INVESTMENT CRITERIA
AUCTUS is actively looking for suitable investment opportunities from small to very large companies in the mid-market segment, either as new platforms or as add-on acquisitions to existing platforms. Therefore we differentiate within our search criteria.
Platforms
Acquisitions
SECTOR EXPERTISE
With extensive expertise from over 80 successful buy-and-build strategies in various sectors and industries, AUCTUS has already developed dozens of medium-sized companies into market leaders since 2001. In the following sectors and industries, we are either currently active with buy-and-build platforms or have already established significant market leaders in the past and have extensive experience.
At the same time, we always look at other sectors of consolidators, market leaders and niche leaders that could be relevant for new platforms.
BUSINESS SERVICES
Subsectors ➔BUSINESS SERVICES
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- Temporary work
- Special logistics
- Call Center
- Translation
- Management consultancy
- Glass fiber
- Rail infrastructure
- Marketing
- Laboratory equipment
IT
Subsectors ➔IT
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- Cybersecurity
- Cloud platform
- Data & Analytics / AI
- Digital Transformation/ IT Consulting
- Software Engineering
- Special Software Solution
- Managed Services
Industry
Subsectors ➔Industry
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- Mechanical engineering
- Electronics
- Industrial production
- Technology
- Material analysis
- Specialty chemicals
- Spare parts
Consumer
Subsectors ➔Consumer
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- Fitness
- System catering
- Food/supplement
- Pet food
- Bakeries
- Hotels
- Education
- Interior fittings
Construction
Subsectors ➔Construction
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- Construction (General)
- Technical building equipment
- Planning disciplines
- Civil engineering
- Facades
- Rail construction
- Craft
- Wood
Renewable energies
Subsectors ➔Renewable energies
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- Solar, wind, biogas/biomass
- System manufacturer/operator
- Services
- Gas and electricity grids
- Heat pumps
Health
Subsectors ➔Subsectors
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- Pharmaceuticals
- Food analysis
- Medical technology
- Care / Rehab
- Special clinics
- MVZ concepts
- Billing services
- IT solutions
CONFIDENTIAL CONTACT
You can send general project ideas at any time to the following e-mail address: dealflow@auctus.com
ACTIVE SEARCH FOR ADD-ON ACQUISITIONS
We are highly efficient in the identification, initiation and transaction of acquisitions for our active platforms and can implement these quickly and flexibly through our experienced managers. In the last three years, AUCTUS has made over 150 acquisitions, half of them in the German-speaking region, 30% in Europe and 20% worldwide.
You can find detailed information and contact details of the industry-related contact persons here:
OUR ACTIVE PLATFORMS
AUCTUS SUCCESS STORIES
We look back with pride on a large number of outstanding buy-and-build strategies. Successes like these show us that our cooperation with medium-sized companies on eye level and the strategic support of the growth process with flexible and innovative solutions bring great added value.
➔ SECTOR: IT
➔ FIELD: IT services
➔ TRANSACTION TYPE: Owner-Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2015 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: €3 million
- EBITDA 2023: approx. €20 million.
examples of operative measures
- Strategic shift from solutions to professional and managed services to adjust the revenue mix
- Establishment of a group holding company with experienced management and specialized shared services (finance, marketing, HR)
- Rebranding to a group brand
ADD-ONS ACQUISITIONS
- Targeted acquisitions in the areas of business resilience, digital infrastructure and cloud technology
- 16 successful acquisitions to date
M&A initially with the support of AUCTUS, now operating with established in-house M&A + PMI teams
GEOGRAPHIC EXPANSION
- Start in Cologne, Germany with ~90 employees
- Expansion to ~700 employees in 25 branches
- Currently active in Germany, Switzerland, the UK, Canada, the Czech Republic and China
Growing cybersecurity & cloud specialist on the way to a market-leading position in DACH
➔ SECTOR: Construction
➔ FIELD: Civil engineering
➔ TRANSACTION TYPE: Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2021 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: €2.5 million
- EBITDA 2023: approx. €27 million.
examples of operative measures
- Expansion of the value chain (soil expertise, classic civil engineering, special civil engineering, railway)
- Establishment of a group holding company with experienced management and dedicated shared services (finance, marketing, HR) + own M&A and PMI team on site
ADD-ONS ACQUISITIONS
- The Group has successfully completed 9 add-on acquisitions by 2023
- Targeted acquisitions in the following areas: soil expertise, classic civil engineering, special civil engineering, railway
GEOGRAPHIC EXPANSION
- Consolidation of the Group in economically developed areas with growth potential + additional expansion in the DACH region
- Development of new sub-segments (railway, etc.)
