We are an industrial holding company with steady growth, which originates from acquisitions as well as the organic development of our group companies.
Entrepreneurs with long track record
We started building VTC from the mid 1990ies. At that time we were one of the first private equity firms in Germany, investing external capital mostly from high net worth individuals. Since 2004 we are able to live our dream: by investing our own equity, we became entrepreneurs ourselves. This allows us to take a long view concerning VTC and its group companies. Unlike a private equity investor, we have no exit focus.
Holding with added value
As sparring partners for the top management of our group companies we provide support in strategic discussions or selected projects. Our group companies are fully independent of each other, and the holding does not provide any central functions for the group. We emphasize the importance of flexibility and quick decision making.
Our strong experience and solid financial background (our holding is fully equity financed) makes us a trusted partner for corporates or entrepreneurs in divestment processes. Due to our lean structure we can take quick decisions and offer flexible deal structures. Being entrepreneurs ourselves helps us to understand the motivation and emotions of private sellers.
Strong corporate values
Our team has grown organically over the last 20 years. The resulting company culture is based on strong values, which we carry into our group companies. We rate the long term impact of our actions higher than short term financial results. An investment in a company is also a commitment from our side towards customers, employees and financing partners.
Natalia Chaban joined VTC in July 2021 as Finance Director. She is responsible for finance, taxes, treasury and consolidated financial statements at holding level.
Previously, Natalia Chaban worked for many years in auditing and audit-related consulting at one of the Big Four companies as well as at large medium-sized auditing and tax consulting firms, most recently as an associate partner. During this time, she worked as an auditor/tax consultant for both medium-sized family-run companies as well as capital market-oriented corporates.
Natalia Chaban holds a degree in economics from the University of Ulm and successfully passed both professional examinations as German Certified Public Accountant and tax consultant.
Philipp Härtel is with VTC since 2020. He works on current transactions and is screening potential investment opportunities and markets.
Before joining VTC he worked in the M&A team of Harris Williams in Frankfurt, where he was involved in buyside and sell side mandates. Moreover, he gained previous experience at Gimv, KPMG and ING Corporate Finance.
Philipp holds a Bachelor of Science degree in Econometrics and Operations Research from Maastricht University as well as a Master of Science degree with focus on Corporate Finance from the Rotterdam School of Management.
Senior Investment Associate
Andreas Joha joined the investment team of VTC in 2021. He works on transactions as well as portfolio management tasks and screens potential investment opportunities and markets.
Previously, he spent several years at PricewaterhouseCoopers in Munich advising private equity clients on buyside and sellside transactions.
Andreas received a Bachelor of Science in Economics and Business Administration with a major in Finance & Accounting from Goethe University Frankfurt, Germany, and a Master of Science in Finance with a major in Corporate Finance from Stockholm School of Economics, Sweden.
In the early years of VTC Jürgen worked on a number of industry roll ups and held management positions in portfolio companies. Since then he has responsible for many transactions and gained broad experience in the industrials and renewables space. Jürgen is in charge of Baettr Holding GmbH.
Before his time at university he worked as a trainee for HypoVereinsbank AG in Munich. He is an active shareholder in the Leuze family business.
Jürgen holds a business degree (lic.oec.HSG) from the University of St. Gallen, Switzerland.
Stefan has overseen a number of VTC‘s transactions in Germany and Switzerland, mostly in the mechanical and plant engineering businesses. He is in charge of Sesotec GmbH and JK Group.
Before joining VTC Stefan was partner in a turnaround consulting firm where he also took on interim management positions. He started his career as a trainee at HypoVereinsbank AG and later worked for Bain & Company in Munich and London.
Stefan serves as a board member of the Leuze Group.
He has a business degree from Ludwig-Maximilians-University in Munich.
Julius joined VTC in 2015. He works on transactions as well as portfolio management tasks.
From 2011 to 2014 he worked for GCA Altium and was involved in numerous buy side and sell side mandates, mainly in consumer goods and retail. In addition he was able to gain in-depth capital markets know how.
