SECO S.p.A. completed the acquisition of Garz & Fricke Holding GmbH from AFINUM Siebte Beteiligungsgesellschaft mbH & Co. KG, managed by Afinum Management GmbH, Manfred Garz, Matthias Fricke, Stefan Heczko and others.
October 13, 2021
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SECO S.p.A. (BIT:IOT) agreed to acquire Garz & Fricke Holding GmbH from AFINUM Siebte Beteiligungsgesellschaft mbH & Co. KG, managed by Afinum Management GmbH, Manfred Garz, Matthias Fricke, Stefan Heczko and others for ?180 million on October 11, 2021. The terms of the agreement envisage a total consideration of ?180 million on a cash-free and debt-free basis. The total consideration amounts to ?180 million and comprises a cash consideration of ?165 million and ?15 million newly issued SECO shares. SECO will issue 2.6 million shares. SECO will correspond to Garz & Fricke Group existing shareholders a ?165 million cash consideration to be funded through a mix of new acquisition financing facilities and cash on hand. Intesa Sanpaolo SpA and Unicredit SpA have arranged the financing acting as Co-underwriters and Bookrunners. BancoBPM SpA and Gruppo BNP-Paribas joined as Mandate Lead Arrangers. With the Financing Agreement, SECO intends to fund a portion of the price that will be paid to the Sellers and to refinance the debt of Garz & Fricke Group at closing. The transaction is expected to be EPS accretive in the first full year after acquisition, before synergies. In connection with the transaction, SECO was advised by Goldman Sachs (M&A advisor), White&Case (legal advisor Milan and Frankfurt), PwC (financial & tax due diligence) and Deloitte (commercial due diligence and integration plan advisor). The Sellers were advised by Martina Ecker, Markus Rosen, Simon Fischer, Daniel Quast, Gerrit Schuette, David Oesterschlink and Andreas Haselbach of goetzpartners (Financial advisor and Due diligence provider) and Oaklins (M&A advisors), CMS (legal advisor), and KPMG (financial & tax due diligence).
SECO S.p.A. (BIT:IOT) completed the acquisition of Garz & Fricke Holding GmbH from AFINUM Siebte Beteiligungsgesellschaft mbH & Co. KG, managed by Afinum Management GmbH, Manfred Garz, Matthias Fricke, Stefan Heczko and others on October 13, 2021. Dr. Markus K?pplinger of Goodwin advised the management of Garz & Fricke as co-seller and minority shareholder.
Seco SpA is an Italy-based technology company. It is specialized in the miniaturization of computers and the Internet of Things (IoT), covering the whole supply chain. The Company offers a range of products and services through two segments: Products and Services. Its Products offering includes different kind of customizable circuits while the Services offering includes Services and Solutions and IoT Solutions. Services and Solutions provides design, development and project support, among others. IoT Solutions provides software and hardware solutions, such as prototyping tools and connectivity, among others. The Company operates globally in the transportation, industrial automation, medical, domotics, utilities and security industries, among others.