Orrick advised Ardian, the independent private investment company, in its acquisition of a majority stake in imes-icore GmbH, a specialist manufacturer of computer numerical control (CNC) and computer aided design/manufacturing (CAD/CAM) systems.
imes-icore primarily manufactures machine systems for the automated production of dentures, including dental caps and bridges, implant superstructures and prostheses. The company also offers specialized industrial production solutions for numerous other industries. Headquartered in Eiterfeld, Germany, imes-icore currently has around 150 employees and generated sales of around €30 million in 2016.
Ardian will acquire its stake in imes-icore from current majority shareholder Hugo Isert as part of a succession planning program. Isert founded imes-icore in 2002 together with CEO Christoph Stark, who will retain a significant minority stake and continue to manage the business. As part of the transaction, members of the management team will also become shareholders in the company.
With the support of Ardian, imes-icore plans to increase its range of services and key account management as well as expand internationally, both organically and through targeted acquisitions.
This is the fifth investment of Ardian Expansion Fund IV, which closed at €1 billion in 2016. The fund invests in high-growth companies with a value of up to €225 million in France, Italy, Belgium, Germany, Austria, Switzerland and Spain.
The transaction remains subject to approval from the competition authorities. Financial details have not been disclosed.
Ardian was advised by a Germany-based Orrick team led by M&A and Private Equity partner Christoph Brenner. Christoph has advised Ardian on several previous transactions, including its sale of Frostkrone to Emeram earlier this year. The team also included Fabian von Samson-Himmelstjerna (Partner, M&A and Private Equity), Timo Holzborn (Partner, Finance), Andrea Köhler, Markus Schmid (both Managing Associates, M&A and Private Equity), Christian Schröder (Partner, IT/Data Privacy), Sophie Ratzke (Associate, IT/Data Privacy), André Zimmermann (Partner, Employment), Louisa Kallhoff (Associate, Employment), Till Steinvorth (Partner, Antitrust), Stefan Schultes-Schnitzlein (Partner, Tax), and Felix Schäfer (Counsel, Real Estate).