SGT Capital has concluded a definitive agreement to buy Elatec GmbH from growth equity investor Summit Partners.
SGT Capital is a global private equity firm that invests in mid-sized, market-leading firms and assists existing management teams in realising their objectives for accelerated international expansion.
Elatec, which has its global headquarters in Germany, is the top provider and developer of a variety of secure physical and digital access solutions.
The company offers cloud based IoT platforms with SaaS device management solutions, as well as contactless (RFID/BLE/NFC) reader hardware for user identification.
Elatec employs more than 150 people worldwide, supports more than 60 RFID card-type technologies, in addition to BLE and NFC, and offers solutions that are approved in 110 nations and support end-to-end encryption.
Joseph Pacini, co-managing Partner of SGT Capital, said: “Elatec is a market leader in secure physical and digital access solutions globally and combines a strong IoT platform with SaaS device management and mobile authentication technology solutions that are essential for the structural global growth of increasing interconnectivity and the need for increased physical and cyber security. We look forward to working with CEO Robert Helgerth and the entire Elatec team at this exciting time for their business.”
Robert Helgerth, CEO of Elatec, said: “We are moving at a fast pace into Elatec’s next phase of growth with our primary focus on continued technical innovation plus international expansion. SGT Capital’s ownership and support is key to sustaining our performance and momentum.”
Carsten Geyer, co-managing partner of SGT Capital, said: “The Elatec transaction demonstrates SGT Capital’s unique capability to identify and invest in market leading businesses and management teams and enhance their value through continued innovation and global growth initiatives.”
Gerhard Burits, CFO of Elatec, said: “Elatec is poised for significant future growth given our innovation as well as the structural growth in our existing markets and we are grateful to our clients, colleagues and partners for their support and commitment.”
Dr. Matthias Allgaier and Steffan Peyer, managing directors at Summit Partners and board directors at Elatec, added: “Over the course of the last five years, Elatec has generated strong growth, expanded its global footprint, and served customers across increasingly diverse end markets. We are grateful to Robert Helgerth, Gerhard Burits, Stefan Haertel and the entire Elatec team for their partnership, dedication, vision and execution.”
The purchase is worth around 400m euros and is subject to regular regulatory approvals.
Willkie Farr & Gallagher (legal), E&Y (finance), Grant Thornton (tax), Roland Berger (commercial), and Consileon (technology) counselled SGT Capital.