WHO we are

Alpina Partners („Alpina“) is a London and Munich based investment firm.

  • Alpina is independent and owner-managed.
  • The investment team is a substantial investor in the funds alongside well-respected long-term institutions and family offices.
  • Alpina has over € 300 million in assets under management.
  • Our team has proven industry experience in the technology sector, strong international work experience and a global network (see “Team”).

What we do

Alpina invests in leading European technology businesses.

  • Alpina focusses on European growth companies with a strong technical USP.
  • We are highly flexible in terms of transaction structures and render a variety of deals including minority growth capital investments as well as leveraged buyouts.
  • We invest in five distinctive technology sectors, which offer exciting investment opportunities (see “Strategy”).
  • As a PRI signatory we are committed to the Principles for Responsible Investment.

HOW WE ADD VALUE

Alpina helps to unlock the growth potential of technology companies.

  • We are a long-term investor focussing on sustainable value creation.
  • We support management teams on their growth path as sparring partners on board level.
  • We help entrepreneurs to shape their growth strategy in order to internationalize technology businesses.
  • We leverage our strong global network to provide relevant contacts and expertise.

About Us

Alpina Partners is a London and Munich based European technology growth investment firm.

Alpina Partners is owner-managed and independent. The funds are provided by long-term institutional investors, family offices and the Alpina investment team. The firm has over € 300 million in assets under management

Currently, the team is investing a € 140 million private equity fund which was established in 2014 and has a lifetime of up to 12 years. Investment decisions are made by the partners without any external parties involved.

Alpina differentiates itself by its entrepreneurial spirit, a strong international network, a true passion for growth and technology, a high flexibility in terms of transaction structures as well as a fast and transparent approach towards decision-making.

Strategy

Focus

  • We invest in the following five sectors: software and data services, electronics, advanced materials and chemicals, industrial process and mechanical engineering.
  • We focus on Europe with an emphasis on DACH (Germany, Austria and Switzerland), Benelux, the UK, Ireland, and the Nordic region.
  • We invest between € 7.5 and 15 million per deal (up to € 30 million together with co-investing LPs).

INVESTMENT CRITERIA

  • High-quality products or services with strong technical USP and ideally defensible intellectual property
  • Strong organic and / or acquisitive growth potential
  • Strong barriers to entry
  • At least € 10 million revenue during the last twelve months
  • Scalable business models
  • EBITDA > 0
  • Strong ESG credentials (in particularly a positive environmental impact)

TRANSACTION STRUCTURES

  • Majority and minority investments
  • Growth capital investments
  • Leveraged buyouts
  • Succession situations
  • Management buyouts
  • Management buy-ins
  • Owner buyouts
  • Corporate carve-outs
  • Buy-and-build strategies
  • Complex financial and structural situations

News

August 17, 2016

Integrated Micro-Electronics Inc. (PH: IMI) and the shareholders of VIA optronics GmbH (VIA) announced the signing of a definitive agreement under which IMI will acquire a 76 percent stake in…

August 17, 2016

Integrated Micro-Electronics Inc. (PH: IMI) and the shareholders of VIA optronics GmbH (VIA) announced the signing of a definitive agreement under which IMI will acquire a 76 percent stake in VIA, a leading optical bonding and display solutions provider, for EUR 47.4 million. Company founder Jürgen Eichner will retain a 24 percent ownership and continue to lead VIA as Managing Director, reporting to Arthur R. Tan, IMI’s chief executive officer.

Alpina Partners is selling all of its 55% shareholding as part of the transaction. Alpina Partners has been a shareholder in the company since June 2010.

“This transaction represents a unique opportunity to accelerate IMI’s growth and broaden VIA’s opportunities by leveraging off of IMI’s global footprint and resources,” Mr. Tan said.

“We announce today an exciting next chapter for VIA, as we have found the perfect strategic partner that is aligned with our values and growth ambitions,” Mr. Eichner said.

“Alpina Partners is pleased that VIA found a great strategic partner for the future. It has been a successful investment for us” said Joerg Sperling, Managing Partner of Alpina.

About IMI
Integrated Micro-Electronics Inc. (IMI) is one of the leading global providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services with manufacturing facilities in Asia, Europe, and North America.

About Alpina Partners
Alpina Partners is a London and Munich based investment firm with over € 300 million in assets under management. Alpina focusses on European growth companies with a strong technical USP.
Alpina Partners is supported by the European Union through the Competitiveness and
Innovation Framework Programme (CIP) and by British Business Bank

Contact
Joerg Sperling, Alpina Partners

February 2, 2016

WHEB Partners has successfully raised €140 million for its latest fund and has already invested in five companies from it. “We are proud to announce that in addition to our…

February 2, 2016

WHEB Partners has successfully raised €140 million for its latest fund and has already invested in five
companies from it.

