi.Wrap

• Cotidiano is an all-day restaurant

that offers a wide variety of café,

bakery and healthy snacks

• Sushi.Wrap is a healthy fast food

chain offering sushi boxes and

wraps

Development:

• Sushi.Wrap was founded by Dr.

Theodor Ackbarow, now CEO of

Gustoso Group, in 2010

• Cotidiano was founded in 2012 in

Munich

• AUCTUS set up Gustoso Group in

2015 together with Dr. Theodor

Ackbarow, whereas Sushi.Wrap

and Cotidiano became the first

investments

• 2016 opening of second Cotidiano

restaurant in Munich (Schwabing)


• Headquarter in Munich

• Cotidiano: Munich

• Sushi.Wrap: Munich, Stuttgart,

Karlsruhe, Leipzig

Growth Strategy:

• Organic growth through new

restaurant openings and acquisitions

of other restaurant groups

• Food service in Germany is a EUR 62 bn industry, thereof only approx.

20% are operated by professional groups; The overall market growth is

1,5%, whereas restaurant groups grow with 4% annually

• The market is very fragmented: there are more than 140.000 food

service companies in Germany. High market fragmentation combined

with significant professionalization potential creates a favorable ground

for Buy&Build

• Other international markets are much more consolidated: The

penetration rate of restaurant chain in developed markets like the US

and the UK is > 50%, compared to 20% in Germany, leading to strong

catch-up potential in Germany

Gustoso Gruppe


Food Service 5-10 M€ Buy&Build

Cotidiano:

• Cotidiano is a bakery-restaurant full

service concept

• The stores are characterized by

central locations in resident areas

and a friendly service staff

• Customers are offered a variety of

tea and coffee sorts as well as light

food from high-quality ingredients

Sushi.Wrap:

• Sushi.Wrap is a small-format

fast food concept

• Customers are offered fresh

sushi wraps and sushi boxes

to-go

• The outlets are kiosks in high-

frequency locations like

railway stations and trade

centers



Profile:

• Trade with specialized wood

applications

• 35 employees

• Main business segments:

Packaging solutions, bed slats

and bed frames industry

• Customers: Furniture

manufacturers, packaging

producers

Development:

• In December 2007 funds advised

by AUCTUS acquired the majority

share in Hobatex GmbH

• Since the investment the IT and

reporting systems as well as the

sales organization have been

professionalized


• Brakel (Germany): Headquarter

• Steinheim (Germany): Storage area

Growth Strategy:

• Organic growth strategy based on

three pillars:

o Exploiting the existing

customer base through cross-

selling

o Optimization of sales strategy

and sales operations

o Expansion of customer base,

sawing capability and product

range

Wood Boards and Plywood:

• Hard masonite parts for packaging (e.g. for steel coils)

• Boards and other wood raw materials for furniture and parquet

producers

Prefabricated Wood Parts:

• Springwood slats for beds

• Wood applications for kitchen furniture

• Palettes and other prefabricated products for packing and material

handling

• The markets Hobatex is active in are mainly driven by industry production

(especially in the area of packing materials) and private demand for

furniture and other wood products

• These markets have been volatile during the past which – in combination

with increasing price pressure by customers and a disintermediation

tendency on the production side – puts pressure on companies in the wood

trade market

• Hobatex has a substantial competitive advantage due to low fixed costs

and a unique supplier network

• Hobatex’s ability to arrange high-quality pre-manufacturing steps on time at

behest of its customers significantly improves its competitive position

Hobatex


Wooden Logistics 20 – 40 M€ Owner Buy-Out



Profile:

• Holmes Place Germany is a joint

venture of AUCTUS with Holmes

Place Group Europe and consists of

seven clubs in the two attractive city

clusters Berlin (5) and Hamburg (2)

• HPG is clearly positioned in the

growing premium fitness market,

operating high-end full-service clubs

and offering its customers a luxury

wellness and fitness experience

• Facilities include swimming pools,

wellness and spa areas, group

classes, personal training as well as

a full range of fitness equipment

Development:

• Holmes Place entered Germany in

2001 as part of the international

expansion of the Holmes Place

group

• the business has grown recently

through two openings in Berlin

(2012, 2013) and through the

acquisition of several Elixia clubs

(2009)

