Shearman & Sterling advised HANNOVER Finanz GmbH on the financing of the acquisition of a majority shareholding in LACON Electronic GmbH. HANNOVER Finanz will hold 70 percent of the shares, while LACON Electronic's three-person management team will retain a minority stake of 30 percent as part of an owner buy-out. The new equity capital gives the group the opportunity to drive further organic and inorganic growth. The financial terms of the transaction are undisclosed.
LACON Electronic, founded in 1985 and based in Dachau, Germany, provides electronic manufacturing services for mechatronics. With more than 500 employees based at two locations in Germany and Romania, the company develops, optimizes, manufactures and repairs electronic and electromechanical parts and modules. In the past fiscal year, the company generated sales of €55 million.
HANNOVER Finanz, founded 40 years ago, is one of the first venture capitalists in Germany and a sought-after private equity partner for medium-sized enterprises across all industries. The engagements of the private equity house, based in Hanover, Germany and Vienna, Austria, range from traditional industries to trade and new technologies. HANNOVER Finanz also invests in companies when a change of generation has to be secured, and in medium-sized spinoffs.