Afinum for Companies

The best investment.
A long-term relationship.

Afinum

Entrepreneurial
Empathic.

As a German investment company, we have been shaping succession situations for SMEs for almost 20 years: respectful, strategic and far-sighted.

With the ambition to make good things even better, today we strengthen and develop leading companies for tomorrow. To achieve this, we live and appreciate our entrepreneurial freedom.

Our investment approach puts people first, because we believe that people in a company are the most valuable asset.

As a founder-led company, it was important to us to find an investor that shared our vision for our business. With Afinum we have found such a partner.

Jean-Pierre SaccoCEO Let’s Go Fitness

With Afinum, we have won an experienced and entrepreneurial partner who has guided Ledlenser back to independence through a professional carve-out management.

Thomas WillingCEO Ledlenser

LIFTKET is a very successful medium-sized company. In 2016 we brought Afinum on board. Today I can say: It was just the right step at the right time.

Jürgen DlugiCEO LIFTKET Group
Our approach

Afinum supports its portfolio companies to grow sustainably

We are familiar with the typical challenges and growth areas of entrepreneurial, medium-sized companies.

Since our foundation in 2000, we have accompanied many companies across various industries and situations on their path to further growth. There was never a blueprint – our approach is always as individual as the company and its owner itself.

We see ourselves as committed entrepreneurs and sparring partners supporting companies and their management teams in achieving ambitious goals, without getting involved in day-to-day business.

Building sustainable organizations
Accelerating growth
The basis for the continuation of the success story.

The vast majority of our investments are made in the context of succession situations of family firms. We support both founders as well as second and third generations in effectively managing the transition period of their firms, and engage in an open dialogue about potential pathways. An essential first step for us as new owners is to set up a sustainable organisational structure to secure the firm’s heritage and ensure the continuation of the success story.

 

In the case of our portfolio company Liftket, we have implemented a timely succession solution. A new management team was formed by a combination of internal key talent external hires while aligning interests via a management participation program. Together with the management team we pursue an ambitious growth strategy focusing on expanding the firm’s international footprint, unlock operational potential through further investments, and a selective approach to bolt-on acquisitions.

90%
of our investments are made in the context of succession solutions for family firms
Winning over key talent.

The management teams  are the key element for a sustainable and successful development of our portfolio companies. We support the companies to build sustainable organisations and to find the right talent – in the context of succession solutions, the execution of growth strategies, or building up a second management layer. Our dedicated in-house HR Team is able to support the search for key talent and draws from its deep expertise based on a wide set of comparable situations.

 

At our portfolio company Zeit fuer Brot we started immediately after our investment to build up a second management layer in close collaboration with the founding shareholder in order to unlock the full growth potential of the business.

 

 

+30%
average growth of the number of employees over Afinum holding period
Identifying and overcoming barriers for further growth.

 

Successfully executing growth strategies also means to ensure and enhance operational performance. Throughout the initial stage of our investment period, we identify structural or temporary barriers for further growth and work together with management to overcome them.

 

In the case of Liftket, we cooperated with a specialized advisor to identify bottlenecks in the production. Overall output and output volatility were improved via sustainable solutions enabling accelerated growth.

At our portfolio company Garz & Fricke all departments were brought together by building a new corporate headquarter – an important step for expanding the production capacities and driving innovation through seamless collaboration across the R&D and Marketing & Sales department.

+35%
increase of the production output with optimized asset base
Combining internal ressources with external opportunities.

We invest in firms with a leading position and unique capabilities within their segment. Identifying strategic avenues to optimally combine internal resources and external market opportunities together with the management team, is a key part of our value contribution. Our experience shows that this often leads to new markets entries.

 

A key element of our growth strategy at Garz & Fricke is to transfer the firms capabilities to applications in the fields of medical and security technology. By implementing a verticalized sales approach – supported by recruiting additional talent – the company was able to significantly strengthen its presence within those strategic segments.

40%
average growth in revenues over Afinum holding period
We as sparring partners.

A cornerstone of the growth strategy of our portfolio companies usually is to expand the international footprint. We support the management teams with our experience, expertise and network to effectively drive international growth. We act as sparring partners for developing international growth strategies, and for expanding existing and building up new geograpical presences – organically or through bolt-on acquisitions.

 

For example, we have supported d&b in entering Asian markets through our local Afinum presence in Hong Kong, successfully accelerating the internationalization strategy of the hidden champion.

+50%
revenues outside of the DACH region
Making use of our M&A expertise

M&A transactions are our home turf. Therefore bolt-on acquisitions complement our portfolio strategy as a valuable growth option. We have been present in our segment for over 20 years and bring access to a broad network within the mid-cap M&A market as well as expertise in successful dealmaking to the table.

