IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has acquired a co-controlling stake in Metrology & Monitoring Solutions Group (“MMS” or “the Group”), a leading French metrology expert specialising in wireless temperature monitoring solutions for the Pharmaceutical, Healthcare and Food industries. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from Naxicap Partners, alongside the CEO and management team who are reinvesting. Financial terms of the transaction are not disclosed.

Founded in 1845 and headquartered in Bezons, France, MMS designs, assembles, distributes and installs measuring and monitoring devices used for the traceability of temperature and humidity, predominantly in the Healthcare and Food industries. MMS’s Internet of Things (“IoT”) solutions use innovative and reliable technologies, interfaced with a proprietary SaaS software platform, JRI-MySirius, to enable regulatory monitoring and secure data archiving. This offering is complemented by both upstream (validation, mapping and metrological certification) and downstream (installation, maintenance and metrological calibration) services. Also present are various software modules of the JRI-MySirius platform (hazard analysis and critical control points, maintenance, calibration, mapping, geolocation and devolved admin portal / single sign-on) as well as application programming interfaces to integrate with customers’ business software platforms.

The Group employs over 140 employees across four locations in France (including a site dedicated to assembling, calibration and logistics in Fesches-le-Châtel) as well as two locations abroad (USA and Malaysia). This has resulted in the Group experiencing strong international growth with 50% of all sales generated outside of France. MMS serves a diversified customer base of around 2,000 accounts in 65 countries through a global network of partners and distributors.

Since 2015 and under the leadership of CEO Pascal Vermeersch, MMS has: launched a new generation of IoT devices; completed two add-ons to complement its metrology services and software offerings; and opened two foreign offices to better serve its customers and assist local partners.

With the support of IK, the Group aims to: accelerate international development; strengthen and diversify its product offering with a strong emphasis placed on innovation; and complete several complementary acquisitions across IoT, metrology and validation services, as well as traceability software.

Pascal Vermeersch, CEO at MMS, added: “We are very excited about the prospect of working with the Development Capital team at IK, which has already proven itself to be a leading partner for international small to medium-sized enterprises. We are confident that with their expertise, knowledge of the sector and financial firepower, we will be able to execute on our ambitious M&A plans and growth strategies, embarking on the next stage of international expansion.”

Pierre Gallix, Partner at IK Partners and Advisor to the IK Small Cap III Fund, said: “We have been impressed with the Group’s progress so far, particularly its pioneering approach to leveraging market changes through innovative solutions, metrological rigour, unique culture and deep expertise in healthcare regulation and food safety. We are thrilled to have gained the trust and confidence of the Group’s management team and look forward to supporting Pascal and his team by actively contributing to their ambitious plans. Having closely monitored the industry since our prior investment in Ellab, we believe that the MMS platform is in a strong position to ambitiously pursue market consolidation in the IoT, metrology and validation services space within the Healthcare and Food industries.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK”) is pleased to announce that the IK VIII Fund (“IK VIII”) has reached an agreement to sell its stake in KLINGEL Holding GmbH (“Klingel Medical Group”, “Klingel” or “the Group”), a leading full-service provider for complex high-end components and custom products for medical technology, to Elos Medtech AB (“Elos Medtech”) (STO: ELOS-B).

Founded in 1986 and headquartered in Pforzheim, Germany, Klingel has grown to become a market-leading contract development and manufacturing organisation (“CDMO”) with a strong focus on medical technology (“MedTech”) customers across Orthopaedics, Spine, Trauma, Surgical Robotics, Endoscopy and Dental. The Group’s offering spans the entire value chain from development services to production and sterile packaging, with eight production facilities in Southern Germany and Switzerland.

With IK’s support, the business has transformed from a local contract manufacturer in the DACH market into a truly international MedTech CDMO with a strong customer base of global MedTech original equipment manufacturers. During this period, sales have more than trebled, driven by an expansion of production technologies and the successful bolt-on acquisitions of GEHRING CUT, Bächler Feintech, puracon and Ruetschi. Collectively, the Group has approximately 900 employees.

In addition to its full value chain coverage, Klingel relies on deep technological expertise as well as development, production and regulatory know-how to drive outperformance versus its peers. The Group also has a very experienced management team which has more than 80 years of combined experience at C-suite level.

Ralf Petrawitz and Christoph Ruetschi, Co-CEOs at Klingel Medical Group, commented: “We would like to thank the team at IK for their unwavering support over the past five years; a period which has seen us demonstrate exceptional growth and expand our DACH footprint in MedTech. We are proud of all that we have achieved and look forward to continuing this growth trajectory with our new partner Elos Medtech.”