Julius holds Bachelor and Master of Science in International Business degrees from Maastricht University, Netherlands.
Richard G. Ramsauer
During his time at VTC Richard was responsible for a number of transactions in the industrials, infrastructure and electronics space. He manages VTC’s interests in FRIWO AG. He is also in charge of public relations at VTC.
Before joining VTC Richard worked for Bain & Company as a project manager in the Munich and Stockholm offices. During his time at Bain he focused on strategy work and efficiency programs in the industrials and commodities sectors. Richard also spends some time on his forestry estate in Austria.
Richard is an Austrian citizen and holds a business degree from the University of St. Gallen, Switzerland and an MBA from the University of Chicago, USA.
Dr. Thomas Robl
Before co-founding VTC in 1992 Thomas had worked for IMM Industrie Management München, back then one of the first private equity firms in Germany.
During his time at VTC Thomas applied his long experience at numerous transactions. In the early years of VTC he initiated and implemented a number of industry roll-ups and took on executive positions in portfolio companies. Thomas co-founded one of the leading German private equity fund-of-funds and today is a member of the company’s supervisory board.
Thomas holds a PhD (Dr.rer.nat.) in physics from the Technische Universität Munich and an INSEAD MBA, France.
Dr. Ulrich Wolfrum
Since 2000 Ulrich has worked on numerous transactions at VTC. In addition he chaired strategic projects and add-on acquisitions at portfolio companies. He is responsible for deal sourcing at VTC and is the contact person for investment banks and M&A advisors.
Ulrich started his career at A.T. Kearney in Munich and Dusseldorf. There he focused on efficiency programs and strategy development in the consumer goods, retail and energy sectors, where he could apply the experiences from his family business.
Ulrich holds a business degree and a PhD in business from Ludwig-Maximilians-Universität in Munich.
Baettr is a leading component supplier for the wind industry. The company is specialized in the serial production of large cast products for on- and off-shore markets incl. CNC-machining, metal finishing as well as subassembly offerings according to customer specifications. The international footprint with three foundries, two machining and two surface treatment facilities in Europe and Asia is ideally positioned to serve its customers worldwide.
FRIWO AG is an internationally operating systems provider developing, producing and marketing high-performance, high-quality hard- and software solutions along the electrical drive train. FRIWO’s main market segments are e-mobility, household appliances and tools, medical equipment and industrial applications. Based on a global manufacturing and sourcing footprint, FRIWO is able to deliver leading edge technology at highly competitive prices.
JK Group is a worldwide leading manufacturer of devices for the tanning, fitness, and beauty industry. At the Company’s headquarter in Windhagen (Germany), JK develops and produces devices under the brand names “Ergoline”, “Beauty Angel”, “Sun Angel” and “Wellsystem”. The fields of application include cosmetic tanning, red light and near infrared applications for skin care as well as dry water massage.
Sesotec develops and manufactures machines and systems for the detection and separation of contaminants, for product inspection and for the sorting of material flows. Product sales primarily focus on the global food, plastics, pharmaceutical, wood, textile, and recycling industries. Sesotec’s global market leadership is based on a high competence in a wide range of technologies. The leading facility for design, development and manufacturing is located in Germany. Sesotec’s export quota amounts to over 50%.
United Souvenirs GmbH is a leading retailer and wholesaler of souvenirs and gift items in Europe. With its wholesale activities, the company is present throughout Europe. In addition, United Souvenirs operates over 60 stores in tourist hot spots in Austria, Germany, Spain, Poland and Slovakia.
Sales (EUR m):
We are constantly looking for new investments for further growth. Due to our lean decision making processes any new investment opportunity will be analyzed quickly by our team. We have earned a reputation for finding creative solutions suited for every new transaction. Since we invest our own money, we think long term and do not focus on exit strategies.
We are looking for companies which fulfill the following criteria:
We have no sector focus. In the past we have done transactions in manufacturing, services and wholesale.
Our group companies range from EUR 45m to EUR 240m in sales. Even with substantial growth potential investments should have revenues of at least EUR 10m.
