Jenoptik signs agreement to sell Vincorion
Jenoptik AG has signed an agreement to sell the Vincorion division. It will be acquired by a fund managed by private equity firm STAR Capital Partnership LLP.
Vincorion develops, produces, and sells mechatronic products in particular for the defense and security sector, the aviation as well as the rail and transportation industries. In 2020, the division had approximately 800 employees and generated revenue of EUR 151.7 million with an EBITDA margin of 11.0%. “The sale of Vincorion is a further milestone in transforming Jenoptik into a focused and globally leading photonics company. I am convinced that the transaction will have a positive impact on the Group’s earnings position, risk profile, and financing power. It will also enable ESG-oriented investors to invest in Jenoptik. In addition, we are convinced that with STAR we have found the right owner to realize the potential we see for Vincorion. In addition, it was important to us that STAR was willing to grant location guarantees,” says Stefan Traeger, President & CEO of Jenoptik AG in a press release. While not specifying, Jenoptil says that the equity value is in the mid double-digit million euro range. In addition, there are claims and obligations in the mid double-digit million euro range as well as certain earn-out components. The enterprise value amounts to approximately EUR 130 million. Both parties have agreed not to disclose any further details. Closing is expected to take place in the second half of 2022.