“We are proud to announce that in addition to our existing anchor investors, the
European Investment Fund, British Business Bank, Hermes GPE and investors managed by
RobecoSAM, we were able to welcome prestigious new investors including Access Capital, Akina, BMO
Global Asset Management, M&G Private Funds Investment and SWEN” said Joerg Sperling, a Partner
based in the Munich office.
Furthermore, the former private equity division of the WHEB Group has bought out the latter’s
ownership and is now an independent, owner-managed investment management firm. Following this
buyout, WHEB Partners has renamed itself Alpina Partners (“Alpina”). Alpina will continue to manage
all WHEB Partners’ private equity funds.
Alpina will continue with its successful strategy of investing in growth capital and lower mid-market
buyout deals in its target sectors of software, electronics, materials, industrial processes and
mechanical engineering. The manager will continue to focus on companies with strong environmental,
social and governance (“ESG”) credentials. ”Companies providing a solution to the environmental
challenges the world faces today will continue to outperform and generate superior investment
returns”, said James McNaught-Davis, a Partner based in the London office.

Meanwhile, the WHEB Group will continue to trade under the “WHEB” brand and its remaining
businesses are not affected by the management buyout of the private equity business.

Alpina Partners’ new fund is supported by the European Union through the Competitiveness and
Innovation Framework Programme (CIP) and by British Business Bank.

Contact: Joerg Sperling, joerg@alpinapartners.com, +49 173 5950938 or James McNaught-Davis,
james@alpinapartners.com.

April 15, 2015

WHEB Partners became Alpina Partners in January 2016. WHEB Partners and Dr. Jan Verdenhalven acquire 100% of the shares of Dolan GmbH (“Dolan”), Kelheim from Lenzing AG and 100% of the…

April 15, 2015

WHEB Partners became Alpina Partners in January 2016.

WHEB Partners and Dr. Jan Verdenhalven acquire 100% of the shares of Dolan GmbH (“Dolan”), Kelheim from Lenzing AG and 100% of the shares of European Carbon Fiber GmbH (“ECF”), Kelheim from Lenzing AG and Kelheim Fibers GmbH. Dolan and ECF share production facilities in Kelheim and an experienced management team.

“The sale comprises part of Lenzing’s strategy to focus on its core business of man-made cellulose fibers. With WHEB Partners and Dr. Jan Verdenhalven, Lenzing succeeded in finding financially strong, industry-oriented new owners in which both companies will be able to develop more effectively in the future than up until now”, comments Lenzing’s Chief Financial Officer Dr. Thomas Riegler. “Moreover, it is important for ECF that WHEB Partners and Dr. Jan Verdenhalven already have longstanding industrial experience in the carbon fiber business. The company now has interesting growth perspectives once again through a potential cooperation with other companies in WHEB Partner’s strategic investment portfolio.”

“We are delighted to welcome Dolan and ECF as new portfolio companies in our growth fund. Dolan is a world leader in high-end textile acrylic fibers. We look forward to supporting the management team and their successful strategy through our sector expertise and international network,” says Dr. Florian Strehle, Partner at WHEB Partners.

Dr. Jan Verdenhalven comments: “ECF has successfully developed and marketed an excellent carbon fiber precursor for standard industrial applications. We will support management in leveraging the potential of that product and further upgrade it for high-end applications, ensuring a sustainable growth for ECF”

Dolan produces high quality specialty fibers used for textiles, convertible car tops, sunshades, garden furniture and protective clothing. It has approx. 100 employees. Dolan’s 2014 revenue was €57.5 million. ECF produces precursor for the carbon fiber industry. Its 2014 revenue was €10.4 million.

WHEB Partners (www.alpinapartners.com) is a European private equity firm. Its funds invest in technology companies with high growth potential and strong ESG credentials. WHEB Partners’ new Fund is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP).

Dr. Jan Verdenhalven is a private investor with several years of investing and management experience in the chemical and carbon fiber industry.

February 17, 2014

WHEB Partners became Alpina Partners in January 2016. WHEB Partners' new private equity fund, has completed its first investment by taking a significant stake in UBC GmbH, located near Stuttgart,…

February 17, 2014

WHEB Partners became Alpina Partners in January 2016.

WHEB Partners' new private equity fund, has completed its first investment by taking a significant stake in UBC GmbH, located near Stuttgart, Germany. UBC is a profitable developer and manufacturer of high-end lightweight components made of carbon fibre composite materials.The company provides its services to blue chip customers in the automotive, aerospace and medical industries across the entire value chain of light-weighting with carbon fibre solutions. WHEB Partners' will support UBC in further accelerating its growth and helping it to address new markets and new geographies.

Portfolio

  • Country: Ireland
  • Sector: Electronics and Software
  • Status: Exited
  • Year invested: 2009

Management software and hardware for the waste industry

Based in Ireland, AMCS Group has developed an integrated IT system comprising both software and hardware to provide management information to waste management companies. AMCS’ technology monitors the location of refuse trucks and customer bins and measures the weight of the waste in each bin as it is being tipped into the refuse collection lorry. This data is transmitted to the waste management operator’s back office in real-time and is applied to real-time billing and invoicing for waste collected.
This technology can be used by the waste management industry to disincentivise the sending of waste to landfill through weight-related charging and/or to incentivise increased waste recycling. It can also be used to enhance the operational efficiency and profitability of waste management operators through the optimisation of waste collection routes.
Alpina Partners invested in AMCS alongside Investec (previously NCB Ventures) and Enterprise Ireland in February 2009 all of which profitably sold their ownership in the company in (Investec only in part) in January 2014.

