Secondary Buyout • Business Services

IK Partners and Summit Partners Acquire Cinerius

On July 3, 2023, private equity firm IK Partners and growth capital firm Summit Partners acquired business services company Cinerius from Summit Partners

Acquisition Context
  • This is IK Partners’ 21st and Summit Partners’ 25th transaction in the Business Services sector.
  • This is IK Partners’ 4th and Summit Partners’ 3rd transaction in Switzerland.

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M&A Deal Summary

Date July 3, 2023
Target Cinerius
Sector Business Services
Buyer(s) IK Partners
Summit Partners
Sellers(s) Summit Partners
Deal Type Secondary Buyout

Target Company

Cinerius

Zug, Switzerland
Cinerius is a platform for independent wealth managers (“IWMs”) from German-speaking European regions. The platform currently includes seven partner businesses, each of which offers a range of wealth management solutions, including opportunities to invest in proprietary funds and access advisory services. Its partner businesses include B&K Vermogen, BV & P Vermogen, Entrepreneur Partners, Habbel, Pohlig & Partner Vermogensverwaltung, KSW Vermogensverwaltung; Ringelstein & Partner Vermogensbetreuung; and VM Vermogens-Management. Cinerius was founded in 2021 and is based in Zug, Switzerland.
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Buyers Overview 2

Buyer

IK Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 14.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

IK Partners is a private equity firm that targets control investments in lower middle-market to large-sized companies throughout Europe. IK focuses on growth businesses located in the Benelux region, as well as Denmark, Finland, France, Germany, Norway and Sweden. The Firm looks to commit €10 to €300 million of equity capital per transaction and targets companies with strong cash-flows. IK Investment Partners was formerly known as Industry Kapital. IK Partners was formed in 1989 and is based in London, England.


Deal Context for Buyer #
Overall 176 of 192
Sector: Business Services 21 of 24
Type: Secondary Buyout 68 of 74
Country: Switzerland 4 of 4
Year: 2023 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-03 NEVERHACK

Guyancourt, France

NEVERHACK is a provider of IT and cybersecurity services. NEVERHACK will serve large private groups and government agencies to provide solutions for their critical security needs and will offer an e-learning platform aimed at upskilling or reskilling IT, network and cyber professionals. NEVERHACK is based in Guyancourt, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-07 Medica Group

Hastings, United Kingdom

Medica Group provides remote radiology reporting network provides high-value radiology services including outsourced interpretation and reporting on MRI, CT and plain film images for NHS hospitals in the UK. Medica Group was founded in 2004 and is based in Hastings, United Kingdom.

Buy -
Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


Deal Context for Buyer #
Overall 395 of 415
Sector: Business Services 25 of 28
Type: Secondary Buyout 26 of 29
Country: Switzerland 3 of 4
Year: 2023 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-27 Formative

Santa Monica, California, United States

Formative provides a SaaS platform used by K-12 teachers to create digital exercises and assessments to review student performance. Teachers and administrators use Formative to evaluate students' work in real-time, make instant teaching adjustments, track long-term student growth and drive strategic curriculum decisions. Formative was founded in 2013 and is based in Santa Monica, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-29 CERTANIA

Munich, Germany

CERTANIA is an international Testing, Inspection and Certification (TIC) company offering services in the areas of Food & Environment, Pharma & Life Science, ESG Analytics and Climate Strategy as well as Management Systems Certification and Testing of Materials, Buildings, and Infrastructure. CERTANIA was founded in 2020 and is based in Munich, Germany.

Buy -

Seller Profile 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


Deal Context for Seller #
Overall 279 of 298
Sector: Business Services 19 of 19
Type: Secondary Buyout 55 of 64
Country: Switzerland 2 of 2
Year: 2023 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-27 Formative

Santa Monica, California, United States

Formative provides a SaaS platform used by K-12 teachers to create digital exercises and assessments to review student performance. Teachers and administrators use Formative to evaluate students' work in real-time, make instant teaching adjustments, track long-term student growth and drive strategic curriculum decisions. Formative was founded in 2013 and is based in Santa Monica, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-29 CERTANIA

Munich, Germany

CERTANIA is an international Testing, Inspection and Certification (TIC) company offering services in the areas of Food & Environment, Pharma & Life Science, ESG Analytics and Climate Strategy as well as Management Systems Certification and Testing of Materials, Buildings, and Infrastructure. CERTANIA was founded in 2020 and is based in Munich, Germany.

Buy -