Capiton has agreed to sell AEMtec Group to Micross Components, Inc, a portfolio company of Behrman Capital

AEMtec Group

AEMtec is the European go-to-partner for the most advanced development and production of complex opto- and microelectronic technology solutions. Berlin-based AEMtec serves customers from fast-growing end markets, such as semiconductors, med & bio tech, industrial automation, aerospace & defense and datacom, in solving the most complex technology challenges. Covering a broad technological value chain, customers rely on AEMtec’s unique process and production knowhow to support the development and series production of highly engineered modules and subsystems. AEMtec employs more than 300 people across locations in Berlin, Dresden and Boston.

The Deal

Capiton has successfully sold its portfolio company AEMtec to Micross Components, Inc. (Micross), a leading provider of high-reliability microelectronic product and service solutions for aerospace, defense, space, medical and industrial applications and a portfolio company of Behrman Capital.

Since the investment of Capiton V in 2018, AEMtec has undergone significant growth, developing into a true one-stop-shop for its customers. In 2023, AEMtec was acquired by the continuation vehicle “Capiton Quantum,” providing additional capital for growth including investments in additional capacities in Berlin and the acquisition of aSpect Systems in 2024. The group will now serve as a valuable extension of Micross’ European footprint, capitalizing on its trusted customer relationships and technological expertise.

Lincoln International acted as the exclusive financial advisor to Capiton and AEMtec’s management team, supporting all aspects of the transaction process, including strategic advisory, buyer outreach, preparation of marketing materials, deal structuring and negotiations. Leveraging its deep expertise in the semiconductor, optoelectronics and microelectronics sectors, Lincoln developed a compelling investment thesis and identified a highly targeted group of strategic and financial investors. Through a disciplined, competitive sale process, Lincoln successfully positioned AEMtec’s differentiated capabilities and growth prospects, maximizing competitive tension and ultimately delivering an optimal outcome for Capiton, AEMtec management and the company.

Robert Giertz, CEO of AEMtec, commented, “We are delighted to join Micross and together capitalize on the significant growth capabilities of both AEMtec and Micross. Our broad technological expertise and end-market exposure strategically align with Micross’ capabilities and provide our customers and employees a promising future.”

Thomas Brake, Partner at Capiton, commented, “Since our first investment in 2018, we have worked closely together with the management team to elevate AEMtec to the leading technology solution provider for highly complex opto-electronic modules in Europe. We would like to thank the entire AEMtec team for their trust and exceptional commitment throughout this successful partnership. AEMtec is a perfect example of Capiton’s sector approach for “High-Tech Industrials.” We aim to provide deep sector expertise together with a unique sector network and market access, thereby being a valuable strategic partner to the companies we are invested in. With Micross, we are delighted to have found the perfect partner for AEMtec to continue this successful growth trajectory. We wish AEMtec, its management team and employees all the best for this next chapter under new ownership.”

Our Perspective

Ulrich Desl, Lincoln International Managing Director & Co-Head of Industrials in Europe, commented, “The sale of AEMtec to Micross marks another landmark transaction for Lincoln International in the semiconductor as well as micro- and optoelectronics spaces, leveraging Lincoln’s global platform and deep sector expertise to identify the right set of potential buyers for a highly competitive auction process.”

Sibert Meulenbelt, Lincoln International Managing Director who co-led the transaction, commented, “The combination of AEMtec and Micross represents a highly synergistic transaction, enabling Micross to leverage AEMtec’s leading expertise in advanced packaging, photonics and optoelectronics, while providing AEMtec with a strong global partner to deliver cutting-edge solutions and capture attractive growth opportunities across Europe and beyond.”

Capiton

Based in Berlin, Capiton is a German investment company that has been investing in high-growth, medium-sized companies in the German-speaking region for more than 20 years in order to achieve long-term and sustainable corporate success. Capiton invests in two focus sectors—High-Tech Industrials and Healthcare & Life Sciences—and is regarded as a co-entrepreneur who supports the management teams in realizing a common vision.

Micross

Micross Components, Inc. (Micross) is a leading provider of high-reliability microelectronic product and service solutions for aerospace, defense, space, medical and industrial applications and a portfolio company of Behrman Capital.

Behrman Capital

Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, healthcare and specialty industrials.

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