Location: Ireland
Sector: Electronics and Software
Acquired date: 2009
Status: Exited
Website: www.amcsgroup.com

Alpina Partners extensive network and in-depth experience in supporting the growth of sustainable resource efficiency businesses provided AMCS with valuable introductions to high level industry contacts and significantly enhanced the evolution of its business strategy. Alpina’s practical and tangible contribution to numerous operational matters also added considerable value to AMCS.

Jimmy Martin, Chief Executive of AMCS Group
  • Country: Germany
  • Sector: Advanced materials and chemicals
  • Status: Current
  • Year invested: 2015

Spun-dyed acrylic fibres and carbon fibre precursor

Dolan GmbH and European Carbon Fiber GmbH (ECF), both located in Kelheim, Germany, are market leading producers of tailor-made, high-quality acrylic fibres for the outdoor and industrial segments in the case of Dolan, and the carbon fibre market in the case of ECF.

Dolan’s production technology is the basis for unparalleled colour fastness, which cannot be achieved with yarn-dyed polyester or standard acrylic fibre. Furthermore, the fibres possess outstanding abrasion resistance and are automotive-certified. They are used in outdoor textiles such as sunshades, garden furniture, protective clothing and soft car tops, as well as filtration and industrial compound products.

ECF produces precursor for the production of high quality carbon fibres, and is the only independent carbon fibre precursor manufacturer in the market.

Location: Germany
Sector: Advanced materials and chemicals
Acquired date: 2015
Status: Current
Website: www.dolan-gmbh.de

Thanks to Alpina Partners expertise and network in the advanced materials and carbon fibre markets, we will further accelerate our international growth by leveraging the unique production technology and high quality products of Dolan and ECF. With Alpina Partners support we are also confident we will continue to improve our operations as well as our world-leading products.

Luis Puncernau, Managing Director of Dolan GmbH and ECF GmbH
  • Country: UK
  • Sector: Software and data services
  • Status: Current
  • Year invested: 2012

Management software and hardware for the waste industry

Headquartered in Stockport in the UK, Enterprise Solutions Holdings (“ESH”) is a leading solutions provider for the Building Energy Management market.

Enterprise Solutions Holdings, through its subsidiary WEMS, has developed a pioneering wireless building management IOT based system that is sold to markets around the world. It is is quick and inexpensive to install, provides highly valuable insights into the operation of a building/portfolio of buildings and thereafter materially reduces the cost of heating, ventilation, air-conditioning (“HVAC”) and lighting to provide a comprehensive enterprise level management solution for an entire estate of buildings as varied as telephone exchanges, retail stores and bank branches. This allows banks, retailers, telecoms companies, transport enterprises and other businesses with estates of small commercial buildings to achieve annual energy savings of 15-30% without requiring labour-intensive, wired retrofits and thereby achieving attractive financial paybacks on their purchase of WEMS’ solution.

As a solutions provider (through its subsidiary Aimteq) it provides Building Management and Energy Solutions using equipment from the major BMS technology companies to the UK market. Aimteq’s specialises in delivering systems to operate and control Heating, Ventilation and Air-Conditioning (HVAC), lighting and security systems across multiple locations in all building types (from a small Pharmacy to a major Commercial Office block). The Company also offers outsourced, contract-based energy management services from its Energy Centre service bureau in Stockport. ESH’s acquisition of Aimteq of Cirencester in the UK in August 2015 has significantly extended its reach into the larger wired segment of the buildings management systems (“BMS”) market and has enabled it to attract much larger strategic partners whose distribution channels and products it is now leveraging.

Together with Hermes GPE, Alpina Partners acquired WEMS in September 2012. Following WEMS’ bolt-on acquisition of Aimteq in August 2015, the resulting group was renamed Enterprise Solutions Holdings Ltd.

Location: UK
Sector: Software and data services
Acquired date: 2012
Status: Current
Website: www.wems.co.uk

Working closely at board level with Alpina Partners in shaping the strategy of the business and their extensive network of contacts in the UK and abroad to enact the strategy is of major benefit to ESH. There have been many instances where their ability to gain access to senior players in the market has been invaluable.

Paul Summers, CEO of ESH
  • Country: Germany
  • Sector: Advanced materials and chemicals
  • Status: Partial Exit
  • Year invested: 2010

Innovative recycled plastics company

Friedola, based in Germany, is a recycled plastics processing and products business. Its products are mainly used in the automotive and logistics industries and consist of up to 80% recycled materials. The Company already works with some of Germany’s leading vehicle manufacturers.

Friedola’s main product is CON-Pearl®, a lightweight board made of polypropylene. The boards are laminated in a proprietary way which ensures they are highly rigid, impact- and scratch-resistant, non-corroding, rot-free, chemically resistant, thermally and acoustically insulating, and extremely lightweight. The boards are made mostly from high quality recycled plastic and are 100% recyclable.

The CON-Pearl® boards are used as automotive components such as floor boards in light commercial vehicles. The boards are a lighter, cheaper and more durable alternative to the commonly used wooden floorboards. They are also used as side and roof-linings, cavity linings, partitions of light commercial vehicles and spare covers in passenger cars and vans thereby making vehicles lighter and so increasing fuel efficiency.