We also look for add on acquisitions for our portfolio companies which can be smaller.
Investment amount and regional focus:
We are looking for majority stakes but will also consider a qualified minority. We invest equity tickets of up to EUR 50m per deal, in case of larger transactions we would work with a partner.
Our regional focus lies on Germany, and neighbouring countries.
United Souvenirs mit Übernahme der Berliner Muddastadt GmbH weiter auf Expansionskurs
Wien/München, 17. November 2022 – Die United Souvenirs GmbH, eine Beteiligung der VTC GmbH & Co. KG, setzt ihren Wachstumskurs mit der Mehrheitsübernahme der Muddastadt GmbH, Marktführerin im Berliner Souvenirhandel, weiter fort. Als führender europäischer Groß- und Einzelhändler von Souvenirs und Geschenkartikeln betreibt die United Souvenirs Gruppe nunmehr 75 Filialen in Österreich, Polen, Slowakei, Spanien und Deutschland.
Signing und Closing der Transaktion erfolgten am 9. November 2022 in Berlin.
DAYON LightSpa für den German Design Award 2023 nominiert.
Bereits das erste Produkt von DAYON ist für den German Design Award 2023 nominiert
DAYON LightSpa für den German Design Award 2023 nominiert.
Windhagen, 1. September 2022 – Bereits das erste Produkt von DAYON ist für den German Design Award 2023 nominiert.
DAYON LightSpa ist die zeitgemäße Lichtanwendung für alle, die in ihrem Zuhause etwas Gutes für sich tun möchten. Als ein weltweit führender Lichtspezialist für Well-Being, Lifestyle und Healthcare nutzte die JK-Group bei der Entwicklung des LightSpa ihre mehr als 30-jährige Expertise und arbeitete mit führenden Lichtbiologen und Designern zusammen.
Das Zusammenspiel aus hautpflegendem, rotem Beautylicht und wohldosiertem Sonnenlicht fördert zahlreiche biopositive Wirkungen und schenkt der Haut einen gepflegten, strahlenden Teint. Aber auch die Nachhaltigkeit stand bei der Entwicklung im Fokus: Innovative LED-Technologien reduzieren den Stromverbrauch um rund 80 %, und der hohe Qualitätsanspruch „Made in Germany“ garantiert eine lange Lebensdauer.
Dabei besticht das DAYON LightSpa nicht nur durch neueste Technologien, sondern auch durch eine einzigartige Designsprache, die sich wie ein elegantes Möbelstück in luxuriöses Interior Design einfügt. Hochwertige Materialien wie eine satinierte Liegefläche oder Handgriff und Füße aus gebeizter Eiche (FSC-zertifiziert) machen die Liebe zum Detail bereits auf den ersten Blick erlebbar.
Wir freuen uns, dass das nachhaltige und stilvolle Design für den Germany Design Award 2023 nominiert wurde. Der German Design Award setzt international Maßstäbe für innovativste Designentwicklungen und Wettbewerbsfähigkeit auf dem globalen Markt und prämiert ausschließlich Projekte, die in der deutschen und internationalen Designlandschaft wegweisend sind.
Press release on the 2022 half-year financial report
Half-year revenue increases by 52 % from 48.2 million euros in the same period last year to 73.2 million euros
EBIT turnaround to 0.1 million euros in spite of perceptible pressure on materials expenses. Second quarter also profitable after taxes
Order book reaches all-time high of 127.0 million euros
E-mobility joint venture with UNO MINDA Group in India encounters very strong customer interest; Letters of Intent signed for a medium-sized double-digit million euro figure
Balance sheet quality improved, equity ratio at a solid 20.4 %
Forecast for 2022 as a whole increased to a growth in revenues in the double-digit percentage range, slightly positive full-year result is anticipated
Ostbevern, 11 August 2022 – FRIWO Group was able to maintain its dynamic revenue growth in the second quarter of 2022. Boosted primarily by high demand in the e-mobility business and positive developments in the other three segments, the quarterly revenue climbed by 52 % from 29.0 million euros to 44.2 million euros. The positive performance was still hampered by ongoing bottlenecks in the availability of major electronic components and COVID-19-related logistical issues. In spite of the significant increase in costs resulting from these developments, which are passed on to customers only in part and in a dialogue in a spirit of partnership, FRIWO has succeeded in achieving a turnaround to profitability. In the quarter under review, the earnings before interest and taxes (EBIT) increased from minus 1.0 million euros to plus 1.1 million euros. At mid-year, the operative profit increased from minus 2.7 million euros to plus 0.1 million euros. FRIWO also reported a plus of 0.5 million euros after taxes in the months April to June (Q2-2021: minus 1.6 million euros). As demand continues to be high, FRIWO also anticipates a positive performance for the full year. Revenues are projected to increase in a medium double-digit percentage range (2021: 100.5 million euros) and therefore by more than previously assumed.