“Building connections” for the German infrastructure
➔ SECTOR: Construction
➔ FIELD: Technical building equipment
➔ TRANSACTION TYPE: Buy-Out, Nachfolge, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2018 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: €1 million
- EBITDA 2023: €50 million.
examples of operative measures
- Strategic offering of 360° technical building services
- Creation of a Group brand for large projects
- Establishing the holding company as a service center, in particular to combat the shortage of skilled workers and the lack of digitalization in the industry
ADD-ONS ACQUISITIONS
- 30 add-ons until 2023
- Targeted acquisitions to establish local locations that offer customers all services from a single source
GEOGRAPHIC EXPANSION
- Start locally in Berlin
- Now 15 locations in DACH
- Development to more than 1,500 employees
We are shaping the building transition as the leading and integrated 360° TBS provider with a B2B focus in the DACH region.
➔ SECTOR: Construction
➔ FIELD: Technical building equipment (TGA) Planning
➔ TRANSACTION TYPE: Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2021 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: €2 million
- EBITDA 2023: €11 million.
examples of operative measures
- Strategic development from the planning of technical building equipment to a general planning approach
- Establishment of a group holding company with experienced management and its own shared services (finance, marketing, HR)
ADD-ONS ACQUISITIONS
- The Group has successfully completed 7 add-on acquisitions by 2023
- Targeted acquisitions in the following sub-segments: Technical building services, architecture, project management
GEOGRAPHIC EXPANSION
- Geographic focus on DACH region + new nearshoring in Eastern Europe
- Organic opening of subsidiaries
- Covering of new subsegments (fire safety, structural engineering, etc.)
Development of a digital planning approach across multiple service areas
➔ SECTOR: Consumer
➔ FIELD: Baked goods
➔ TRANSACTION TYPE: Buy-and-Build
➔ COUNTRY: Germany
Duration of Holding: 2020 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: approx. €4 million
- EBITDA 2023: approx. €20 million.
examples of operative measures
- Increased digitalization (i.e. introduction of new ERP, order management, HR and automated reporting and controlling tools)
- Partial centralization of the procurement function
- Additional experienced managers added to the group
ADD-ONS ACQUISITIONS
- 4 additional acquisitions of regional market leaders by 2023
- Targeted acquisitions in the Group’s existing geographical presence to increase synergy potential
GEOGRAPHIC EXPANSION
- Strong like-for-like expansion + inorganic growth through acquisitions and new openings to build one of the largest and most professionally managed bakery chains in Germany with approx. 250 stores and >EUR 150 million in sales with leading operating margins
5 acquisitions and 5-fold EBITDA growth and introduction of robust operating systems to build a leading consolidation platform
➔ SECTOR: Business Services
➔ FIELD: Language service provider
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany, France, Portugal, Austria, UK, Netherlands, Italy
Duration of Holding: 2017 – still in portfolio
FINANCIAL DEVELOPMENT
- >4x sales growth by 2023
examples of operative measures
- Introduction of a strong external management team as part of the planned succession plan
- Consolidation of the ERP systems from 7 to 2 in order to achieve operational synergies
- Establishment of a fully functional Group holding company with shared services (finance, HR, IT, etc.)
ADD-ONS ACQUISITIONS
- 7 further acquisitions to build one of the leading European platforms in the field of translation services
- Targeted acquisitions to gain access to new regions (e.g. France, Portugal) and to add sector expertise (marketing and PR translations)
GEOGRAPHIC EXPANSION
- Start locally in Germany with one office
- Over time, expansion to Austria, Portugal and France as well as three further offices on the German market
European market leader for language services
➔ SECTOR: Renewable energies
➔ FIELD: Photovoltaics
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of Holding: 2020 – still in portfolio
FINANCIAL DEVELOPMENT
- Sales on entry: <€30 million
- Sales 2023: <€500 million
examples of operative measures
- Transformation of the sales company into a fully integrated platform for the energy ecosystem
- Significant investment in energy software
- Geographical expansion of the sales area from regional company to German market leader
ADD-ONS ACQUISITIONS
- Vertical integration strategy through the acquisition of installation partners to enable significant organic growth
GEOGRAPHIC EXPANSION
- Regional start in Leipzig
- Significant expansion throughout Germany with > 1,500 sales employees
Transformation platform for the German energy ecosystem with exceptional organic growth.