CON-Pearl® is also used in a variety of other applications, from multi-way packaging as light and durable boxes, to pallet sleeves, flight cases, partition walls and building materials.

Location: Germany
Sector: Advanced materials and chemicals
Acquired date: 2010
Status: Partial Exit
Website: www.friedola-tech.de

Alpina Partners is well known for its long experience and considerable value adding capabilities in cleantech markets. We were very pleased to have them join us as an investor and already Alpina Partners has helped us accelerate the growth of Friedola.

Dr. Mathias Stein, CEO of friedolaTECH GmbH
  • Country: UK
  • Sector: Mechanical engineering
  • Status: Current
  • Year invested: 2011

Small scale, modular, geothermal well-head power plants

Headquartered in the UK but with its operational hub in Reykjavik, Iceland, Green Energy Geothermal (GEG) designs, constructs, ships, installs, commissions, operates and maintains geothermal (“flash”) well-head, modular and low-cost electricity generation, transmission and distribution systems. Its unique turnkey product, with its standardised design and prefabricated modules, is transported in standard ISO containers.

GEG focuses on geothermal wellhead power plants ranging in power output from 3.5MW to 11MW. The Company combines word-class Icelandic geothermal expertise with a low-cost, flexible and global manufacturing supply chain. GEG’s technology enables developers, utilities and independent power producers to shorten significantly the time between exploration and revenue generation in geothermal projects, thereby enhancing their return on investment.

Location: UK
Sector: Mechanical engineering
Acquired date: 2011
Status: Current
Website: www.geg.co.uk

As a highly experienced and value-adding investment partner, Alpina Partners have not only provided capital for our expansion but are also bringing to bear their extensive network and experience. Alpina Partners has helped us to redomicile GEG from Norway to the UK and secure the support of the British government as we add new customers from South-East Asia while building on our existing customer base in East Africa.

Terje Laugerud, CEO of Green Energy Geothermal Ltd. (GEG)
  • Country: Germany
  • Sector: Electronics
  • Status: Current
  • Year invested: 2013

Highly efficient LED solutions for professional lighting applications

Hoffmeister Leuchten GmbH, headquartered in Lüdenscheid, Germany, designs, develops, manufactures and markets high quality luminaires for interior and exterior professional lighting applications. Originally founded in 1910, Hoffmeister has in recent years developed a new portfolio of highly-efficient LED and conventional lighting solutions. The Company’s particular competitive advantage in the thermal management of LEDs allows the engineering of LED solutions offering high cost savings thanks to outstanding energy efficiency and a superior lifetime.

Location: Germany
Sector: Electronics
Acquired date: 2013
Status: Current
Website: www.hoffmeister.de

We are pleased to have found in Alpina Partners an equity partner with a deep commitment to internationalising our family-owned German business. The growth capital and international expertise available from Alpina Partners perfectly equip us to address the fast-emerging international opportunity in energy efficient lighting, particularly in LEDs.

Oliver Hoffmeister, CEO of Hoffmeister Leuchten GmbH
  • Country: Ireland
  • Sector: Mechanical engineering
  • Status: Current
  • Year invested: 2014

World’s only full colour paper-based 3D printers

Mcor Technologies Ltd (Mcor) provides the world’s most affordable, full-colour and eco-friendly 3D printers. The company is based in Dunleer, Ireland.
While most 3D printing technologies are used to build models from expensive and often environmentally harmful plastic, chemically infused powder, or metal, Mcor 3D printers use ordinary office paper as the build material. This has several advantages:

  • the paper can be imprinted with Mcor ink to provide consistent, high-definition, photorealistic colour to the 3D objects, outperforming all other technologies currently in the market;
  • the use of inexpensive paper results in low total cost of ownership;
  • no harmful particle emissions, toxic chemicals or special facility requirements;the 3D printed objects are themselves fully recyclable thanks to the use of water-based adhesives in the build process.
  • Mcor printers deliver the build quality of expensive industrial printers at a fraction of the cost.
Location: Ireland
Sector: Mechanical engineering
Acquired date: 2014
Status: Current
Website: www.mcortechnologies.com

We recently launched our next generation product, the world’s first full-colour desktop 3D printer, and are experiencing strong demand internationally for our products. The investment from Alpina Partners will allow us to deliver on our exciting sales pipeline and, together with Alpina Partners, build Mcor into a global 3D printing company. We now have all the ingredients necessary to create a world beating 3D printing technology company.

Dr Conor MacCormack, CEO and co-founder of Mcor Technologies Ltd.
  • Country: Germany
  • Sector: Software and data services
  • Status: Current
  • Year invested: 2015

Oxaion is a leading and well-established provider of Enterprise Resource Planning (“ERP”) software. The Company is based in Ettlingen close to Karlsruhe in Germany and has subsidiaries in Dortmund, Hamburg, Vienna and Wels (Austria). Oxaion currently has 150 customers, mainly in the German-speaking “DACH” region.

The Company focuses on medium-sized companies with complex supply chains that cannot use the more standardised solutions offered by companies such as SAP, Oracle or Microsoft. By offering a state-of-the-art, end-to-end and platform-independent ERP solution which is tailor made for the sub segment of the “Mittelstand” manufacturing businesses, Oxaion is well positioned to cater the needs of these SMU clients.

