Jenoptik has signed an agreement for the sale of the Vincorion division. The acquirer is a fund managed by Star Capital Partnership. Star is a private equity company investing in medium-sized companies throughout Europe. Vincorion develops, manufactures and markets mechatronic products, in particular for the security and defense, aerospace, rail and transport industries.

At the end of November 2021, the optics group completed the acquisition of the two companies BG Medical Applications GmbH and Swissoptic AG. This includes the Chinese company Swissoptic (Wuhan) Co., Ltd. based in Wuhan, China. BG Medical is a supplier of optical components for medical technology based in Berlin. Swissoptic develops and manufactures optical components and assemblies, particularly for the medical technology, semiconductor and metrology sectors, and is headquartered in Heerbrugg, Switzerland.

Vincorion division sold for a mid-double-digit million euro amount

According to Jenoptik, the sale value is in the mid double-digit million euro range. Added to this are claims and obligations, for example from pension commitments in a similar amount, as well as certain earn-out components. The enterprise value is estimated at around 130 million euros. The parties agreed not to disclose further details.

The closing of the purchase agreement is still subject to approval by the relevant authorities and other customary closing conditions. The transaction is expected to close in the second half of 2022.

With around 800 employees, Vincorion generated sales of almost EUR 152 million and EBITDA of almost EUR 17 million in 2020. Due to the signing of the contract for the sale, this division will already be presented as a discontinued operation for the current fiscal year and will therefore no longer be included in Jenoptik AG's group sales, among other things.

Acquisitions bring new production capacities in Europe and China

The acquisitions of BG MEdical and the two Swissoptic companies cost Jenoptik 300 million euros. This strategic acquisition strengthens Jenoptik's rapidly growing photonics business and, in addition to the semiconductor equipment business, significantly expands the medical technology business in particular.

The acquisition expands Jenoptik's global production network including modern clean room capacities. The new production sites are located in two photonics centers in Europe (Berlin & Heerbrugg) and in China (Wuhan).

The acquired companies will be integrated into the Light & Optics division. Jenoptik expects the acquisition to contribute sales of around 130 million euros in the 2022 fiscal year. In the coming years, sales of the acquired companies are expected to grow in the low double-digit percentage range and show an attractive margin.

The three companies will be fully consolidated from December 1. This will increase the number of employees in the Jenoptik Group to around 4,900. The purchase price will be paid using existing financial resources and free credit lines.