„Our portfolio of services is encountering particularly dynamic customer interest in the e-mobility sector. We therefore expect a revenue increase in 2022 as a whole and, in spite of ongoing cost pressure; we continue to expect a slightly positive result. There is also very strong customer demand for our e-mobility joint venture in India. Therefore we are very confident for the financial years 2023 and beyond,” comments Rolf Schwirz, Chairman of the Board of FRIWO AG, this development.
Order book at an all-time high of 127 million euros
The confidence regarding the second half of the financial year is primarily based on the continuing high demand for e-mobility drive solutions. Therefore, the group’s order intake as of 30 June 2022 increased by 44.5 % from 65.0 million euros to 93.9 million euros in in a six-month comparison, and thus indicates further growth. The order book leapt to an all-time high of 127.0 million euros (H1-2021: 60.4 million euros). The positive business development is also reflected in the strong increase in headcount, which grew year-on-year from 2,182 to 2,646. Of this number, more than 90 % are located in the Far East, primarily in Vietnam.
Balance sheet quality improved considerably, equity ratio rises to a solid 20.4 %
The capital increase in the course of the stake of the Indian joint venture partner UNO MINDA and FRIWO at the end of June resulted in an increase of 15 million euros in equity. The equity ratio will therefore increase to 20.4 % (31/12/2021: 11.9 %). Moreover, a prolongation of the current financing agreements with the house banks could be concluded up until the end of 2023. This completes the measures to stabilise the financing initiated in 2021. In addition to further improving the balance sheet quality, the company will also focus on the improvement of cash flow and working capital in the second half of the year. The last mentioned has increased significantly due to material bottlenecks and high demands at the same time.
High demand for e-mobility drive systems in India – aiming for market leadership for electric two- and three-wheelers
The joint venture with the UNO MINDA Group to supply e-mobility drive systems for two- and three-wheelers is encountering very high demand in India. Thus, in the second quarter, letters of intent concerning the supply of e-mobility drive solutions for well-known Indian vehicle manufacturers were signed, which should result in sales in the medium double-digit million-euro range. Promising negotiations on further contracts are also ongoing with world-leading manufacturers of two- and three-wheelers in Japan. The construction of a manufacturing plant south of Delhi is already underway and is expected to start operations in the first half of 2023. The joint venture – in which FRIWO owns 49.9 % – is targeting a leading role in the huge electric two- and three-wheeler market in India. FRIWO anticipates first earnings and cash flow from licensing revenues from the 2023 financial year onwards.
Full-year forecast for 2022: Sales expected to grow in the medium double-digit range and earnings to be on the positive side
The continuing high demand and the record order book at the half-year are a sound basis for a continued positive development in the second half of 2022. Notwithstanding the continued tense situation on the international supply markets and the uncertainties concerning possible negative impacts from the Ukrainian crisis and the progress of the COVID 19 pandemic, the Executive Board is raising its expectations for growth in Group revenue in 2022 to a medium (so far: low to medium) double-digit percentage range. In addition, a slightly positive Group EBIT also remains to be projected. FRIWO is also confident of generating sustainably profitable growth in the years to come.
The 2022 half-year financial report and additional information on the company are available on the Investor Relations section of the website.