➔ SECTOR: Business Services
➔ FIELD: Logistics
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of Holding: 2011 – still in portfolio
FINANCIAL DEVELOPMENT
- EBITDA at entry: €1 million
- EBITDA 2023: €25 million
examples of operative measures
- Shift from emergency logistics to life science through strategic acquisitions and additional subsidiaries
- Introduction of a central management team for the expansion, integration and establishment of group functions
- Market leadership in local radiopharmaceutical and stem cell transportation
- Establishment of internal M&A functions
ADD-ONS ACQUISITIONS
- 15 acquisitions by 2023 (the first in 2017)
- With acquisitions – strategic transformation into a pure life science logistics provider with a focus on niche transport segments such as radiopharma, stem cells, pharmaceutical freight
GEOGRAPHIC EXPANSION
- Started in Germany
- Expansion to all continents except Africa
Transformation of an emergency logistics company into a global life science partner
➔ SECTOR: Business Services
➔ FIELD: Transformation consulting
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build, Growth
➔ COUNTRY: Europe, India
Duration of Holding: 2020 – still in portfolio
FINANCIAL DEVELOPMENT
- Sales at entry: approx. €8 million
- Sales 2023: >€70 million
examples of operative measures
- The Highberg Group has shown above-average organic growth since entering the market
- Establishment of a Group holding company to coordinate and provide specialized shared services (finance, marketing, HR)
- Ongoing organizational integration of the Group companies and renaming as a Group brand
- Measures for digitalization (e.g. ERP, CRM) and system integration
ADD-ONS ACQUISITIONS
- First execution of add-on transactions by AUCTUS and later appointment of a dedicated M&A manager
- Successful completion of 5 add-on acquisitions
GEOGRAPHIC EXPANSION
- Head office in the Netherlands.
- Increased presence in the Netherlands and expansion into Germany through several acquisitions
Development of the European “powerhouse” of transformation consulting
➔ SECTOR: Business Services
➔ FIELD: Digital agency
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of holding: 2022 – still in portfolio
FINANCIAL DEVELOPMENT
- Sales at entry: approx. €25 million
- Sales 2023: >€40 million
examples of operative measures
- Establishment of a group holding company with experienced management and continuous development of specialized shared services (finance, HR)
- Centralization of sales activities within the Group with its own key account management
- Ongoing organizational integration of the group companies and introduction of group-wide tools (e.g. ERP, CRM)
ADD-ONS ACQUISITIONS
- Acquisition of 7 independent agencies in the first transaction
- Successful completion of an add-on acquisition in 2023
- Inclusion of an M&A manager in the Group
GEOGRAPHIC EXPANSION
- MAI currently serves customers at locations in Germany and Austria
ACreating an intelligent user experience for lasting impressions
➔ SECTOR: IT
➔ FIELD: Data & Analytics
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of holding: 2019 – 2023
FINANCIAL DEVELOPMENT
- EBITDA at entry: €2.5 million
- EBITDA at exit: approx. €14 million
examples of operative measures
- Development of an end-to-end portfolio through a unique combination of domain expertise and comprehensive data and analysis capabilities
- Reducing customer dependency by expanding the land-and-expand strategy and cross-selling initiatives at DAX40 companies
ADD-ONS ACQUISITIONS
- Together with the management, an acquisition strategy was developed to identify domain specialists with extensive data and analysis capabilities.
- First execution of acquisition transactions by AUCTUS and subsequent establishment of an own M&A team at Dataciders -> 7 acquisitions in 3 years
GEOGRAPHIC EXPANSION
- Focus on DACH region + new nearshoring in Bulgaria
- Expansion from one office to several locations throughout Germany
- Own M&A and PMI team available at exit
7 SUCCESSFUL ADD-ON ACQUISITIONS AND EBITDA QUINTUPLED DURING THE INVESTMENT PERIOD
➔ SECTOR: Health
➔ FIELD: Food supplement
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of holding: 2019 – 2023
FINANCIAL DEVELOPMENT
- Sales on entry: <€20 million
- Sales on exit: >€45 million
examples of operative measures
- Introduction of a new ERP system to cope with growth
- Continuous investment in production and technology
- Recruitment of experienced managers under the managing director
- Production capacity was increased efficiently by optimizing the production planning system.