Location: Germany
Sector: Software and data services
Acquired date: 2015
Status: Current
Website: www.oxaion.de
  • Country: UK
  • Sector: Software and data services
  • Status: Current
  • Year invested: 2009

Software and data services platform to provide smart grid services into the home

Established in 2008 and headquartered in Newbury in the UK, PassivSystems (www.passivsystems.com) has developed an innovative home energy management system and associated data services. PassivEnergy is the only home energy management solution for the direct control and monitoring of legacy heating and hot water systems. The solution leads to a 23% reduction in household energy use and acts as a control system for domestic microgeneration from PV, solar thermal or ground source heat pumps and thus enables homeowners to maximise benefits from feed-in-tariffs. PassivSystems is working with energy efficiency service providers, retailers and energy supply companies which offer these services to their customers alongside other home energy efficiency improvement measures.

Location: UK
Sector: Software and data services
Acquired date: 2009
Status: Current
Website: www.passivsystems.com

Alpina Partners is a world class VC and we have established a very strong partnership. They have done an outstanding job in delivering both commercial and political opportunities in recent years for PassivSystems and we look forward to moving on to the next stage of expansion with their support.

Colin Calder, Founder and CEO of PassivSystems Ltd.
  • Country: Sweden
  • Sector: Industrial processes and applications
  • Status: Exited
  • Year invested: 2009

Market leading, environmentally friendly packaging specialist

Petainer is the largest manufacturer of refillable PET bottles for the German market and dominates the Scandinavian PET bottle market. The business has an established customer base of global beverage brands, many of which have been customers for over 15 years. Petainer is well regarded in the market for its new product development capabilities and is renowned for its innovative approach to reducing the environmental impact of beverage distribution. In particular it has pioneered the use of recycled PET and has developed market-leading large PET container solutions. The Company’s innovative new PET alternative to the steel beer keg significantly reduces the environmental impact of keg distribution and offers breweries significant cost savings. Petainer successfully entered the East European including Russian markets as well as the US and UK markets during Alpina Partners’ period of ownership.

Location: Sweden
Sector: Industrial processes and applications
Acquired date: 2009
Status: Exited
Website: www.petainerkeg.com

Alpina Parners played a integral role in the Petainer story, from the original structuring and execution of the management buy-in transaction to the enhancement of my executive management team and consistently value-adding strategic support. In particular, they have leveraged their impressive network to provide valuable leads and introductions as well as contributing in our bolt-on acquisition.

Nigel Pritchard, CEO of Petainer Ltd.
  • Country: Germany
  • Sector: Advanced materials and chemicals
  • Status: Current
  • Year invested: 2011

Novel, eco-friendly wood substitute material

Resysta, based in Forsting, Germany, has developed a novel eco-friendly wood substitute material which can replace tropical hardwoods, a finite, non-sustainable resource increasingly coming under the scrutiny of legislation and activists worldwide.

Resysta feels and looks like tropical wood but is resistant to humidity, mould and mildew, does not splinter, is slip-resistant, adhesive to varnishes, colours and oils, can be glued and is more flame retardant than wood.

Location: Germany
Sector: Advanced materials and chemicals
Acquired date: 2011
Status: Current
Website: www.resysta.com

We are delighted that we have found Alpina Partners. As an active and experienced partner they have not only provided their capital and network for our expansion strategy but fully appreciate the sustainability and environmental friendliness of our product. The support of Alpina Partners will allow us to internationalize our business while making a contribution to the protection of our environment.

Bernd Duna, CEO of Resysta International GmbH
  • Country: Germany
  • Sector: Mechanical engineering
  • Status: Current
  • Year invested: 2010

Highly efficient electric outboard motors for the marine market

Torqeedo GmbH, established in 2005 and headquartered in Starnberg, near Munich in Germany, develops, designs and manufactures the world’s most efficient electric outboard motors. The motors are clean, lightweight, and quiet, yet very powerful. They are consistently rated as a “top buy” by industry analysts due to their performance, superior drive train technology and advanced electronics. These include accurate range displays, state of the art propellers and highly efficient battery cells.

Location: Germany
Sector: Mechanical engineering
Acquired date: 2010
Status: Current
Website: www.torqeedo.com

Alpina Partners’ expertise in building companies internationally has so far been invaluable to Torqeedo. As we ramp up sales and enter new market segments with new products over the next few years, we will certainly rely on their support and experience.

Dr Christoph Ballin, CEO of Torqeedo GmbH
  • Country: Germany
  • Sector: Advanced materials and chemicals
  • Status: Current
  • Year invested: 2014

HIGH-PERFORMANCE CARBON FIBER BASED COMPONENTS

UBC GmbH, located near Stuttgart, Germany, is a profitable developer and manufacturer of high-end lightweight components made of carbon fibre composite materials.

The company provides its services to blue chip customers in the automotive, aerospace and medical industries across the entire value chain of light-weighting with carbon fibre solutions.

Alpina Partners is supporting UBC in further accelerating its growth and helping it to address new markets and new geographies.