We supported our portfolio company Caseking and its managing shareholders throughout the acquisition of the market leader in the UK and thereby enabled the company’s evolution to a truly international player in its segment.

Dedicated buy-and-build strategies were pursued at Let’s Go Fitness and Copytrend. In both cases the platforms were expanded by ten bolt-on acquisitions to cement the companies leading market positions.

 

>20
bolt-on acquisitions in the last 4 years

Due to the expertise in developing organizations and implementing scalable processes, I chose Afinum as a strategic partner for further growth. The cooperation is intensive, but above all it is great fun on a personal level.

Dirk SteigerCEO Zeit für Brot
Our Industries

Broad experience
across industries

Afinum invests industry agnostic. We believe that – with the right team – value creation potential can be captured within the majority of sectors and across portfolio companies.

Our team has a broad sector experience and access to relevant experts through our deep network of thought leaders.

Investments
by industry
  • Industry & Technology

    Ledlenser, Garz & Fricke, LIFTKET, Kappa optronics, d&B audio

  • Consumer goods & Retail

    Zeit für Brot, ICONIA, ONSKINERY, Görtz, Caseking, Bettmer, SIGG

  • Industrials

    Schlote, Altendorf, Alfmeier, Schlotterer, Sinnex, Pinova, Schaetti, Holmer, Kinshofer

  • Software & Media

    IT WORKS, Midoco, Empolis, Avantgarde, Orwo

  • Furniture industry

    COTTA, THONET, Erpo, Machalke

  • Healthcare & Wellness

    evitira, Meridian Spa, Let's Go Fitness, Riester

  • Construction & Real estate

    Ventomaxx, Engel & Völkers, k-uni, Swisshaus

  • Business services

    Copytrend, TKS, Arwe

Investment criteria

Our focus:
entrepreneurial succession situations & corporate carve-outs

Afinum invests in companies with a proven business model and clear growth perspectives. In general, we aim for majority shareholdings.

We are looking for entrepreneurial management teams and typically invite them to invest alongside Afinum.

In which companies do we invest?

The companies we invest in typically fulfil the following criteria:

  • Established and successful medium-sized companies – we do not invest in start-ups or restructuring situations
  • Companies with headquarters in Germany, Switzerland, Austria or neighboring countries
  • Intact market with clear growth perspectives
Typical investment situations
  • Owner successions
  • Corporate Carve-Outs
  • Management Buy-out/ Management Buy-ins
  • Buy and build concepts
  • Simplification of the shareholder structure
  • Growth financing
Relevant size criteria

Buy-out Fund 2017 has a total size of 410 Mio. EUR. equity capital. This allows us to realize the following transactions:

  • Majority positions up to 100% shareholdings
  • Sales tipically between 25 – 500 Mio. EUR
  • Enterprise values between 25 – 150 Mio. EUR
What do we offer?
  • We are a reliable partner before, during and after the transaction and have a broad experience from past successful investments
  • Moderate financing structures with low leverage ratios
  • Local legal structures without LuxCo, Guernsey or other offshore structures
  • No involvement in day-to-day business; Afinum sees itself as an active entrepreneur and sparring partner for the management team – we do, however, actively support our firms with i.e. the recruitment of personnel, additional add-on acquisitions or access to our network
Equity capital

Our investors / funds

To reach our goals, we rely on experienced and supportive investors. Many of them have been with us since 2000.

Our principle: We invest as a team
together with our investors.

 

Investors
by Region
  • Germany

  • USA

  • Asia

  • Scandinavia

  • Other

Invetors
by Type
  • Pension funds, Insurances and others

  • Family offices and Private investors

  • Fund of funds

  • Afinum team

In order to achieve our investment goals, we need to have the right investors. These are on the one hand, well-respected entrepreneur families, who possess a deep understanding of mid-market businesses. In addition to capital, these investors provide us with valuable know-how.

On the other hand, our investor base comprises inter alia well-known asset managers, insurance companies, banks, pension funds. Afinum’s investors are typically based in our target regions; which means, they understand the country-specific challenges and value drivers of our portfolio companies.

Due to our investors base and structure, we are independent, quick in decision-making and flexible. Our team also invests substantial amounts of its own money, thereby fully aligning our interests with the ones of our investors.

Our team

The people behind Afinum

Afinum was founded in 2000. Large parts of the team knew each other well before that. The foundation of our success is the quality of our team.

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Our portfolio

Meet our portfolio family

We are proud of the companies that we support on their individual growth path.

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