Anders Petersson, Managing Partner at IK and Advisor to the IK VIII Fund, said: “Since our acquisition of the business in 2018, together with management, we have successfully executed our growth strategy, helping Klingel to significantly expand its customer base to become an international MedTech company. One of the reasons we invested in Klingel, was the fragmented nature of this market and its consolidation potential. With our support, the Group has been able to make several exciting bolt-on acquisitions and become a consolidator in the market, which has enabled Klingel to become a leading CDMO in the MedTech sector. It has been a true pleasure working together with the team at the Group. The combination with Elos MedTech makes a lot of strategic sense and we believe that the cultural fit is strong.”

Stefano Alfonsi, CEO and President at Elos Medtech, added: “We firmly believe that this acquisition strengthens our position in the CDMO landscape. It marks a significant step forward in our commitment to offering an extensive array of services to our customers through the hard work of a talented combined workforce. The acquisition will reinforce our well-established reputation for excellence and our ability to cultivate enduring partnerships, aligning seamlessly with Klingel’s similar ethos. We look forward to working with Ralf, Christoph and their team.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK”) is pleased to announce that the IK IX Fund has completed its acquisition of Medica Group Plc (LSE:MGP) (“Medica” or “the Group”), a market-leading teleradiology provider in the UK and Ireland and provider of imaging solutions to clinical trials in the US. Representing IK’s fourth platform investment in the UK, the acquisition of Medica was made through Moonlight Bidco Limited (“Bidco”), a newly incorporated wholly owned subsidiary of funds advised by IK.

Following shareholder approval on Friday, 9 June 2023, the acquisition became effective on Thursday, 6 July 2023 and Medica has now been de-listed from the London Stock Exchange.

Founded in 2004 and headquartered in Hastings, UK, Medica is a leading healthcare services provider with operations in the UK, Ireland and US. With over 400 employees globally, the Group has a network of more than 750 radiologists, radiographers and specialist doctors who serve over 200 clients worldwide. In the UK and Ireland, Medica provides a fast and reliable reporting service (including out-of-hours) for MRI, CT, Ultrasound and X-Ray to more than 100 National Health Service (“NHS”) trusts, the Irish Health Service Executive (“HSE”) and independent sector organisations. Through its subsidiary in the US, RadMD, Medica provides high-quality imaging services for clinical trials within the pharmaceuticals, biotechnology and medical device industries, with particular expertise in oncology. Within the area of clinical trials, Medica has, to date, contributed to over 600 studies globally.

IK’s focus will be on supporting the Group to continue delivering high-quality services to its customers, with a strong emphasis on maintaining high standards of clinical governance and sub-speciality expertise offered by its network of over 750 outstanding radiologists, radiographers and specialist doctors. IK’s investment will support Medica and its management team to continue investing in its people, technology and new capabilities, both organically and through M&A.

IK has a well-established track record of investing in successful companies across the Healthcare sector and to date, has invested in 23 healthcare companies across Europe, deploying approximately €2.1 billion of capital.

Stuart Quin, CEO of Medica Group, said: “Since inception, Medica has gone from strength-to-strength, becoming an international provider of high-quality telemedicine services, imaging services for clinical trials and a market-leading teleradiology provider in the UK and Ireland. This, coupled with the outstanding contributions of our employees as well as a dedicated network of exceptional radiologists, radiographers and specialist doctors, has enabled us to continue improving patient outcomes by delivering the highest quality service. As we embark on the next phase of Medica’s growth, we look forward to working closely with the team at IK, whom we believe is best placed to support us given their active partnering approach and understanding of our markets. This represents an exciting next step as we continue to provide high-quality reporting to support our customers and lead the way in telemedicine.”

Pete Wilson, Partner and Advisor to the IK IX Fund, added: “We are delighted to complete the acquisition of Medica and begin working with Stuart and his team to drive continued strong growth. The Group provides critical services to a broad range of healthcare providers and is contributing, in partnership with its customers, to help clear imaging backlogs, reduce waiting times and ultimately improve clinical outcomes. We look forward to supporting the business in achieving its mission to lead the way in delivering collaborative and responsive telemedicine solutions that put patient outcomes at the heart of what they do.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund (“IK SC III”) has entered into exclusivity negotiations for the sale of its stake in Pr0ph3cy Group (“Pr0ph3cy” or “the Group”), a leading ‘one-stop-shop’ cybersecurity business in France, to global investment firm Carlyle (NASDAQ: CG). This represents the first exit from the Development Capital pool within the IK SC III Fund, after a holding period of under two years. IK will be reinvesting alongside Carlyle and the management team. The financial terms of the transaction are not disclosed.

