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Our Portfolio

Exited Deals

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Farsound Aviation Leading provider of technology enabled supply chain solutions for the aerospace engine MRO market

Deal Facts:

  • Investment Date: July 2019
  • AGIC alongside management acquired majority stake from UK private equity fund
  • Sales 2019F: ~ GBP 38m
  • Headquartered in United Kingdom
  • Website: www.farsoundaviation.com

Business Overview

  • Farsound is a leading UK-based aerospace parts distributor focusing on C-Class, B-Class and other fast moving consumable parts to the aerospace sector. Alongside long term sourcing agreements Farsound also provides value added service such as kitting and customer consignment
  • Provides up to 20,000 SKUs from over 300 suppliers with over 99.5% on-time-in-full delivery (“OTIF”) compared to typical in-house provision of 50-80% OTIF, a critical advantage in a market where delays to servicing cost MROs a lot of value
  • Farsound operates globally with offices in the UK, North America, UAE, Hong Kong and Singapore with >40% of revenue coming from Asia, which has the world’s largest and fastest growing fleet commercial aircraft

Investment Rationale

  • Clear market leader in the aero-engine MRO segment with limited direct competition. Principal competitor is MRO customer’s in-house procurement function
  • Aerospace is a long term structurally growing industry with global active fleet forecast to grow at 5% p.a., underpinning future demand for aftermarket parts. Aftermarket is highly economically resilient and not closely linked to airline profitability or aircraft new build
  • Engine C-Class parts spend is currently $1 billion, forecasted to grow at 7%. The outsourced segment will outpace the overall market with established the trend towards outsourcing forecast to continue
  • Long term contracts with key customers underpin highly visible revenue, as well as strong financial metrics with high margins, low capex and strong cash flow

AGIC Value Added

  • AGIC will leverage its relations in Asia to win further MRO providers as customers
  • AGIC to help identifying and hiring talent on the ground to strengthen the local presence in Asia

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Fotona Manufacturer of ultra high performance lasers for aesthetic, dental and gynecological applications

 

Deal Facts:

  • Investment Date: Apr. 2017
  • AGIC acquired majority stake, with minority re-investment from CEO and existing management shareholders
  • Sales 2017: ~ EUR 60m
  • Headquartered in Dallas, TX, U.S. and Ljubljana, Slovenia
  • Website: www.fotona.com

Business Overview

  • Fotona is one of the leading providers of ultra high performance lasers for medical, dental and aesthetic applications
  • With over 25,000 systems sold worldwide, Fotona has a network of 70+ global distributors focused on large and high growth markets and has its own distribution organization for the U.S. market
  • While following a cost leadership strategy, its rapid product design and innovation process results in a market leading, high margin product portfolio with a strong product pipeline
  • The company’s revenue has grown with 20%+ CAGR over the past three years with a continuously improved EBITDA margin

Investment Rationale

  • Attractive market driven by rising interest and acceptance of aesthetic / gynecologic procedures, changing healthcare economics, and mass market advertising activities
  • Substantial growth opportunities in Asia, particularly in China, due to public’s increasing acceptance of medical laser procedures, rising affordability, and growing number of aesthetics practitioners

AGIC Value Added

  • AGIC to support further international growth of Fotona, incl. establish/enhance sales force to target the large addressable market opportunity in the US and Germany
  • AGIC will help accelerate growth in China in all segments through investments in SG&A and marketing as well as by providing access to strategic partners and local KOLs
  • AGIC also provides support with potential add-on acquisitions in the medical laser space

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Gimatic(Exited) – Manufacturer of end-of-arm-tools (EOAT) for industrial automation applications

 

Deal Facts:

  • Investment Date: June 2016
  • AGIC acquired a majority stake, with minority re-investment from the CEO and founder and Xenon Private Equity
  • Sales 2017: EUR 50m
  • Headquartered in Roncadelle, Italy
  • Website: www.gimatic.com

Business Overview

  • Founded in 1985, Gimatic is a leading and fast-growing global player in developing, manufacturing and supplying of automation components / robotic accessories and complete EOAT (“End-of-Arm-Tooling”) solutions
  • It provides a complete offering of pneumatic gripper solutions (grippers, linear actuators, linear guides, quick exchangers), mechatronic gripper solutions, and various sensors for automation and grippers
  • The company has seen its annual sales grow by more than 20% p.a. over the past five years and continuously improved EBITDA margins to 40%+. EMEA region accounts for c. 80% of current sales, while Asia Pacific presence is rapidly increasing and seen as the biggest potential market

Investment Rationale

  • Industrial automation and robotics are key drivers for productivity increases in a large number of industries and enjoy strong secular growth worldwide
  • Benefiting from significant growth in the collaborative robots market
  • Substantial growth opportunities in the Asian market, in particular in the strong growing Chinese market where Gimatic’s presence was sub-scale at AGIC’s entry

AGIC Value Added

  • AGIC will help to accelerate Gimatic‘s growth by strengthening its international sales organization & providing access to strategic partners globally and, specifically, in China
  • In addition, AGIC is supporting the Company’s organic growth as well as selected M&A in the EOAT sector
  • AGIC to provide industry expertise through senior advisors in the automation industry (e.g. ex-KraussMaffei and ex-ABB senior executives)

KraussMaffei Group (Exited) Supplier of advanced plastics and rubber process machinery

 

Deal Facts:

  • Investment Date: Apr. 2016
  • Exit Date: June 2018
  • Acquitision in consortium
  • Sales 2017: ~ EUR 1.4bn
  • Headquartered in Munich, Germany
  • Website: www.kraussmaffei.com

Business Overview

  • KraussMaffei (KM) is a global leader in the plastics and rubber processing machinery industry with a focus on providing high-end tailor made products and comprehensive solutions to its customers; its products and services cover the whole spectrum of injection and reaction molding as well as extrusion technology, giving the company a unique position in the industry
  • The company markets its offering to customers in the automotive, packaging, medical, construction, electrical, electronics and home appliance industries
  • With a more than 170 years long tradition of engineering excellence, KM currently employs around 4,500 people; with a global network of more than 30 subsidiaries and more than 10 production plants, supported by around 570 sales and service partners, the company is close to customers around the world

Investment Rationale

  • KM benefits from the Industry 4.0 evolution, which allows the company to increase output of its machines, monitor the production steps and thereby take advantage of potential savings
  • Asia is one of KM’s key markets and major investment destinations; in China, the company is expected to benefit in particular from the trend towards higher quality and sustainability
  • With the help of ChemChina and AGIC, KM can expand faster in high-growth areas, enrich its product portfolio and achieve economies of scale, thus further achieving top line growth and improving its profitability

AGIC Value Added

  • By leveraging their industrial networks, ChemChina and AGIC can help KM identify and approach new customers and expand its position in Asia
  • Facilitate cross-cultural communication between KM and ChemChina; AGIC and ChemChina to develop a roadmap for long-term value creation by taking an industrial and operational approach to the business
  • Additional financial resources will be provided for bolt-on acquisitions to achieve economies of scale and drive internal efficiencies