Trioptics GmbH

The company

capiton AG (‚capiton‘) is pleased to announce the signing of an agreement between the shareholders of Trioptics GmbH (‚Trioptics‘ or the ‚Company‘) and Jenoptik AG (‚Jenoptik‘) regarding the sale of 100% of shares in Trioptics to Jenoptik.

Trioptics, founded by Mr. Eugen Dumitrescu in 1991, is a leading international supplier of test equipment and manufacturing systems for optical components and sensors in the digital world. The company, based in Wedel near Hamburg, has over 400 employees worldwide and generated revenues of around € 80 million in 2019 with an operating margin before depreciation of 27%. Trioptics has developed proprietary technology for global customers in attractive growth markets, with a strong local presence in key European and Asian markets.

capiton IV GmbH & Co. Beteiligungs KG (‚capiton IV‘), a fund managed by capiton, acquired a minority interest in Trioptics in 2015. During capiton’s investment period, the company recorded average annual growth in revenues of 17%.

The transaction

The transaction is based on an EBITDA multiple of 10.4x combined 2021 EBITDA. Jenoptik will acquire 100% of the company in two tranches, though capiton IV will exit its shareholding completely on closing. Both parties to the contract have agreed not to disclose details of the purchase price. capiton was advised by Alantra (Frank Merkel, M&A) and BMH Partners (Jan-Peter Heyer, Tina Schmidt, Legal). Closing of the transaction is still subject to the approval of the German Anti-Trust Authority.

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