Bring your vision to life.

Capital with vision

capiton enables small and medium-sized businesses in the DACH region to achieve ambitious goals. Not only do they receive capital from us, they also benefit from our expertise and personal support. We listen carefully, make quick decisions and are accessible, because we know that nothing generates confidence like your own vision in your own hands.

Finance

News

Trioptics GmbH

The company

capiton AG (“capiton”) is pleased to announce the signing of an agreement between the shareholders of Trioptics GmbH (“Trioptics” or the “Company”) and Jenoptik AG (“Jenoptik”) regarding the sale of 100% of shares in Trioptics to Jenoptik.

 

Trioptics, founded by Mr. Eugen Dumitrescu in 1991, is a leading international supplier of test equipment and manufacturing systems for optical components and sensors in the digital world. The company, based in Wedel near Hamburg, has over 400 employees worldwide and generated revenues of around € 80 million in 2019 with an operating margin before depreciation of 27%. Trioptics has developed proprietary technology for global customers in attractive growth markets, with a strong local presence in key European and Asian markets.

 

capiton IV GmbH & Co. Beteiligungs KG („capiton IV”), a fund managed by capiton, acquired a minority interest in Trioptics in 2015. During capiton’s investment period, the company recorded average annual growth in revenues of 17%.

 

The transaction

The transaction is based on an EBITDA multiple of 10.4x combined 2021 EBITDA. Jenoptik will acquire 100% of the company in two tranches, though capiton IV will exit its shareholding completely on closing. Both parties to the contract have agreed not to disclose details of the purchase price. capiton was advised by Alantra (Frank Merkel, M&A) and BMH Partners (Jan-Peter Heyer, Tina Schmidt, Legal). Closing of the transaction is still subject to the approval of the German Anti-Trust Authority.

Facts & Figures

Foundation

capiton’s predecessor company was founded in the mid-1980s. capiton AG was established in 1999. The firm became an independent company in 2004, following a Management-Buy-Out.

Partnership

capiton is managed by 9 partners and is an owner-managed financial investor.

Track record

The capiton team has supported more than 80 companies, and over 70 investments have been realised. At present, the company manages a fund volume of €1.1 billion.

Investment range

capiton invests in small and medium-sized companies in German-speaking countries. We usually invest between €20 and €60 million of our own funds in profitable companies with turnover between €50 and €300 million. We are also able to execute much larger transactions together with co-investors.

What our portfolio companies say

capiton is familiar with the needs of SMEs, understands them, and acts accordingly.

Josef Raith, Founder
RTS