Growth Strategy:

• Further development of existing

clubs

• Acquisition of independent premium

fitness clubs or small chains in the

existing core city clusters of Berlin

and Hamburg

• Acquisition of “local champions” in

order to enter new geographical

areas in Germany and to expand

the existing Holmes Place footprint

• Rollout of an innovative and fully

automated boutique fitness concept

in prime city locations

Products & Services

• Full service health clubs providing a luxury fitness and wellness experience

• Extensive class offering, personal training, large swimming pool & sauna

areas and full range of fitness equipment

Key differentiators:

• Large clubs (5,000+ sqm) in prime locations are rare and property difficult

• to find, providing significant market entry barriers for competitors

• Experienced management team with strong track record of growing Holmes

Place organically and through acquisitions

• International brand appeal through 79 Holmes Place clubs globally

• The German fitness market has grown dynamically in terms of revenues (c.5%

p.a.), members (c.7.5% p.a.) and clubs (c. 5% p.a.).

• Within the market, the premium segment accounts for 22% of revenues and

has been growing above the overall market rate

• Germany still has a lower fitness penetration than comparable Western

European countries like the UK or Sweden, indicating further growth potential

• Holmes Place is a leading brand in the still highly fragmented premium-end of

the market. This puts Holmes Place into a strong position to secure attractive

properties in prime locations in the future and to consolidate the market

• There are a few competitors with a different geographical focus that have little

overlap with Holmes Place today

Holmes Place Germany


Health & Fitness 20 – 40 M€ Buy-Out



Profile:

• Leading global manufacturer of

integrated aluminum die casting

machines for the growing aluminum

casting industry. Ca. 75% of

ITALPRESSE’s product are linked

to the automotive sector

• Leasing manufacturer for integrated

solutions in the field of gravity and

low pressure casting (via GAUSS

Automazione, a 100% subsidiary of

ITALPRESSE)

Development:

• Founded in 1969 near Brescia, Italy

• 1970 introduction of foundry

automation

• 2005 development of two platen

machines

• Revenues of > 80M€ in 2014

• March 2015: AUCTUS and

management acquired the company

from the founders


• Capriano Del Colle: headquarter

and production facilities

• 250 employees

Growth Strategy:

• Increasing market presence and

market shares in the American and

Asian markets

• Gain further market shares in

Europe based on excellent product

know-how, mainly in the field of

large machines with > 3.000 tons of

clamping force

High Pressure Die Casting (HPDC) machines and complete turn key

solutions (including peripherals) with closing forces of up to >4.000

tons for the aluminum die casting industry; pioneer of

toggle-free machines for HPDC

Fully automated Gravity Casting solutions including individual gravity

casting machines and complex casting carrousels, gravity casting

lines and corresponding pre-finishing equipment, offered

via Gauss Automazione S.r.L;

Low Pressure Die Casting (LPDC) machines for low

pressure aluminum castings – this is a field of development

for Gauss Automazione with first product sales in 2014

• ITALPRESSE mainly addresses the ~2.0 EURbn market for HPDC machines

with a special focus on the ~800 EURm fastly growing sub-segment of medium

to large machines in high quality for demanding casting clients worldwide

• A multi product industrial conglomerate is the market leader. ITALPRESSE is

1 of only 3 providers of large scale high quality machines worldwide

• The European market is slightly growing due to an increasing share of

replacement demand and new requirements linked to new casting parts

• The North American market is a growth market due to increasing quality

requirements and a recovering automotive market

• The Asian market is growing due to an increasing car production and

increasing quality requirements of Asian and European OEMs

ITALPRESSE Sector Revenue Range Deal Type

Light metal

foundry equipment

80-100 M€ Management Buy-Out

~ 10 EURm

~ 70 EURm



Profile:

• One of the leading IT network and

security specialists focused on

complex IT networks for German

mid-cap companies as well as

mobile phone carriers (e.g.

