EMERAM achieves success in challenging market environment: four investments and one exit in 2024, double-digit growth expected in 2025

• 2024: four acquisitions and one successful exit
• Portfolio company revenues increased by an average of 134 percent and the number of employees grew by 47 percent
• Further double-digit growth expected in 2025

Munich, 15 April 2025: EMERAM Capital Partners, one of the leading independent Growth Buy-Out investors for medium-sized companies in the DACH region, has successfully navigated the difficult market conditions of the 2024 financial year.

2024: Four investments, one exit and completion of fundraising for Fund II

In 2024, four investments were made:

1. Provital GmbH - Funds advised by EMERAM acquired a stake in the German company Provital GmbH. The company distributes species-appropriate premium dog and cat food through its network of specialist consultants as well as its online shop. Provital benefits from the growing demand for high-quality pet products: with its leading brand “Anifit,” the company has outpaced market growth in recent years and has significantly expanded its market share in Germany and Austria.

2. Garderos GmbH - EMERAM-advised funds acquired a majority stake in Garderos GmbH, a provider of ‘ruggedised’ router solutions for secure data communication and optimal connectivity in harsh environments. Garderos was founded in 2002 as a Siemens AG spin-off and has evolved into a market-leading system provider, supplying large quantities of ruggedised routers with proprietary, application-optimised software to operators of critical infrastructures (energy grids, traffic monitoring) and telecommunications companies worldwide.

3. CoCoNet AG, a provider of software for digital corporate banking with a focus on payment transactions and cash management, was taken over by funds advised by EMERAM. The company provides standalone front-office solutions that enable financial institutions to optimise secure customer processes without having to change their core banking systems. CoCoNet has been able to further increase the growth rate of the last ten years and is now expanding from Germany to other countries such as Italy, the Netherlands, the UK, Switzerland and Austria.

4. The ace Group (advanced clean energy Group) operates as an EPC provider in the clean energy sector, offering services in the areas of photovoltaics and charging infrastructure. Formed through the merger of two industry champions, HMB and Charge Construct, the company is already the largest full-service partner in Germany for long-term-oriented B2B clients in the field of renewable energy.

Exit: In June 2024, EMERAM sold its portfolio company diva-e to the Dutch Conclusion Group. With EMERAM's support, diva-e has succeeded in building one of the leading providers of end-to-end digital experience solutions in the DACH market by merging a total of 12 companies since 2015. diva-e has expertise in all key CX technologies (e.g. Adobe, Salesforce, SAP, Spryker, Scayle and Pimcore) and counts leading companies such as ALDI SÜD, Allianz, Bentley, E.ON, ZF Friedrichshafen and FC Bayern Munich among its customers. In the 2023 financial year, diva-e generated sales of around 100 million euros with over 800 employees.

Building on these successes, EMERAM completed the fundraising for Fund II in 2024, which will support further investments in 2025.

2025: Add-on in the first quarter and double-digit growth expected for the current year

In the first quarter 2025, ]init[ AG – a joint portfolio company of EMERAM Capital Partners and Rivean Capital – acquired the HBSN Group, a leading specialist in digital transformation for the healthcare sector. This move allows ]init[ AG to expand its end-to-end digitalisation offering beyond the public sector into the healthcare industry. The combined company now forms a leading digital transformation specialist with over 1,500 employees across 18 locations. Due to the continued growth trajectory of its portfolio companies, EMERAM expects double-digit growth in percentage terms in the current 2025 financial year.

Solid deal pipeline

EMERAM's deal pipeline remains robust in 2025. This is driven by a clear investment focus on high-growth companies that are based on the three key trending themes of Digital Transformation, Health & Wellbeing and Energy Transition and are due to grow further. The current market environment offers significant potential and attractive investment opportunities for the necessary transformational growth.

Conclusion: Confidence despite a challenging environment 

‘The private equity industry continued to face challenges in 2024 due to ongoing market volatility. We are therefore very proud that our portfolio has once again achieved an outstanding result in the past year. All companies were able to significantly increase revenues and profits. We also expect a positive development for 2025,’ explains Dr Christian Näther, Managing Partner of EMERAM Capital Partners. ‘By focusing on Digitalisation, Health & Wellbeing and Energy Transition, we have positioned ourselves as a strategic partner for both, companies and society, helping to drive the necessary and essential transformation in the DACH region. This commitment also underscores our broader responsibility as investors and entrepreneurs – an approach that has proven highly effective in today’s complex global landscape.’

Over a decade of success in the market

Since its foundation in 2012, EMERAM has acted as a hands-on sparring partner for its portfolio companies and their management teams, providing both capital and strategic support. Highlights include:

• Two-thirds of investments have successfully pursued internationalisation as a key strategic objective.
• A total of 34 value-enhancing add-on acquisitions have been integrated.
• The value of the investments was primarily increased through growth: the portfolio companies' revenues increased by an average of 134 percent and their EBITDA by 96 percent.
• Headcount has grown by an average of 47 percent resulting in the creation of over 1,200 new high-quality jobs, underscoring both scalability and social responsibility.
• By implementing and monitoring ESG measures, the relevant overall ESG Score could be increased by 100 percent.
• In terms of fund performance, the funds advised by EMERAM rank among the top performers.

EMERAM funds deliver top performance

The EMERAM Private Equity Fund I, with a volume of 400 million euros, is currently positioned in the top quartile with a TVPI (Total Value to Paid-In) of 2.3x. The strong performance is primarily driven by the exceptional development in the Growth Buy-Out sector, which, with a volume of 254 million euros, constitutes the largest portion of the fund's investments. With a TVPI of 3.5x and a DPI (Distributed to Paid-In) of 2.9x, it ranks in the top 10 percent. The successful Growth Buy-Out strategy continues with the EMERAM Private Equity Fund II, which closed in 2024. The TVPI here is already at 1.5x, placing it in the top decile.

EMERAM currently manages more than 800 million euros.

About EMERAM:

EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking DACH region. Funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health & Wellbeing, as well as Energy Transition. EMERAM acts as a long-term business development partner, supporting both organic and inorganic growth, while promoting the implementation of comprehensive ESG frameworks. The current portfolio consists of eight platform investments with a total of more than 3,500 employees. Additionally, a total of 34 add-on acquisitions have accelerated growth and enabled international expansion.

www.emeram.com

For further information please contact:

Media contact EMERAM - WMP EuroCom AG

Viona Brandt: Phone: +49 (0)175 93 93 320 | Email: EmeramMedia@wmp-ag.de

Susanne Horstmann: Phone: +49 (0)89 2488 331 02 | Email: EmeramMedia@wmp-ag.de