Transaction Details

October 27, 2021
Frankfurt

Sector

Technology

Deal Type

M&A

Deal Team

Sascha Pfeiffer, Malte Abrams, Marcello Gildemeister, Neil Schmodde

GCA Altium advises H.I.G. Capital on the sale of CONET to IK Partners

GCA Altium acted as exclusive financial advisor to H.I.G. Capital on the sale of its portfolio company CONET, a leading German digital transformation partner, to IK Partners.

CONET is a leading digital transformation partner focused on public sector clients and with a dedicated SAP practice. The company offers its blue-chip customer base services and solutions in the areas of IT consulting, software development and high-security IT operations. CONET, founded in 1987 and headquartered in Hennef, Germany, employs over 1,100 specialists across 13 locations in Germany, Austria and Croatia.

With the support of H.I.G., the company implemented a comprehensive expansion strategy both organically and through acquisitions. CONET benefitted from H.I.G.’s substantial expertise and extensive network in the IT services sector as well as its experience in successfully executing buy-and-build strategies. After H.I.G.’s initial investment in 2017, CONET completed three strategic acquisitions which broadened its service offering. During the past four years, CONET‘s management more than doubled the company’s revenue and strengthened its position as a leading, integrated and trusted partner for the digital transformation of its diversified customer base.

H.I.G. Capital, a leading global alternative investment firm with over USD 45 billion of equity capital under management, has sold the majority stake in CONET that it acquired in 2017 to IK Partners, an international private equity fund management group.

Anke Höfer, CEO of CONET, said: “H.I.G.’s trustworthy and supportive guidance was an essential element for CONET to continue its exceptionally successful growth by expanding geographically and by adding additional IT and consulting solutions. Together, we have successfully grown CONET into a leading and trusted digital transformation partner for our customers. I would like to thank H.I.G. for their strong engagement over the past few years.”

Dr. Holger Kleingarn, Managing Director at H.I.G., commented: “We are delighted to have supported CONET in its successful growth trajectory towards a leading digital transformation provider. CONET demonstrates H.I.G.’s ability to develop companies through a sustainable combination of organic growth and acquisitions, while at the same time further optimising the service portfolio to offer integrated solution for customers.”

Christian Kraul-von Renner, Managing Director at H.I.G., added: ”The cooperation between CONET’s management team and H.I.G. has been excellent. Today, the company is perfectly positioned for further growth, and we wish the management team continued success in the future. Special thanks also to the GCA Altium team, who has done an outstanding job in supporting CONET and us during the sale process.”

The transaction is subject to clearance by the relevant antitrust authorities. The parties have agreed not to disclose any further details of the transaction.

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