A long-term investor
Wendel is a hands-on investor and shareholder that assists sector-leading companies in their long-term development. Wendel's business model combines the entrepreneurial passion born of a long family tradition with a culture of performance and accountability.
EXCEET CONSOLIDATES ITS LEADERSHIP IN EMBEDDED ELECTRONICS
EXCEET IN BRIEF
Why did we invest in exceet?
In February 2010, Helikos SPAC raised 200 million at its IPO on the Frankfurt stock exchange; Wendel, via Oranje-Nassau Développement, was the principal sponsor. The purpose of this innovative transaction was to invest in a German Mittelstand company. After 15 months of analysis, Helikos acquired exceet Group AG, European leader in embedded electronics and security solutions. With its roots and a strong industrial and commercial presence in Germany, exceet designs, develops and produces essential, customized components and solutions for major industrial companies. Its areas of expertise include medical technology and healthcare, industrial automation, financial services, security, avionics and transportation.
Since 2006, based on its highly specialized know-how, exceet has stepped up its growth both organically and by acquiring niche companies and technologies. It therefore has a strategy for strong business development that dovetails with Oranje-Nassau Développement’s investment criteria.
Highlights of 2011
exceet continued its international expansion and its acquisitions in 2011, even if the main event of the year was becoming a listed company via the tie-up with Helikos. Five principal acquisitions rounded out exceet’s range of products and services:
• Winter AG, a German company acquired on December 29, 2010, specialized in electronic security and payment technologies and present in particular in NFC technologies;
• Authentidate AG, a Düsseldorf-based company with expertise in electronic signatures and data security that is used by millions of customers across the globe;
• The Art of Packaging, a Czech company that has become exceet’s center of excellence for RFID chips;
• Contec GmbH, an Austrian company specialized in the design of embedded systems for industry and for medical technologies;
• Inplastor GmbH, an Austrian company that produces more than 25 million secure cards p.a.
Against this background, exceet’s sales rose 51.5% over the first nine months of 2011, with organic growth alone accounting for about 20%. Sales for the nine months totaled €128.9 million. Meanwhile, EBITDA advanced by 64.6%, or €21.7 million. exceet performed particularly well in medical technology and integrated systems for industrial applications. Over all of 2011, sales totaled €170.4 million, up 42.7%. For 2012, exceet will continue to expand, both organically and by acquisition, notwithstanding the uncertainties generated by the European sovereign debt crisis.
Owing to the quality of its business model, the company can pursue its growth strategy even while maintaining its EBITDA margin target of 18%.