Garz & Fricke Group acquired by Seco
Context
SECO S.p.A. has executed a definitive agreement to acquire the entire share capital of Garz & Fricke Holding GmbH from Afinum and minority shareholders. The transaction is structured with a total consideration funded through a mix of new medium-long term debt facilities, cash on balance, and newly issued equity subject to staggered lock-up periods. From a strategic perspective, this combination represents a highly synergistic platform investment designed to establish the largest listed pan-European champion in the edge computing industry. The strategic rationale is underpinned by a unique geographic and product fit, enabling the acquirer to significantly reinforce its presence in the highly attractive DACH region while diversifying its end-market exposure across resilient verticals such as professional kitchen equipment and MedTech. Furthermore, the transaction unlocks substantial cross-selling opportunities, primarily through the accelerated deployment of proprietary IoT-AI platforms across the target's extensive annual production of over 200,000 edge devices.
Garz & Fricke Group, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the TMT (Tech, Media, Telecom) sector (14.2x in 2021).
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Target
Garz & Fricke Group is a prominent Germany-based developer and manufacturer specializing in standard and custom edge Human-Machine Interface solutions, building blocks, and highly tailored ecosystems integrating IoT, software, and payment capabilities. The company maintains a leading market position within the industrial Internet of Things landscape, serving as a mission-critical technology partner for OEMs and system integrators across diverse, structurally attractive verticals such as medical and laboratory technology, professional kitchen equipment, and vending. Operating a robust, vertically integrated business model, the enterprise conducts its engineering and manufacturing entirely in Germany, underpinned by a highly skilled workforce where research and development personnel account for a significant portion of its human capital. This deep technological footprint enables the continuous delivery of seamlessly customized edge systems that drive operational efficiency for its blue-chip client base. From a strategic perspective, the company represents a highly compelling asset with substantial value creation potential, supported by its expanding installed base of active IoT and payment terminals.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (EUR)
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REFERENCES
Valuation range: EV €100–350M
Revenue range: €50–100M
EBITDA range: €5–25M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Garz & Fricke Group by Seco are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: seco
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