FRIWO with successful launch of e-mobility joint venture for...
Great demand from Indian manufacturers, first letters of intent signed on
Promising talks with further prestigious Asian two- and three-wheeler producers
New manufacturing plant located south of Delhi scheduled to be operational in Q1 2023
First substantial licensing revenues are expected for the 2023 financial year
Ostbevern, July 21, 2022 – The joint e-mobility activities with the Indian joint venture partner – the UNO MINDA Group – for the joint expansion into the Indian two- and three- wheeler market with electric engines are meeting with a very high demand on the Indian subcontinent. For instance, letters of intent for the supply of e-mobility drive solutions for prestigious Indian vehicle manufacturers were successfully signed as early as the 2nd quarter of 2022. With these agreements, sales in the mid two-digit million-euro range become possible. In addition, further promising talks are ongoing about orders that could further significantly increase the aforementioned potential sales. In the process, the joint venture partners are also talking to some of the world’s leading Japanese two- and three- wheeler manufacturers.
Manufacturing plant for e-mobility drive systems to start in Q1 2023
FRIWO and UNO MINDA are also progressing rapidly in their efforts to build up the production capacities required for this purpose. The construction of a manufacturing plant for the supply of success-critical modules for electrically powered two- and three-wheeled vehicles is already underway. There, it will be possible to produce end-to-end system solutions in the field of e-drives, comprising the necessary hardware and the appropriate software architecture. The plant south of Delhi is to cover an area of around 15,000 square metres and start operations in the 1st quarter of 2023.
Joint venture targets leadership in India’s huge market for electric two- and three- wheelers
The joint venture between UNO MINDA, a global technological driver in the automotive and vehicle supply sector, and FRIWO (49.9 % joint venture share) is aiming for a market-leading position in the establishment of e-mobility drive solutions for two- and three-wheeled vehicles in India. Industry experts estimate the market volume to be addressed by the joint venture at approximately 4.5 million vehicles by 2027. This is on the assumption that the share of vehicles with electric drives will then amount to around 15 % of the total market potential of up to 30 million two- and three-wheelers. In the light of massive environmental issues caused by the enormous pollution, the Indian government has recently launched several initiatives to increase the use of e-mobility drive systems. A prohibition of all combustion engines (<250 cm3) is being discussed.
“We are delighted that our joint venture in India has got off in such a good way. This applies to the creation of the operational infrastructure together with our partner UNO MINDA, but above all, to the immense demand we are encountering in our electric drive systems for two- and three-wheelers. In view of the great underlying growth potential from the entire region, we are very confident that we will see initial positive earnings contributions from India as early as the 2023 financial year,” comments Rolf Schwirz, Chairman of the Executive Board of FRIWO AG.
First contributions to the results from India from the 2023 financial year onwards
Between the joint venture partners, it was agreed that UNO MINDA would design, construct and finance a new manufacturing building, which will then be available to the joint venture company on a lease basis. The joint venture will then undertake the investments in the manufacturing lines, following the example of the FRIWO factories in Vietnam. Additionally, FRIWO contributes its unmatched technological expertise in electric drive systems to the joint venture. In return, the company is to receive license proceeds. However, this will not be the case until the joint venture generates a positive result. Under the premise of a successfully ramped-up manufacturing, this is anticipated by the middle of 2023 at the latest. Accordingly, FRIWO expects the first contributions to profit and cash flow from licensing income from fiscal year 2023 onwards, which will further strengthen the already anticipated positive annual result.
IFAT 2022 - New Sesotec VARISORT+ FLEX sorting module
Sesotec will be presenting the new VARISORT+ FLEX sorting module to trade visitors at IFAT 2022, which will be held in Munich from May 30 to June 03, in Hall B5, Stand 415/514. As a co-exhibitor, Sesotec subsidiary KRS Recycling Systems will be represented at the IFAT booth with the K9+ glass sorter.