Location: Germany
Sector: Advanced materials and chemicals
Acquired date: 2014
Status: Current
Website: www.ubc-gmbh.com

We are delighted to be working with Alpina Partners. Their experienced team has a deep sector knowledge and a track record in helping European companies expand beyond their home markets. We are confident that our partnership will be a success.

Ulf Bräutigam, Founder of UBC GmbH
  • Country: Germany
  • Sector: Electronics
  • Status: Current
  • Year invested: 2010

Energy saving LCD display technology

Based in Germany, VIA Optronics GmbH supplies energy saving LCD displays for products such as handheld devices, laptops, televisions and industrial devices.

The Company’s products use less energy and extend the lifetime of devices and reduce electronic waste. The customer benefits from higher contrast, reflection free viewing and much better mechanical stability. In addition, VIA’s optical bonding process inhibits condensation or particles in between LCD and cover lens or touch screens. Portable devices benefit from improved readability in any light conditions and an extended battery life.

Alpina Partners bought out BayBG’s ownership in May 2015 since when it has been the majority owner of VIA Optronics.

Location: Germany
Sector: Electronics
Acquired date: 2010
Status: Current
Website: www.via-optronics.com

We were delighted to have Alpina Partners join us as an active investor. Since we have worked together they have been instrumental in helping us grow VIA Optronics and expand our global operations significantly. Working with Alpina has been a key component of our success.

Jürgen Eichner, CEO and Founder of VIA Optronics GmbH

Case Studies

Friedola TECH
Germany, Advanced materials and chemicals
www.friedola-tech.de

The Company

  • friedola TECH supplies highly durable and lightweight patented plastic components for automotive applications, and lightweight and collapsible transport boxes for global logistics companies
  • Customers include Daimler and Volkswagen
  • Products are made from high-grade recycled materials derived from friedola TECH‘s own plastic waste recycling facilities

Deal sourcing

  • We sourced this deal through our extensive proprietary network of contacts
  • We used a proactive, “problem solving” approach to execute the deal amid tax and structuring challenges

Our investment thesis

  • Several industries are seeking environmentally friendly lightweight materials to improve fuel efficiency, replace environmentally harmful materials and comply with strict environmental legislation. This constitutes a multi-billion Euro opportunity for advanced materials providers such as friedola TECH
  • friedola TECHs CON-Pearl® boards are made from up to 80% regrind derived from friedola TECH’s own recycling facilities and are themselves 100% recyclable. They are primarily used as replacement for products made from wood, cardboard or steel
  • The products are lightweight, resistant to corrosion and rotting, provide thermal and acoustic insulation and allow easy processing
  • We recognised significant growth potential in developing friedola TECH’s products into new market segments, applications and regions

Our approach: extracting value through the pursuit of growth

  • We made an equity investment to prime the Company for growth and enable the production of high margin loading floors for commercial vehicles
  • Revenues and EBITDA increased from €33m and €1.7m in 2009 to €61.2m and €6.5m in 2012
  • We brought in Kleiner Perkins Caulfield and Byers as value adding co-investor. We also introduced the Company to several blue chip OEMs to grow the customer base
  • We executed a growth capital funding round from renowned US-based fund SilverLake and accelerated expansion in the US
  • This additional growth capital helped repay our original shareholders loans and was combined with a secondary purchase of most of our equity
  • We retain a minority shareholding in friedola TECH with significant further upside
EHS (previously "WEMS")
UK, Software and data services
www.wems.co.uk

The Company

  • Enterprise Solutions Holdings’ (“EHS”) pioneering wireless building management systems (BMS) technology reduces installation and monitoring costs for commercial energy management solutions
  • This allows retailers, telecoms companies and companies with small commercial buildings to achieve annual energy savings of 15-30% without the need for labour intensive retrofits

Deal sourcing

  • We identified EHS as a company with an attractive value proposition, competitive position, size and management structure
  • We swiftly made contact with the Finance Director and conducted face-to-face meetings
  • EHS believed that the Alpina team could add significant value through our deep sector understanding, industrial contacts and sales leads

Our investment thesis

  • In the UK, energy costs have risen by around 20% over the last three years and are forecast to increase by over 30% to 2020.
  • EHS has developed a cost-effective, wireless method of improving building energy management for smaller commercial buildings
  • EHS’ solution offers a 15% to 30% energy saving and can be installed four times faster than a wired building management system
  • The Company is a profitable, growth stage business with established blue chip clients and a promising pipeline of prospective customers.

Our approach: extracting value through pursuit of growth

  • We helped EHS to enhance its management team by hiring of a new Chief Executive and Commercial Director
  • We identified a significant opportunity to accelerate EHS’ growth by investing in business development, strengthening the technical support infrastructure, international expansion and by widening its product offering
  • We also recognised an opportunity to enhance margins by expanding to a managed service business model with a significantly higher proportion of recurring revenues at higher margins
VIA Optronics
Germany, Electronics
www.via-optronics.com

The Company

  • VIA optronics provides high-end display solutions to its blue-chip customers. The Company is a highly regarded expert in optical bonding technology and display enhancement solutions.
  • VIA’s proprietary optical bonding technology results in thinner, sturdier displays with less reflection and less power consumption
  • Since its foundation in 2005, VIA‘s revenues have grown at a CAGR of more than 90% (2006-14), which strongly validates the Company‘s technology and capabilities.

