News › JENOPTIK AG signs agree­ment to sell VINCORION

JENOPTIK AG has signed an agree­ment to sell the VINCORION divi­sion. It will be acqui­red by a fund mana­ged by STAR Capi­tal Part­ner­ship LLP (“STAR”). STAR is a lea­ding pri­vate equity firm inves­t­ing in medium-sized com­pa­nies across Europe. 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.

“The sale of VINCORION is a fur­ther mile­stone in trans­forming Jen­op­tik into a focu­sed and glo­bally lea­ding pho­to­nics com­pany. I am 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, we are con­vin­ced that with STAR we have found the right owner to rea­lize the poten­tial we see for VINCORION. In addi­tion, it was important to us that STAR was wil­ling to grant loca­tion gua­ran­tees,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

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.

About Jen­op­tik

Opti­cal tech­no­lo­gies are the very basis of our busi­ness: Jen­op­tik is a glo­bally active tech­no­logy group and is active in the three pho­to­nics-based divi­si­ons: Light & Optics, Light & Pro­duc­tion and Light & Safety. Under the TRIOPTICS brand, Jen­op­tik also offers opti­cal test and manu­fac­tu­ring sys­tems for the qua­lity con­trol of len­ses, objec­ti­ves and camera modu­les. VINCORION is the brand for our mecha­tro­nic busi­ness. Our key tar­get mar­kets pri­ma­rily include the semi­con­duc­tor indus­try, medi­cal tech­no­logy, auto­mo­tive and mecha­ni­cal engi­nee­ring, traf­fic, avia­tion as well as secu­rity and defense tech­no­logy indus­tries. Appro­xi­m­ately 4,300 employees work for Jen­op­tik world­wide. The Group’s head­quar­ters are in Jena (Ger­many). JENOPTIK AG is lis­ted on the Ger­man Stock Exch­ange in Frank­furt and is included in the SDax and TecDax. In the 2020 fis­cal year, Jen­op­tik gene­ra­ted reve­nue of approx. 767 mil­lion euros.

Cont­act

Les­lie Iltgen
JENOPTIK AG
Com­mu­ni­ca­ti­ons & Inves­tor Relations
Phone: +49 3641 65–2291 
E‑mail: moc.kitponej@negtli.eilsel