Led by CEO Arthur Bataille, Pr0ph3cy Group is a leading provider of IT and cybersecurity services to a highly diversified blue-chip customer base within the public and private sectors, including: Aerospace & Defence; Financial Services; Transport and Consumer. Resulting from the merger of Silicom and Seela in 2021 in a primary leveraged buyout led by IK and together with the subsequent acquisitions of OpenCyber and Harmonie Technologie in 2022, the Company now operates across the entire cyber services value chain with expertise in: cyber strategy, risk and identity management; audit and penetration testing; configuration of security software and hardware (NetSecOps and DevSecOps); cyber e-training and upskilling solutions; and artificial intelligence.

At present, Pr0ph3cy has around 600 employees who serve hundreds of customers from its nine offices across Europe and North America. With IK’s support and including the two add-ons, the Company roughly tripled its size through the acceleration of its activity through an ambitious recruitment strategy, initiation of a significant internationalisation effort in Canada and Belgium; and delivery of Seela.io’s product roadmap to become a best-in-class, global cyber-focused e-learning tool. An overall reinforcement of group processes and managerial structure also commenced.

The Carlyle Europe Technology Partners (“CETP”) platform will enable Pr0ph3cy’s continued growth and the Carlyle team will work with management and IK to continue the Company’s buy-and-build strategy to gain further scale, broaden its service portfolio and expand internationally. Upon acquisition, the Group will rebrand and change its name to “NEVERHACK”.

Pierre Gallix, Managing Partner at IK and Advisor to the IK SC III Fund, said: “Over the past two years, we’ve worked in partnership with the team at Pr0ph3cy to deliver their ambitious strategic agenda and pursue numerous value creation opportunities. We have been impressed with their dedication and hard work to date and look forward to continuing our work with them, alongside Carlyle.”

Arthur Bataille, Founder and CEO of Pr0ph3cy Group, said: “With the support of IK, we have experienced a significant acceleration in growth which has helped us to evolve substantially. They understood our vision and passion for innovation from the start and have worked with my team and I to help us begin releasing our ambitions. We are proud of all that we have achieved in such a short space of time with and look forward to welcoming Carlyle as we enter the next phase of our journey. We thank the team at IK for their continued support.”

Completion of the transaction is subject to works council consultation and customary regulatory approvals.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

Zug, Monday, 3 July 2023

Cinerius Financial Partners (“Cinerius”, “Cinerius Group” or “the Company”), a leading independent wealth management platform, today announced a majority investment from IK Partners (“IK”). IK is investing from its IK IX Fund and existing investor, Summit Partners, as well as the Cinerius management team are reinvesting significantly as part of the transaction. Financial terms of the transaction are not disclosed.

Founded in 2021 and headquartered in Zug, Switzerland, Cinerius is a leading platform for independent wealth managers (“IWMs”) from German-speaking European regions. The platform currently includes seven partner businesses, each of which offers a range of wealth management solutions, including opportunities to invest in proprietary funds and access advisory services. Cinerius partner businesses include: B&K Vermögen; BV & P Vermögen; Entrepreneur Partners; Habbel, Pohlig & Partner Vermögensverwaltung; KSW Vermögensverwaltung; Ringelstein & Partner Vermögensbetreuung; and VM Vermögens-Management.

Through its partner companies, the Cinerius Group manages assets for over 5,500 clients. With 13 locations and more than 140 employees across Germany and Switzerland, Cinerius collectively manages over 10 billion CHF of assets.

In the two years since Cinerius was founded, it has gone from strength-to-strength, seeking to promote the growth of its IWMs by offering strategic advice and access to a range of middle-office and back-office functions. The platform enables the provision of HR-related services as well as support in areas such as hiring, compliance, digital marketing and new customer acquisition. With IK joining as a majority shareholder, the Company aims to solidify its position as a leading wealth management platform by pursuing organic growth initiatives, investing in its people and technology and growing its group of partner businesses through a dedicated M&A strategy.

Christoph Lieber, CEO at Cinerius Financial Partners, said: “We look forward to the next chapter in our journey, drawing on IK’s extensive experience in the financial services sector. We believe that the IK team can help us realise our ambitions to further strengthen our position in the IWM marketplace through both organic and inorganic growth. We are grateful to have had the support of Summit Partners over the last two years and are pleased to see them reinvest in our dynamic company.”

