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Private Equity Spotlight: Invision eyes two more fund V portfolio buys and add-ons

  • Schneider + Co and Vantage Education tipped as next potential exits
  • “plenty” of dry powder for fund V add-ons

Swiss sponsor Invision will announce two more investments for its fifth fund, Invision V, before the year is out with one acquisition announcement imminent, Managing Partner Frank Becker said.

The investments are German consumer companies but the managing partner declined to provide more details.

Invision will have roughly EUR 30m in dry powder for add-ons and asset improvements once the final portfolio buys are made, he said. Including debt, the sponsor has upward of EUR 60m for improvements which is “plenty,” Becker added.

The Zug-based private equity firm has six portfolio investments in V of which training specialist Vantage Education and logistics company Schneider + Co have been held the longest and may be “the first” exits, Becker said. It still has another seven years to realise Invision V, he added.

Its other fund V portfolio companies include medical disinfectant specialist Laboratorium Dr. Deppe; online toner and ink cartridge retailer TonerPartner International; spa and clinic operator Parkresort Rheinfelden; and lighting rental and equipment specialist NicLen (see table below for details).

Invision makes 2-3 investments and divestments a year, he said. In September it sold fire protection specialist Kraft & Bauer to German private equity firm DBAG [ETR:DBAN]. In June it acquired NicLen and sold Swiss Education Group to Summer Capital. Details of these deals were not disclosed.

Invision does not have a set exit route as it depends on what is "optimal" for the portfolio company, Becker said.

It prefers to buy private companies with succession issues and will consider secondary buyouts, he said. Invision invests across consumer, healthcare, technology and industrial sectors in Switzerland, Germany and Austria and in neighbouring countries.

It has launched its Fund VI for which investments will kick-off in early 2019, Becker added.

Add-ons

Invision V add-ons will expand NicLen’s geographic reach in France, England, and Scandinavia and its product portfolio to both audio and video equipment and rental, Becker said.

It is consolidating the medical disinfectants market with Laboratorium Dr. Deppe in Germany.

Invision is also keen to acquire local competition in the UK, France, Netherlands, Italy, Switzerland, and Austria for TonerPartner to increase its client base.

It is on the look-out for orthopedic, rehabilitation and pain therapy management clinics to build up Parkresort Rheinfelden in Switzerland, he added.

It made five acquisitions for Schneider and will consider buys to augment its logistic services internationally to service its diverse client base.

It added three purchases to boost Vantage Education’s vocational and higher learning offers in both Germany and Switzerland.

by Johannes Koch with analytics by Mate Taczman

Invision Private Equity AG - Portfolio 

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