Afinum for Investors

Repeated success
creates trust

Afinum

Entrepreneurial
Empathic.

Afinum invests funds that are predominantly used to acquire majority positions in medium-sized companies.

Our funds have the flexibility to structure tailor-made equity solutions for a variety of business situations.

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

Afinum at a glance

Afinum has been investing successfully in the mid-market for 20 years

Foundation

Founded in January 2000, Afinum is an independent mid-market investment company – fully owned by the Afinum partners

Team

For almost 30 years, the management team is active in the private equity industry; the senior team has already worked together in the investment business for many years prior to Afinum

Locations

Afinum has offices in Munich, Zurich and Hong Kong

Capital committments

Since foundation of the investment company, Afinum has raised funds with committed equity of approx. 1.4 billion EUR; currently Afinum has approx. 1.1 billion EUR equity capital under management

Transactions

Since 2000, Afinum has invested in about 80 companies, with consolidated turnover of approx. 2.6 billion EUR and approx. 19,000 employees

Approach

Flexible transaction structures based on long-term experience, especially in entrepreneurial succession situations and corporate carve-outs

Development of fund volume

Afinum fund volume
in million EUR

Industries

Historical industry mix
across all fund generations

Afinum invests industry agnostic. We believe that – with the right team – value creation potential can be developed and increased in most of the sectors and across portfolio companies.

Our team has a broad sector experience and in most industries we have access to relevant experts through our network.

Investments
by Industry
  • 21% - Industry & Technology

  • 18% - Consumer goods & Retail

  • 16% - Industrials

  • 12% - Software & Media

  • 10% - Furniture industry

  • 9% - Healthcare & Wellness

  • 8% - Construction & Real estate

  • 6% - Business Services

Equity capital

Our current Buy-out fund and investment focus

Fund size

  • Buy-out Fund 2017 (Afinum Achte Beteiligungsgesellschaft mbH & Co. KG)
  • Fund volume: 410 Mio. EUR equity capital
  • Start of investment period: August 2017
  • Fund period: 10 + 2 years

Focus areas

  • Owner successions
  • Corporate Carve-Outs
  • Management Buy-out/ Management Buy-ins
  • Buy and build concepts
  • Simplification of the shareholder structure
  • Growth financing

Investment criteria

  • Majority positions up to 100% shareholdings
  • Sales tipically between 10 – 200 Mio. EUR
  • EBITDA range 5 – 20 Mio. EUR
  • Enterprise values between 40 – 150 Mio. EUR
  • Selectively smaller transactions, e.g. add-on acquisitions
  • Companies with headquarters in Germany, Switzerland, Austria or neighboring countries

With Afinum, we have found the perfect partner who, with a lot of commitment and clear ideas about the value drivers and a mission statement, drives us and the company forward. A challenge that will put It Works in a completely different league in the public media sector.

Bernd RabsahlCEO It Works

For us as management, in addition to a good personal relationship, the understanding of our business model was very important. Afinum clearly differentiated itself positively in this respect during the process.

Stefan VogelsManaging Partner

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

Together with Afinum, we successfully organized the succession and were able to grow the business significantly through organic and inorganic measures.

Jean-Pierre SaccoCEO Let's Go Fitness
Investor base

Investors of our current
Buy-out Fund

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.

Investors
by Region
  • Germany

  • USA

  • Asia

  • Scandinavia

  • Other

Investors
by Type
  • Pension funds, Insurances and others

  • Family offices and Private investors

  • Fund of funds

  • Afinum Team

Our Responsibility

A responsible approach to investment and ownership

ESG

A responsible and sustainable approach to investment and ownership is an essential part of our firm culture at Afinum. We see it as our obligation, to integrate environmental, social and corporate governance factors (“ESG”) into our investment decisions.

Responsible Investments

Afinum will at any time review, whether a potential investment is in accordance with the criteria for responsible investment based on the Sustainable Developments Goals (SDGs) formulated by the UN.

Code of Conduct

For our portfolio companies, we implemented a set of guidelines (“Code of Conduct”) consisting of clear rules and processes to help our employees integrate and adhere to our ESG standards.

Climate neutral

Afinum Management GmbH balances its direct and indirect CO2 footprint and offsets it through environmental projects. For this purpose, we work together with Climate Partner, which has certified us as a climate-neutral company.

You can find more information about the projects we support here:

 

Mandatory disclosures under the Regulation of the European Parliament and of the Council on sustainability-related disclosure requirements in the financial services sector (EU) 2019/2088 (“Disclosure Regulation”):

I. Strategies for dealing with sustainability risks in investment decision-making processes (Article 3 of the Disclosure Regulation)
When considering investment opportunities at Afinum, an ESG due diligence is always conducted to assess potential risks. Before entering into an investment, potential risks are reviewed together with the Afinum ESG Officer and the transaction team and discussed in the Investment Committee.

Afinum always evaluates whether a potential investment is in line with the United Nations criteria for responsible investment. In particular, Afinum undertakes not to enter into investments in companies with predominant business activities in the following areas:

• Arms manufacture and trade
• Gambling and casinos
• Companies in the tobacco industry
• Producers or traders in pornography
• Companies in the field of human cloning

If a new investment is made, Afinum intends to appoint an ESG Officer of the Portfolio Company together with the Portfolio Company’s management, who may contact the Afinum ESG Officer at any time. In addition, the managing directors of the acquiring companies are required to confirm compliance with the Afinum Code of Conduct initially upon acquisition of the investment and in the event of updates to the Afinum Code of Conduct. If there are indications of a breach of ESG guidelines, the Afinum Code of Conduct prescribes binding rules for remedying the breaches.
In order to subsequently give this commitment a formal framework in portfolio work as well, Afinum has installed a uniform code of conduct for the integration of ESG factors during ownership (“Afinum Code of Conduct”). The aim of the Afinum Code of Conduct is to provide its own team members and the employees of portfolio companies with clear rules and processes to ensure compliance with ESG principles. In addition, Afinum has further specified the ESG principles in an ESG guideline. This guideline contains requirements for the consideration of ESG aspects in the daily work of Afinum team members.

II. Mandatory disclosures on the consideration of adverse sustainability impacts at the level of Afinum Management GmbH (Article 4 of the Disclosure Regulation)

Art. 4 of the Disclosure Regulation provides a framework for creating transparency with regard to any adverse effects of investment decisions on sustainability factors. Therefore, financial market participants such as Afinum Management GmbH must disclose certain information (going forward also taking into account so-called Regulatory Technical Standards (RTS)). At present, Afinum Management GmbH does not take into account any possible adverse effects of investment decisions on sustainability factors, as it is of the opinion that the information provided to it by the portfolio companies with regard to the investments is not sufficient to enable it to do so. Afinum Management GmbH will monitor the development in the area of available information and examine whether it is reasonably possible in the future to disclose the information required by Art. 4 of the Disclosure Regulation (including the future RTS).

III. Mandatory Disclosures on Remuneration Policy in Connection with the Consideration of Sustainability Risks (Article 5 of the Disclosure Regulation)

As a registered alternative investment fund manager within the meaning of Article 2 (4) KAGB, Afinum Management GmbH does not have a remuneration guideline (remuneration policy) in accordance with the requirements of the KAGB. The inclusion of sustainability aspects is not taken specifically factored into the employee’s compensation.

Investor Portal

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