The VARISORT+ FLEX multi-sensor system can be used in a wide range of applications in the recycling industry. It was developed to separate mixed material streams into separate fractions. In this way, the foreign body-free and sorted materials can be profitably returned to the production cycle. The modular design allows the combination of up to three sensors: C (color), M (metal) and N (plastic types).
In addition to the VARISORT+ FLEX, visitors to the Sesotec booth can discover the latest generation of the well-known K9 series as the newly revised K9+ version at co-exhibitor KRS Recycling Systems. The K9+ units are used in the glass recycling industry, where maximum throughput is required with minimum impurities in the end product.
Michael Perl, Group Director Sorting Recycling, explains the contribution that Sesotec sorting systems make to the Circular Economy: "Recycling of recyclables is sustainability in its purest form. It is the basis for the circular economy. Sesotec's detection, separation and sorting systems enable high quality secondary raw materials, which is crucial for the profitability of recycling companies."
Sesotec live at Anuga FoodTec from April 26 to 29, 2022 in Cologne: visitors to the booth in Hall 5.2, A030/B031 can expect an extensive portfolio of foreign object detectors for every application in the food industry. The highlight is the latest generation of RAYCON X-ray inspection systems. Sesotec's service offerings will be another focus of the trade show.
Sesotec has developed the new RAYCON family, which includes entry-level, standard and high-end solutions, according to the "6 priorities concept". This concept builds on the main requirements of the food industry for compliance, safety, hygiene, efficiency, operation and service. All systems ensure reliable detection of foreign bodies such as metals, bones, stones, plastics, glass splinters and ceramics, as well as other product defects during food production and processing. Innovative software features in the new "Bonesdetector", "Wirefinder" and "Glassincreaser" filters specifically increase the detection accuracy for specific foreign bodies. For the inspection of lightweight or sharp-edged packaged products, Sesotec offers devices that do not require radiation shielding curtains.
The X-ray inspection devices of the RAYCON family feature the "Higher Level Compliance Package" as standard. The software for complete and efficient documentation offers the following features: Audit Check, Sensitivity Prediction, Compliance Mode, Compliance Monitoring and Integrated Validation Process. The experts at Sesotec, who have decades of experience in the field of foreign object detection in the food industry, look forward to personally explaining the benefits of the 6P features in a wide variety of application fields.
At the Anuga FoodTec booth, visitors can also see for themselves the service offerings tailored to the RAYCON family. The use of the Lifetime Warranty package, for example, extends the useful life of the equipment and increases cost-effectiveness.
"The meticulously crafted concept of the new RAYCON family of equipment, as well as its precision and reliability, lead to the highest quality of end products as well as cost savings and optimal efficiency," explains Thomas Hellgermann, Product Manager at Sesotec, adding, "We are looking forward to this year's Anuga FoodTec and to meeting our customers at the show."
In addition to the new inspection systems of the RAYCON family, at Anuga FoodTec 2022 Sesotec will showcase the VARICON+ metal detection system with THiNK software, which has proven itself many times over in the food industry, as well as the GF 4000 and RAPID 5000 metal separators for bulk material inspection. All devices help to optimize processes and minimize losses of time and products.
Truly electrifying design: FRIWO charger wins Red Dot Design Award
Our LEV500 lithium-ion charger has received the prestigious Red Dot Award 2022. The competition is among the world’s largest in the field of design.
Awarding the prize in the product design category, the judges praised the unique and compact design of the LEV500. And the device not only looks good – its inner qualities are naturally just as impressive: Extremely quick charging times, low weight, and maximum user-friendliness make this innovative FRIWO product a winning proposition.
The LEV500 is very quiet and has extremely energy-efficient charging technology with minimal standby losses. In addition, the product has an IP65 protection rating, meaning that it is dustproof and protected against water jets from any angle. It is ideal for light electric vehicles and can be adapted to meet individual customer specifications. The charger therefore has a wide range of possible uses, from E-Scooters, E-Bikes and wheelchairs, as well as battery-powered lawnmowers and golf trolleys, through to forklift trucks used in logistics.