ADD-ONS ACQUISITIONS
- No additional acquisitions in order to focus on the company’s dynamic organic growth
GEOGRAPHIC EXPANSION
- Additional dosages to increase the share of wallet with existing customers
- Broadening the customer base by focusing on new channels
Leading contract manufacturing platform in its nutraceuticals market segment
➔ SECTOR: Health
➔ FIELD: Regulatory Affairs
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2015 – 2022
FINANCIAL DEVELOPMENT
- EBITDA at entry: €2 million
- EBITDA at exit: approx. €80 million
examples of operative measures
- Rebranding of the acquisitions to Pharmalex-CI
- Establishment of global sales teams for large-volume orders
- Cooperation with external consultants and AUCTUS for integration and value creation strategy
ADD-ONS ACQUISITIONS
- Joint strategy concept by AUCTUS and the management at the time of acquisition
- Acquisitions initially identified and executed by AUCTUS, gradual build-up of M&A resources at Pharmalex
- 38 Acquisitions until 2022
GEOGRAPHIC EXPANSION
- First in Germany
- Today >50 offices in 15 countries worldwide
- Internationalization through the opening of new branches and acquisitions
Sold for 1.3 billion
➔ SECTOR: Business Services
➔ FIELD: Food and feed analysis
➔ TRANSACTION TYPE: Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2011 – 2021
FINANCIAL DEVELOPMENT
- EBITDA at entry: €1.5 million
- EBITDA at exit: approx. €55 million
examples of operative measures
- Integration concept for purchased laboratories
- Support in the development of your own laboratory software
- Establishment of an internal M&A team with strong external financing
ADD-ONS ACQUISITIONS
- Strategic expansion through AUCTUS initiatives:
- Over 50 acquisitions in the laboratory sector
- More than 20 new locations were opened organically
GEOGRAPHIC EXPANSION
- Launch in Germany with a small platform and a strong management team
- Ultimately operating in 20 countries worldwide with almost 4,000 employees
Sold for >1 billion
➔ SECTOR: Industry
➔ FIELD: Equipment for light metal casting
➔ TRANSACTION TYPE: Buy-and-Build
➔ COUNTRY: Germany, USA, China
Duration of participation: 2013 – 2017
FINANCIAL DEVELOPMENT
- EBITDA at entry: €6 million
- EBITDA at exit: approx. €25 million
examples of operative measures
- AUCTUS initiated, analyzed and financed the investment in a new plant in Poland
- Production in China was massively increased through the structural development of the local team
ADD-ONS ACQUISITIONS
- Strategic expansion through AUCTUS initiatives:
- Takeover of Italpresse in Italy for individual casting machines
- iGauss for a technological edge
GEOGRAPHIC EXPANSION
- The Striko Westhofen platform was a German company.
- This was followed by takeovers and the expansion of the company’s own new plants to Italy, Poland, China
Quadrupling of EBITDA in 4 years through acquisitions and strategic initiatives
➔ SECTOR: IT
➔ FIELD: IT services
➔ TRANSACTION TYPE: Buy-and-Build
➔ COUNTRY: Germany
Duration of holding: 2019 – 2023
FINANCIAL DEVELOPMENT
- EBITDA at entry: <€1 million
- EBITDA at exit: €18 million
examples of operative measures
- Completely new sales organization
- Targeted takeover of highly qualified teams from competitors
- Introduction of a matrix organization with competence centers and cross-functional sales
ADD-ONS ACQUISITIONS
- Development of an acquisition strategy together with the manager of the first platform investment (Dabero)
- 9 acquisitions completed; initially by AUCTUS, later by valantic’s own M&A team
GEOGRAPHIC EXPANSION
- Plattform Investment was a purely German company
- At Exit, offices in Germany, Austria, Switzerland, Spain and the US
Sold for >180 million.
