goetzpartners advised Afinum 9

goetzpartners advised Afinum 9 on the acquisition of Christian Koenen Group with a Commercial Due Diligence
 

goetzpartners advised Afinum 9 with a Commercial Due Diligence on the acquisition of Christian Koenen Group, the global technology leader for high-precision premium stencils and screens for technical printing, from its founder Christian Koenen.

The hypothesis-driven Commercial Due Diligence comprised a comprehensive analysis of Christian Koenen Group’s business model, its unique selling proposition and financial performance including a detailed price-volume analysis highlighting the company’s strategic premium positioning. In addition, the size and development of the addressed global market for technical printing were analyzed and modeled with a specific focus on the underlying verticals and their major trends and drivers, e.g. increased share and miniaturization of electronic components in various applications, e-mobility/autonomous driving, larger product variety and shorter product life cycles, reshoring of semiconductor and renewable energy production to Germany/Europe/the US, energy transition towards renewable energies. Moreover, a thorough technology (penetration) assessment was conducted to prove and validate the favorable outlook on technical printing vs. alternative technologies. Furthermore, Christian Koenen Group’s global competitiveness was assessed on multiple levels (incl. a detailed KPC benchmarking) taking into account the specific differences between its screen and stencil business. The company’s customer portfolio was analyzed including customer cohort and churn analyses complemented with an analysis of key buying decision makers. Finally, the business plan and its achievability were assessed, and several beyond-the-plan opportunities for further growth were identified.

This project complements goetzpartners' outstanding track record in providing strategic and commercial advisory services in the space of high-tech industrial applications and specifically chips/ semiconductors and printed circuit boards (PCBs).

“We have worked with goetzpartners' Commercial Advisory team numerous times. We always value their deep sector and methodological knowledge. The Commercial Due Diligence report supported us in identifying the strong growth potential of Christian Koenen Group’s high-precision premium stencils and screens for the global chip/ semiconductor and PCB industries."
- Elias Bitzer, Investment Director at Afinum

About Christian Koenen Group
Christian Koenen Group is the global technology and European market leading specialist for developing and manufacturing high-precision premium stencils and screens for technical printing. Stencils and screens as mission critical tools are broadly applied in production and assembly processes e.g. in the chip / semiconductor component production or in the assembly of printed circuit boards (PCB). The Company operates as a one-stop provider for precision tools covering the entire value chain and stands out with state-of-the-art production capabilities in Germany and Hungary, excellent customer service and a fully equipped clean room and application center. With highest product quality, recognized reliability and short delivery times, Christian Koenen Group has become a trusted partner of an established blue-chip customer base from a diversified mix of verticals including the semiconductor, automotive, electrical manufacturing services, and medical technology industries. The Company was founded in 2003, is headquartered in Ottobrunn (Munich Metropolitan Area) and operates with a workforce of 150 employees.

About Afinum Management GmbH
Afinum Management GmbH is an independent financial investor wholly-owned by its management with offices in Munich, Zurich and Hongkong, specializing in the acquisition of shareholdings in financially sound and successful mid-market companies in the German speaking region as well as in neighboring countries in Europe.

Transaction Team

Dr. Gerrit Schütte
Managing Director
Email

David Oesterschlink
Manager

Nicolas Böckenhüser
Consultant

Stefan Brückl
Consultant

Dominik Wenzel
Consultant

Louisa Frank
Associate Consultant

Marcel Toussaint
Associate Consultant