Vodafone, Telekom)

• Customers are mainly based in

Germany and have high quality

requirements regarding their IT

networks

Development:

• magellan netzwerke was founded

in 1992

• In December 2015 funds advised

by AUCTUS acquired the majority

share in magellan netzwerke

• In April 2016 Computer Stamm was

integrated in the Fernao Networks

Group


• magellan is headquartered in

Cologne (Germany) with

subsidiaries in Berlin, Munich,

Essen, Hamburg and Stuttgart

• 90 employees

Growth Strategy:

• Geographical growth based on

strengthening current subsidiaries

and acquiring new ones

• Competency growth by integrating

VoIP and storage solutions in the

product portfolio of the group

• Leveraging the excellent customer

status at producers of IT-

components by transferring it to

smaller add-on acquisitions (direct

improvement of purchasing

conditions of add-ons)

• IT Network and IT-Security: Analysing, creating, implementing

and supporting complete solutions for complex IT networks of mid-

sized companies that depend on their IT networks (firewalls, router,

load balancing, etc.)

• Monitoring & Analysis: Monitoring of the mobile telephone

networks of large mobile carriers like Vodafone and Telekom,

thereby reducing investment costs for these carriers

• The overall market for IT-Networks and IT-Security is strongly and

continuously growing

• The market benefits from the current ageing of networks which are

obsolete after about 4-5 years

• The competition is relatively local since customers prefer local contact

persons speaking German and being educated technicians

• magellan mainly addresses German mid-cap companies with a strong

dependency on their IT networks

• In this customer group magellan is the clear quality leader in Germany

thereby being able to clearly differentiate itself from their competitors

magellan netzwerke


IT 40 – 60 M€ Owner Buy-Out



Profile:

• Leading provider of outpatient

rehabilitation and therapeutic

measures in a unique interlinked

concept

• Currently medaktiv operates two

therapy centers in the Augsburg

region

Development:

• Founded in 1989 as a pioneer in

the outpatient rehab market

• In 2004 the second therapy center

was opened

• In June 2011 AUCTUS acquired

the company from the founders

in an MBO together with the

operative manager


• Therapiezentrum Süd (Augsburg):

Main therapy center offering

outpatient rehabilitation and

therapeutic measures alike

• 3 therapeutic centres focused on

therapeutic measures in Augsburg

(West, Vicentinum) and Neuburg an

der Donau

• Own education center (for internal

and external therapists) as a USP,

guaranteeing a high and steady

level of qualification

Growth Strategy:

• Buy&Build strategy with three

growth drivers: Expansion of

existing locations, opening of new

centers in the adjacent region,

acquisition and integration of

competitors

Outpatient Rehabilitation:

• The indication of orthopedics contributes the largest part to sales and

is supplemented by more innovative offerings like working-

environment-oriented rehabilitation, psychosomatics and

post-rehabilitation support

Therapeutic measures:

• Physiotherapy, occupational therapy, logopedics

• Specialized therapy center for children

• Offering of home visits by therapists for treatments in physiotherapy

and occupational therapy

• Outpatient rehabilitation is a developing market with high growth rates

driven by cost advantage of 20- 30% compared to stationary rehab

• Market penetration is still low in many cities, offering market potential

for new openings in still underdeveloped regions

• Competition is local within a drive-time radius of c. 30 minutes

• Augsburg as medaktiv’s home market is one of the oldest and most

competitive markets; medaktiv is a clear market leader

• The market is highly fragmented with almost all players under private

ownership. Many founders are approaching retirement age. Therefore

consolidation potential can be expected

medaktiv Sector Revenue Range Deal Type

Outpatient rehab &

therapy centers

10 – 20 M€ Management Buy-Out /

Buy&Build



Profile:

• PharmaLex helps clients in the

pharmaceutical industry to reliably

develop, register and maintain their

portfolio of products and marketing

authorizations

• The company provides services in

the fields of regulatory affairs,

product development and drug safety

for pharmaceuticals, medical devices

and cosmetics

• A total of over 20,000 projects from

small projects to the execution of

whole business processes have

been carried out by ca. 400

employees for over 600 clients of

various sizes

Development:

• The company was founded in 1998

in Germany

• Today the company is operating in

Europe and recently started its

internationalization to cover

additional markets in Asia, Latin-

America and North America

• AUCTUS acquired YES Pharma

Services in 2014, after two add-on

acquisitions in summer 2015 with

Wainwright Associates and

ActioMed, YES and PharmaLex

merged on october 2015, jointly

carrying the name PharmaLex

• In March 2016 Lindeq AS was

integrated in the PharmaLex Group

Growth Strategy:

• Organic growth is driven by the

following factors:

o Order acquisition from large

pharma companies

o Strategic partnerships through

long-term customer relationships

o Expansion of service portfolio

offered

• Business process outsourcing in the pharma sector is a growing market

• Growth of regulatory service market is driven by new regulations and an

increase of complexity of global supply chains

• Global pharma companies require global service providers

• Market leader in DACH region and one of the leading players in Europe

• 20+ years market experience and quality leader in the German market

• Predecessor in the field of quality assurance (MHRA and ISO certification)

• Highly qualified interdisciplinary teams comprised of specialists with a

thorough experience in their field of expertise

PharmaLex Sector Revenue Range Deal Type

Pharma / Regulatory

Affairs Services

40 – 60 M€ Owner Buy-Out /

Buy&Build

Scientific Services:

• Development

strategy and gap

analysis

• Clinical trial

designs

• Health authority

briefing documents

• Environmental risk

assessment

Regulatory Affairs:

• Procedure

management/health

authority contact

• Initial marketing

authorization

application

• Electronic

submission services

in all formats

Pharmacovigilance:

• Pharmacovigilance

system and compliance

• Quality system, audit

and inspection support

• ICSR management,

including collection,

evaluation, processing,

distribution and

reporting



Profile:

• SameDayLogistics is a special

speed logistics service provider for

corporate customers offering high-

speed delivery via on-board courier

or full-charter

• The company also operates a travel

agency for business and private

customers under the well-

established brand “das Reisehaus”

Development:

• The company was initially founded

as a travel agency. Special speed

logistics services offered since 1996

• In 2009, the special speed segment

was overhauled with an own brand

and an own website. Since then, the

business has grown substantially


• The company is headquartered in

Kelsterbach, ideally located next to

Germany’s largest airport Frankfurt

• SameDayLogistics has 14

employees in Kelsterbach and

approx. 90 couriers operating out of

Frankfurt, Munich, Dusseldorf,

Cologne, Hamburg, Berlin and

Vienna

Growth Strategy:

• Additional industry sectors (e.g.

pharmaceuticals, organs)

• Internationalization (e.g.

development of new hubs)

• Ramp-up of marketing and sales

• Increasing demand of special speed delivery due to ongoing

globalization and reduction of stock levels

• Fragmented market with various smaller service providers

• Very short and unrivalled response rate (offer within ten minutes)

• Extraordinary quality, reliability and flexibility with respect to service

offering

• Strong partner network comprising airlines, carriers as well as leasing

and insurance companies

SameDayLogistics Sector Revenue Range Deal Type

Logistics 10 – 20 M€ Owner Buy-Out /

Buy&Build

Special Speed Logistics:

• On-board courier services

• Customs clearance

• Pick-up and delivery

• Express airfreight

• Full-charter

Travel Agency:

• Outsourcing of corporate

travel services

• Corporate travel booking

• Private travel/holiday booking

• Added value travel services

• Consulting




Profile:

• StrikoWestofen is the technology and

market leader for the development

and production of melting and dosing

furnaces for the growing aluminum

casting market

• The company records sales of

approximately 65 M€ with more than

200 employees located in Germany,

Poland, UK, USA and China

• The company has a very international

client base in over 30 countries

Development:

• In 1950 foundation of Westofen

GmbH

• 1967 merger with W.Strikfeldt & Koch

GmbH to create StrikoWestofen

GmbH

• Acquisition of US based Dynarad in

1999

• Start of operations in China in 2008

• Acquisition by funds advised by

AUCTUS in 2013


• Gummersbach (Germany): HQ of

StrikoWestofen

• Highly-efficient and lean production

plant in Poland

• Production and distributions sites in

USA and China

• Distribution company in the UK

Growth Strategy:

• Strengthening of the company’s

presence in the Americas and Asia

while defending its good market

presence in Europe

• StrikoWestofen’s addressable world market amounts to ~ 250 M€

• With ~ 25% world market share, StrikoWestofen disposes of a market

leading position in the world market for thermal equipment for the aluminum

industry – in Europe, the company has a market share of approximately

50%

• StrikoWestofen competes with a dozen of typically smaller industrial

furnace manufacturers around the world

• In mature markets like Europe and North America, demand is primarily

driven by replacement and innovation cycles whereas demand in emerging

markets is driven by new capacity build-up

StrikoWestofen


Industrial Furnaces 60 – 80 M€ Secondary Buy-Out

• Premium supplier of highly-efficient thermal equipment for the

aluminum casting industry

• The company also serves clients in adjacent light metal casting fields

• Its product range comprises melting furnaces, dosing and holding

furnaces as well as special, customized thermal equipment

• Industrial furnaces from StrikoWestofen dispose of very low

operational cost thus significantly reducing total cost of

ownership for the clients

• After sales services (spare parts and maintenance & services)

constitute an important part of StrikoWestofen’s business



Profile:

• The T+L Group is an established

road hauler (“Spedition”) in the

DACH region with a focus on

standard transportation

• The company owns more than 160

trucks

Development:

• In 2011 funds management by

AUCTUS acquired a majority in CTJ

• In 2013, the T+L Holding acquired

stakes in the two transportation

companies Beck Transport, Mauren

and Schwaab Speditions- and

Lagerhausgesellschaft, Langweid

• Organically, the business has grown

continuously in the past years and

proved to be very stable during the

economic recession


• Grevenbroich (DE), Langweid am

Lech (DE), Mauren (CH)

Growth Strategy:

• CTJ as a “buy-and-build”platform

concept

• Acquisition of multiple SME

transportation companies with local

customer base

• Optimized yield management of truck

fleet

• Application of rigid cost control at

every add-on acquisition

• Increase in size to reach “critical

mass” for exit

• Market for road logistics services in Germany is huge and highly

fragmented with approx. 53k players – only 4% with more than 50

employees and 80% with less than 1 M€ sales

• FTL/LTL market volume in Germany approximately 15 to 16 BN€ with

an expected CAGR of 3% to 5% over the next years in Germany and

Western Europe

• Competition is strong – the low professionalization level in the sector

turns transportation into an execution game

• The company differentiates itself through professional cost control,

fleet management, yield management, sector focus and value-

added services

T+L Group Sector Revenue Range Deal Type

Logistics 40 – 60 M€ Owner Buy-Out /

Buy&Build

• The company‘s main focus is on FTL/LTL (“full truck load”, “less than

full truck load”) transports using standard taut-liners. In addition, the

company offers warehouse logistics services

• The group also offers value-added services such as commissioning

and repackaging

• The group is using own standard trucks as well as trucks that are

equipped with special trailers for liquid gas and special trailers for

oversized goods

• The group’s customers are mainly direct customers from various

industry sectors



Profile:

• Tentamus is a Buy&Build concept

in the food, cosmetics and pharma

testing sector. The nucleus of

Tentamus is one of the leading

privately owned German food

testing laboratories

• The company operates four

laboratories in north-east and

and southern Germany and is

headquartered in Berlin

• Tentamus offers a wide spectrum

of analytical testing services for

retailers, food producers and

NGOs

Development:

• The nucleus company was initially

founded in 1990

• In 2011, funds advised by

AUCTUS together with the

management team acquired the

nucleus for Project Tentamus, the

laboratory Bilacon in Berlin

• Since then Tentamus has shown

double digit growth and acquired 11

additional food testing laboratories


• The company is headquartered in

Berlin with approximately 486

employees at its 12 sites in Europe

and the US

Growth Strategy:

• Expand geographic footprint and

analytical service portfolio by further

add-on acquisitions

• Internationalization (e.g. by

acquisitions)

• Ongoing sustainable growth of 6-8% p.a. due to increasing demand

from regulatory authorities, producers and retailers for food safety

testing and increasing customer awareness

• Fragmented industry structure with large share of independent

laboratories

Key Differentiators:

• Extraordinary quality and reliability; over 20 years experience in pesticides

analytic; latest state-of-the-art laboratory equipment for the premium

testing segment; one of four labs with Relana® certified quality in Europe

• One of the two leading labs in the honey testing market

Tentamus Sector Revenue Range Deal Type

Testing, Inspection,

Certification

40 – 60 M€ Buy&Build

Special analytical services:

• Pesticides analytics

• Antibiotics and hormones

• Heavy metals

General analytical services:

• Testing for specifications and

international food standards

• Chemical analysis for nutritional values

Consulting:

• Audits & Quality assurance

• Hygiene consulting

• Food labeling and declaration

Microbiological analysis:

• Testing for pathogens

• Testing of best before dates

• Water and diary analytics



Profile:

• TimePartner is a leading German

provider of staffing and related

human resources services. The

company supplies clients with

temporary workers in all industries

and all qualifications, with focus on

sectors such as industry, aviation

and construction services

Development:

• Founded in 2004 by AUCTUS;

Subsequent growth from EUR 20m

in revenues to over EUR 200m with

a successful Buy&Build strategy

• First successful exit in 2006

• AUCTUS became a shareholder

again in 2014, making the company

debt-free and enabling it to continue

its successful development


• Headquarter in Hamburg

• 100 branches throughout Germany

Growth Strategy:

• Organic growth through new

branches and acquisitive growth

through selective add-on

acquisitions

• Stable and slightly growing (2014: 4%) market with approximately 900k

temporary workers and EUR 19bn market volume in Germany

• Future development depends on the overall economic development

• Increasing regulation in Germany has reduced gross margins; After the

introduction of equal pay and minimum wage gross margins have stabilized

• The market is still fragmented, with 30% market share of the top 10 firms

• TimePartner was no. 12 in Germany in 2013 but has grown faster than its

competitors recently; Its strength comes from the combination of national

reach with the flexibility and mentality of an entrepreneurial medium sized

company

TimePartner


Staffing >200 M€ Management Buy-Out

Industry:

• Logistics

• Assembly

Aviation:

• Aircraft construction

• Airport

Services:

TimePartner offers its clients staffing services within the following areas

Professionals:

• Office

• Sales

Services:

• Call Center

• Hospitality

Technology:

• Engineering

• IT

Medical:

• Care

• Medical assistance



Profile:

• Unimed fulfills the complete

invoicing and payment collection

process of patients and private

health insurances on behalf of

hospitals and chief physicians

• Unimed is the market leader in

this sector in Germany. It employs

about 880 people in a dozen

locations

• Already 30 out of 33 German

university hospitals are customers

of unimed. More than 600 hospitals

and 2.500 chief physicians use

unimed‘s services

Development:

• In 1984, the company was founded

by Michael Uwer

• Originally the company focused on

chief physicians only and quickly

gained market dominance. In the

late 1990ies, unimed started

invoicing for hospitals; this segment

now represents nearly 75 % of the

invoice volume and continues to

grow fast

• After having targeted the medical

invoicing sector for several years,

Auctus acquired the company in

2013 through an owner succession

and intends to further drive the

growth of the company

Growth Strategy:

• Organic growth driven by two

factors:

o Acquisition of new hospitals and

hospital chains as customers

o Expansion within existing

customer base (new

departments and physicians)

• The number of persons that are privately insured for medical care has

been growing by 1.6% p.a. in Germany since 2006

• The care invoicing market is further expected to grow due to changing

demographics (more elderly) and medical/technological innovations

• Unimed has shown 15% p.a. organic growth (2010 – 2013) and has a

market share of ca. 30%. Additionally, within its client base, unimed does

not always service all departments, representing strong potential growth

Key differentiators:

• very high level of specialization as USP

• Full-range service: including evaluation, invoicing and correspondence

unimed


Invoice Services 40-60 M€ Management Buy-In

• Unimed is the leading provider of invoice services for hospitals (university

and maximum care hospitals) and chief physicians in Germany

• Core services are:

o evaluation based on the medical record set up by the physician

o invoicing to the patient

o patient and insurance correspondence and legal handling

o collection and financing (proof of payment to physician and

reporting)

o patient-Service-Center (complete processing of patient requests

regarding invoices)



AUCTUS Capital Partners AG Prinzregentenstraße 18 D - 80538 München Tel. +49 (89) 15 907 00 00 Fax +49 (89) 15 907 00 49 [email protected] www.auctus.com

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Portfolio Overview - AUCTUS · AUCTUS – Company Profile AUCTUS Capital Partners AG The Company • AUCTUS, founded in 2001, is 100% owned by its management team and fully independent