Mirko Jablonsky, Partner at IK Partners and Advisor to the IK IX Fund, said: “We have been impressed with Cinerius’ track record to date and its ability to attract high-performing, complementary partner businesses to the platform. Within a short period of time, Cinerius has developed into the preeminent consolidation platform in a fragmented market in the DACH region, offering both growth support as well as succession solutions to IWMs. With a comprehensive range of services, Cinerius has exciting growth potential, which we aim to unlock during our partnership in the coming years. We look forward to working with Chris and his team, while continuing to draw on the expertise of Summit Partners, to develop the Company further.”

Johannes Grefe, Managing Director at Summit Partners, commented: “We have been fortunate to partner with ambitious and passionate partner businesses and work with an experienced Cinerius team these last few years. The Company has grown meaningfully since our initial investment in 2021 and today is a clear a market leader in the DACH wealth management industry. We are inspired by the hard work and commitment of the Cinerius team and our partner businesses and we are confident that with our continued support and the additional experience of our new partners at IK, the Company will continue to deliver on its ambitious growth strategy.”

Completion of the transaction is subject to competition authority approvals.

For further questions, please contact:

Cinerius Financial Partners
Goodkom Communications
Ari Dorbert
Phone: +49 172 9908632
ad@goodkom.de

IK Partners
Vidya Verlkumar
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Summit Partners
Meg Devine
Phone: +1 617 824 1047
mdevine@summitpartners.com

IK Partners (“IK”) is pleased to announce that the IK VII Fund has reached an agreement to sell Løgismose A/S (“Løgismose” or “the Company”), a high-end food brand, to Halberg A/S (“Halberg”). Financial terms of the transaction are not disclosed.

Founded by Sven and Lene Grønlykke in 1963, Løgismose is a Danish food company that produces and retails delicacies and other products under its own brand. With the acquisition of Løgismose, Halberg, a fifth-generation family-owned company operating from Svendborg on Southern Funen, will be expanding its portfolio to include food products. Under its new ownership, Løgismose, headquartered in Broby on central Funen, will be back into traditional Funen hands. Løgismose will continue as an independent company under Halberg and the current management team led by Jesper Uggerhøj as CEO will remain.

Importance of Local Roots
Under IK’s ownership, Løgismose has: expanded its collaboration with Netto and Salling Group; ventured in to the wine segment; and broadened the offering to include exports. Additionally, the Company has implemented a range of strategic initiatives focused on sustainability and digitalisation.

“With positive growth in both revenue and earnings, we have set the company on a good path and it is therefore a natural next step to pass the baton to a new group of owners,” says CEO at IK Partners, Christopher Masek, regarding the sale. “It has been important for us to find a new long-term owner for Løgismose and we have found exactly that with Halberg. At the same time, we are pleased to bring Løgismose closer to its roots on Funen,” he adds.

Local Green Food
“We have had a good and active owner in IK, which has helped us develop and professionalise our business,” Jesper Uggerhøj says. “Løgismose recently launched an ambitious sustainability strategy titled ‘Consideration for People, Animals and Our Nature’ and looks forward to the new ownership with Halberg, aiming to create even more value and delicious food products based on our shared Funen DNA,” he says.

Further Development Based on Core Values
Halberg is known for taking social and local responsibility in the Svendborg area. Originally founded as a tobacco trading company in 1826, Halberg’s portfolio now covers a range of companies in the tobacco, hotel, workwear and capital management sectors. The acquisition of Løgismose represents Halberg’s platform investment in the food sector, introducing a new business segment for the company.

“Løgismose has been a perfect investment for us due to its position in the Danish market, strong brand and innovative organisation and culture,” says CEO of Halberg, Frederik Halberg. “We see significant development potential in Løgismose’s strong collaboration with Salling Group and we look forward to further developing and internationalising the Company. In our future work, we will uphold Løgismose’s core values of ‘Taste’, ‘Attitude’ and ‘Craftsmanship’”, adds Frederik Halberg.

Sale Facts
• In 2015, IK acquired a majority stake in the merged Løgismose Meyers with the aim of strengthening two of the strongest names in the Danish food industry. In 2019, the two companies were separated and in December 2022, Meyers was sold to English WSH. With the sale of Løgismose, IK’s investment in the original Løgismose Meyers has now come to an end.
• In connection with the sale, CEO of IK Partners, Christopher Masek and Managing Partner, Mads Ryum Larsen, will step down from Løgismose’s Board of Directors. Jens Overgaard Knudsen’s role as an operational board member will also cease. Their replacements have not yet been announced.
• The sale is expected to be finalised on 31 August 2023.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Løgismose
Brit Larsen
Phone: +45 22 82 28 42
brit@circlebe.dk

Halberg
Casper Janns
Phone: +45 31 15 24 24
cj@hypefactors.com