Deal sourcing

  • We first met the CEO at a networking event of a regional business cluster. Based on our discussions, we saw an opportunity to transform the business from a small niche provider of industrial displays to a global player serving the much larger consumer market.
  • We structured our initial growth equity investment in 2010 together with founder & CEO Jürgen Eichner and existing investor BayBG.

Our investment thesis

  • VIAbond-treated displays address key issues for mobile devices: less reflection and less power consumption. An entry into this large and growing market should be manageable given strong technical advantages and could transform the Company.
  • The Company has close relationships with top OEMs, ODMs, IT and technology firms such as HP and Samsung.
  • VIA optronics has over 14 years of experience in optical bonding technology and offers its customers the best material available in the market.

Our approach: extracting value through pursuit of growth

  • Alpina has supported two major business model changes: first shift to larger consumer electronics market after Alpina‘s initial investment in 2010, and the second shift in order to address the needs of large OEMs in 2013.
  • First equipment for the Chinese site was ordered immediately after Alpina‘s initial investment in 2010.
  • We have further supported VIA in the automisation of the bonding process. Today, three fully automated lines are in operation.
Resysta
Germany, Advanced materials and chemicals
www.resysta.com

The Company

  • Resysta manufactures a unique eco-friendly wood substitute material which can replace tropical hardwoods, which is a finite, non-sustainable resource increasingly coming under scrutiny of legislation and activist pressure worldwide, and other inferior wood substitutes such as wood plastic composite (WPC).
  • Resysta is especially suited for outdoor uses thanks to its properties. Applications are decking, siding, windows, shutters, boat decks, outdoor furniture, fencing, railings and many more. Customers can thus access the entire wood market worth over $500bn with a superior material.

Deal sourcing

  • We met Resysta’s current CEO Mr Bernd Duna, then CEO of Resysta‘s former parent company MBM, during a networking event in Munich. As he was interested in spinning the Resysta business off from MBM, we were able to convince him that Alpina is the right partner to make Resysta a globally successful company.
  • Although Mr Duna was already in talks with a large materials firm, the more flexible deal structure offered by Alpina persuaded him to grow Resysta together with us.

Our investment thesis

  • Disruptive solution for the enormous wood market of $500bn combined with a large variety of applications: decking, siding, windows, panelling, waterproof flooring, outdoor furniture, marine, doors, etc.
  • Superior product properties: humidity and mould resistant, color-fast, does not splinter, slip-resistant, feels and looks like tropical wood, can be glued, largely made from eco-friendly sources, recyclable
  • Highly experienced management team including CEO from former parent company joined Resysta upon completion of the spin-off

Our approach: extracting value through pursuit of growth

  • As part of our internationalisation strategy, we helped Resysta to open its U.S. and Middle East offices, as well as entering into a joint venture in China.
  • We further supported Resysta when it acquired its Malaysian partner Waler Precision Manufacturing.
  • We worked together with Resysta’s management team to find a highly qualified CFO.

Team

Joerg Sperling
Managing Partner
Joerg Sperling
Managing Partner

Joerg or “George” leads the firm and is responsible for Alpina Partners’ overall operation.

Before joining Alpina Partners, Jörg was a venture partner with Munich based private equity firm, Target Partners, and prior to that a partner at the US-based power and energy fund manager, Ridgewood Capital. Previously he ran the Silicon Valley office for Infineon Ventures.

Jörg has worked for a number of semiconductor companies in Europe and the US, most recently as Global VP Sales for Dresden-based ZMD. His track record includes 28 investments and successful exits via NASDAQ IPOs and LSE listings, in addition to numerous trade sales.

Jörg has a masters in Electrical Engineering from RWTH Aachen. He worked as a researcher in the field of semiconductors at the Technion in Israel and at AT&T Bell Laboratories in the USA.

Portfolio Companies: friedolaTECH, Hoffmeister Leuchten, Mcor Technologies, pvXchange, Resysta, Torqeedo, VIA Optronics

James McNaught-Davis
Partner
James McNaught-Davis
Partner

James was WHEB Partners’ Managing Partner from 2007 until 2015 when he became a Partner of Alpina Partners. He is a voting member of the firm’s Investment Committee.

James is chairman of Green Energy Geothermal Ltd and a board director of PassivSystems Ltd and Enterprise Solutions Holdings Ltd whose subsidiaries are Aimteq and WEMS.

James has over two decades of private equity investment experience, primarily in technology growth capital. This includes five years as a General Partner at Advent (2001-06) and five years at Warburg Pincus (1996-2001) where he became a Partner and Managing Director in 1999.
Prior to moving into private equity, James worked in the information technology sector as a senior executive at Misys Plc where he was responsible for M&A. Before Misys Plc, James spent most of the 1980s as an investment banker with Merrill Lynch and Schroders.

James has an MBA from the Wharton School, University of Pennsylvania, and an MA (Hons) from the University of Cambridge.