➔ SECTOR: Business Services
➔ FIELD: Temporary work
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2004 – 2006
FINANCIAL DEVELOPMENT
- Sales at entry: €29 million
- Sales at exit: €180 million.
examples of operative measures
- Organic growth (+30% p.a.) through new branches and acquisitive growth through selective add-on acquisitions
- Expanding national reach while specializing in technical and engineering skills
- Internal professionalization of marketing processes and IT
- Development of organizational competence for the acquisition of new companies
ADD-ONS ACQUISITIONS
- >20 new locations
- Acquisition of 9 small and medium-sized companies at a lower multiple than the group value (arbitrage)
GEOGRAPHIC EXPANSION
- New headquarters in Hamburg
- 100 branches throughout Germany
- Market leadership in a defined niche market
Return on investment: 18x the capital in 2 years
➔ SECTOR: Consumer
➔ FIELD: Education
➔ TRANSACTION TYPE: Succession, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2007 – 2015
DEVELOPMENT
- at entry: 800 students
- at Exit: >10,000 students
examples of operative measures
- Developing Germany’s leading online degree program from the ground up
- Development of dual study programs and locations throughout Germany
- New study programs
- Opening of new campus locations
ADD-ONS ACQUISITIONS
- 2 Acquisitions in the area of continuing professional development
GEOGRAPHIC EXPANSION
- Expansion into 7 German cities and 31 study centers in German-speaking countries
Today, the group is the largest university in Germany with more than 200,000 students
➔ SECTOR: Business Services
➔ FIELD: Call Center
➔ TRANSACTION TYPE: Owner Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2011 – 2016
FINANCIAL DEVELOPMENT
- on entry: Start-up
- on exit: >€30 million sales, 20% EBIT
examples of operative measures
- Opening of a new business division from scratch, which generated organic EBITDA of € 2.5 million at the time of exit
- Merger with a new, fast-growing call center specializing in the telecommunications sector
- Complete integration of sales, finance and IT
ADD-ONS ACQUISITIONS
- Acquisition of a service center specializing in IT sales and marketing
GEOGRAPHIC EXPANSION
- Germany
Development of the fastest growing and most profitable German call center group
➔ SECTOR: Health
➔ BRANCH: Rehab
➔ TRANSACTION TYPE: Succession, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2011 – 2020
FINANCIAL DEVELOPMENT
- Sales at entry: €10 million
- Sales at exit: €50 million
examples of operative measures
- Buy & build strategy with three growth engines:
- Expansion of existing locations
- Opening of new centers in the neighboring region
- Acquisition and integration of competitors
- Own training center (for internal and external therapists) as a unique selling point that guarantees a high and constant level of qualification
ADD-ONS ACQUISITIONS
- Start with two therapy centers in the Augsburg region
1 add-on in Winterberg, Germany
8 new openings
GEOGRAPHIC EXPANSION
- Germany
Development of the leading outpatient rehabilitation clinic in Germany
➔ SECTOR: Health
➔ FIELD: Nursing homes
➔ TRANSACTION TYPE: Management Buy-Out, Buy-and-Build
➔ COUNTRY: Germany
Duration of participation: 2007 – 2014
FINANCIAL DEVELOPMENT
- Sales at entry: €10 million
- Sales at exit: €40 million
examples of operative measures
- Increase in nursing beds – mainly through own construction activity – from around 800 to over 2,300 beds
- Value chain consisting of identifying “white spots” for new nursing homes, building and selling the properties and concentrating on operations
ADD-ONS ACQUISITIONS
- 14 new locations
GEOGRAPHIC EXPANSION
- From 11 to 25 senior citizens’ residences in Germany
First self-financed expansion strategy through the construction and sale of nursing homes
➔ SECTOR: Health
➔ BRANCH: Rehab
➔ TRANSACTION TYPE: Carved-out, buy-and-build
➔ COUNTRY: Germany
Duration of participation: 2010 – 2015
FINANCIAL DEVELOPMENT
- Sales at entry: €50 million
- Sales on exit: >€100 million
examples of operative measures
- Consolidation strategy for further rehabilitation clinics
- 50% somatic and 50% psycosomatic
ADD-ONS ACQUISITIONS
- Acquisition of 3 further clinics as part of 2 transactions in 2012 (carve-out and succession)
GEOGRAPHIC EXPANSION
- 15 rehabilitation clinics with more than 2,600 beds at 15 locations in Germany
- 1,800 Celenus employees caring for over 33,000 patients
Became the third largest private operator of inpatient specialist clinics for medical rehabilitation within 3 years