HIG Capital (HIG) is to sell CONET to private equity firm IK Investment Partners. HIG acquired a majority stake in the Company in 2017. The transaction is subject to clearance by the relevant antitrust authorities.
CONET is a digital transformation partner focused on public sector clients and with a dedicated SAP practice. The Company offers its blue-chip customer base services and solutions in the areas of IT consulting, software development and high-security IT operations. CONET, founded in 1987 and headquartered in Hennef, Germany, employs over 1,100 specialists across 13 locations in Germany, Austria and Croatia.
With the support of HIG, the Company implemented a comprehensive expansion strategy both organically and through acquisitions. CONET benefitted from HIG’s substantial expertise and extensive network in the IT services sector as well as its experience in successfully executing buy-and build strategies. After HIG’s initial investment in 2017, CONET completed three strategic acquisitions which broadened its service offering. During the past four years, CONET‘s management more than doubled the Company’s revenue and strengthened the Company’s position as a leading, integrated and trusted partner for the digital transformation of its diversified customer base.
Anke Höfer, CEO of CONET, says: “HIG’s trustworthy and supportive guidance was an essential element for CONET to continue its exceptionally successful growth by expanding geographically and by adding additional IT and consulting solutions. Together, we have successfully grown CONET into a leading and trusted digital transformation partner for our customers. I would like to thank HIG for their strong engagement over the past few years.”
Dr. Holger Kleingarn, Managing Director at HIG, says: “We are delighted to have supported CONET in its successful growth trajectory towards a leading digital transformation provider. CONET demonstrates HIG’s ability to develop companies through a sustainable combination of organic growth and acquisitions, while at the same time further optimizing the service portfolio to offer integrated solution for customers.”
Christian Kraul-von Renner, Managing Director at HIG, says: “The cooperation between CONET’s management team and HIG has been excellent. Today, the Company is perfectly positioned for further growth, and we wish the management team continued success in the future.”
Mirko Jablonsky, Partner at IK and Advisor to the IK IX Fund, says: “We are impressed by CONET’s strong track record across a diversified customer base, made possible by its driven management team and their talented colleagues with deep experience across their core markets. Building on its established, market-leading position across public and private sectors, CONET has an exciting period of growth ahead which we are delighted to support.”
The parties have agreed not to disclose further details of the transaction.