Portfolio Companies: Green Energy Geothermal, PassivSystems, Enterprise Solutions Holdings (ESH which owns Aimteq and WEMS)

Dr. Florian Strehle
Partner
Dr. Florian Strehle
Partner

Prior to Alpina Partners Florian was a member of the management board at AUCTUS Capital Partners, a leading private equity fund manager in German-speaking Europe. He joined AUCTUS from 3i where he was a member of the firm’s European technology investment team. Florian started his career as a management consultant at McKinsey & Company.

Florian currently serves on the board of directors of Dolan GmbH, European Carbon Fiber GmbH, Oxaion GmbH and UBC GmbH.

Florian has a master’s degree in mechanical engineering from Technische Universität München in Germany and a Ph.D. from Leiden University in the Netherlands.

Portfolio Companies: Dolan, European Carbon Fiber, Oxaion, UBC

Markus Förder
CFO
Markus Förder
CFO

Markus joined Alpina Partners’ in July 2015 as CFO.

Prior to this, Markus had over 5 years’ private equity experience at HeidelbergCapital, a German private equity fund manager, where he was Director Finance. He was responsible for Finance, Fund Administration, Investor Relations and IT, he was also part of the deal team in charge of deal origination, transactions and fund raising.

Before working at HeidelbergCapital, Markus has been working for 3 years as a consultant and auditor at the Corporate Finance and Audit Department of BDO and KPMG on numerous M&A, due diligence, valuation and international accounting projects related to mid and large cap transactions.

Markus holds a Master’s Degree in Business Administration from the University of Mannheim, Germany.

Lisa Shaw-Taylor
Financial Officer
Lisa Shaw-Taylor
Financial Officer

Lisa joined Alpina Partners’ in September 2015.

She previously worked for Global Infrastructure Partners where she was responsible for the financial control of their International Port Holdings.

Lisa is a qualified Chartered Accountant having completed her training at KPMG and holds a Honours degree in Accounting from the University of Witwatersrand.

Eike-Christian Frerichs
Senior Associate
Eike-Christian Frerichs
Senior Associate

Eike-Christian has joined Alpina Partners’ in 2015 and has more than five years investment banking experience. He worked both in UniCredit’s M&A department as well as in its corporate structured- and acquisition finance team in Munich and New York. He worked on numerous M&A and debt finance transactions for mid- and large cap companies often in cross-border situations. Previously, he worked for DZ Bank Ireland in its debt capital markets team (ABS) and interned at Union Investment. He is certified banker by the German chamber of commerce and industry (IHK).

Eike-Christian holds a Master’s degree in Accounting & Finance from the University of Bath – School of Management (UK) and a Bachelor’s degree in Business Administration & Economics from the University of Passau (DE). During his undergraduate studies he spent one year abroad at the Lund University – School of Economics and Management (SE).

Christian Thielemann
Associate
Christian Thielemann
Associate

Before joining Alpina Partners Christian has worked two years, most recently as Associate for Avedon Capital Partners, a growth capital investor for medium-sized growth companies.

Prior to his time at Avedon, Christian gained relevant Private Equity and M&A experience amongst others at VR Equitypartner or the Alternative Investment team of HSBC. In addition, Christian has early on gathered entrepreneurial experience through an e-commerce start up in his schooldays.

Christian holds a master degree in General Management from the University Witten-Herdecke with studies abroad at the London School of Economics. He recently graduated from the Private Equity programme of the TUM School of Management.

Private Equity Special Advisors

Professor Geoff Randall OBE

Geoff is a non-executive director of two Alpina Partners’ investee companies and a member of our Advisory Board. He has 38 years’ experience at ICI, Zeneca & Astra Zeneca, where his final position was Director of Global EHS and Environmental Science and Technology Operations. Geoff has a PhD in Chemistry from University College London.

Ken Briddon

Ken has 10 years’ experience of chairmanships and non-executive directorships of private equity backed software and services businesses. He spent three years as CEO of JBA Holdings PLC and eight years as Divisional Managing Director at Misys PLC. Ken previously worked for Cypher Business Systems and Ericsson Information Systems.

Dr. Jan Verdenhalven

As Doctor of Biochemistry, Jan Verdenhalven has more than 25 years of experience in various senior management positions at internationally active chemical companies. His career began in 1985 as laboratory manager at Hoechst AG. In 1990 he moved to Management Consultant at McKinsey Company and returned in 1992 as Project Manager, Strategic Planning, and later Area Controller, Fine Chemicals, to Hoechst AG.

From 1995 to 2000, as member of the board of DyStar GmbH Co. KG, he was responsible for the global business area of dispersion color materials. Between March 2000 and March 2011 he worked at the SGL Group, initially as Manager of Corporate Controlling and Business Development, and since 2001 as Chairman of the global business area Carbon Fiber Composites.

Mike Wynne

Mike has worked with Alpina Partners’ since 2011 when he became Chairman of AMCS Group, a Growth Fund 1 portfolio company. He is also the CEO of KHME Limited, non-executive director of One 51 plc and member of the operational board / CEO of the recycling division of NTR plc. Prior to this he gained automotive industry experience with Godfrey Davis plc, where he was Chairman of their motor division. He also held senior management positions in the waste management industry with Waste Management International and Greenstar Group.

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