JENOPTIK has signed an agreement to sell the VINCORION division. VINCORION develops, produces, and sells mechatronic products in particular for the defense and security sector, the aviation as well as the rail and transportation industries. It will be acquired by a fund managed by STAR Capital Partnership. STAR is a leading private equity firm investing in medium-sized companies across Europe.
Stefan Traeger, President & CEO of JENOPTIK, stated that the sale of VINCORION is a further milestone in transforming Jenoptik into a focused and globally leading photonics company. He further added that he is convinced that the transaction will have a positive impact on the Group’s earnings position, risk profile, and financing power. It will also enable ESG-oriented investors to invest in Jenoptik. In addition, they are convinced that with STAR they have found the right owner to realize the potential they see for VINCORION. In addition, it was important to them that STAR was willing to grant location guarantees.
The equity value is in the mid-double-digit million-euro range. In addition, there are claims and obligations (e.g., resulting from pension obligations) in the mid-double-digit million-euro range as well as certain earn-out components. The enterprise value amounts to approximately 130 million euros. Both parties have agreed not to disclose any further details. Closing of the purchase agreement is still subject to approval by the responsible authorities and other customary closing conditions. Closing is expected to take place in the second half of 2022.
In 2020, the division had approximately 800 employees and generated revenue of 151.7 million euros with an EBITDA margin of 11.0 percent. Due to the signing of the agreement to sell VINCORION the division will be classified as “discontinued operations” already in the current fiscal year, and, therefore, will not be included e.g., in group revenue anymore. In total, there will be no change to the guidance 2021 when both, continuing operations and discontinued operations, are taken into account.