We are delighted that our efforts to create good design have been recognized as this accolade proves how successful FRIWO is at combining modern electronics with attractive aesthetics.
Tobias Tunsch appointed as Chief Financial Officer of FRIWO...
Ostbevern, 28th February 2022 – The Supervisory Board of FRIWO AG has appointed Mr. Tobias Tunsch (53) as the company’s Chief Financial Officer (CFO) with effect from 1st March 2022. Mr. Tunsch has already been working for FRIWO since May last year; he had supported the FRIWO Group as an external advisor in the finance department after the departure of the former CFO Ulrich Lammers. As a result, the board of FRIWO AG, which also includes Rolf Schwirz as CEO, will once again consist of two people.
Tobias Tunsch has decades of experience in leading positions at well-known industrial companies, including Siemens VDO Automotive, Takata-Petri and Grammer. From mid-2016, he was a partner and co-owner of the European consulting network Bonum Executive Advisory, whose range of services focuses on advising and supporting top management functions in companies.
Richard G. Ramsauer, Chairman of the Supervisory Board of FRIWO AG: “Tobias Tunsch has made an important contribution in recent months to guiding FRIWO through the difficult Corona year 2021 and at the same time driving the further development of the company. I am pleased that he has decided to continue on this path now in the board function as well.”
Joachim Schulz, CEO of Sesotec (pictured left) and Johannes von Stein, Vice President of Sales, Food (pictured right) greet their new Italian colleagues: Ulf Stöckelmann, Country Sales Manager Plast (second from left); Paolo Mauri, Country Manager (center); Paolo Regazzoni, Country Sales Manager Food (second from right).
Sesotec GmbH, a manufacturer of equipment and systems for foreign object detection and material sorting and analysis, is expanding its presence in Europe. The German company, based in Schönberg, Lower Bavaria, has established a new subsidiary in Italy. With this latest international branch, Sesotec now has offices in seven countries.
Joachim Schulz, CEO at Sesotec, explains the decision to open a branch in Milan, Corso di Porta Vigentina 35, by citing the Italian market’s great potential in the food and plastics sectors.
“In Italy, there are many manufacturers and processors of food and plastics who focus on innovative foreign object detection technologies in order to ensure the utmost product quality, optimal processes, and the highest economic efficiency,” says Schulz. “Our customers and partners will benefit significantly from our proximity onsite, as well as through timely and efficient support in the local language.”
Sesotec’s new Italian branch is led by: Paolo Mauri, Country Manager for Italy; Ulf Stöckelmann, Country Sales Manager Plast; and Paolo Regazzoni, Country Sales Manager Food. They look forward to assisting Italian customers in the food and plastics industries.
Joint Venture between FRIWO AG and UNO MINDA Group
Creating a technology and market leader in the two and three wheeler e-vehicle market...
Joint Venture between FRIWO AG and UNO MINDA Group
Creating a technology and market leader in the two and three wheeler e-vehicle market
India offers huge growth potential due to its government’s mission plan to push for e-mobility
Sound financial basis will be established due to capital measures by UNO MINDA and VTC
Ostbevern, 10th December 2021: FRIWO AG – a leading international manufacturer of innovative power supply units and e-drive solutions – entered a Joint Venture with UNO MINDA Group – a leading global supplier of proprietary automotive solutions to OEMs – enabling both companies to benefit from and even accelerate the electric vehicle revolution on the Indian subcontinent. FRIWO will hold a minority stake of 49.9 percent and will consolidate the income from the Joint Venture through the company’s financial result. UNO MINDA plans a 15 million euro investment in FRIWO AG via a capital increase in order to strengthen the industrial partnership between the two groups. The planned transaction and the capital measure are subject to regulatory approval, including of the Reserve Bank of India.
Unique position in the dynamically growing Indian e-mobility market
The Joint Venture will perfectly combine FRIWO’s long-term experience in providing sophisticated e-mobility solutions with the unmatched manufacturing track record of UNO MINDA in the Indian automotive industry to market e-drive solutions for electrical two-and three wheelers in India. The respective markets promise high growth rates facilitated by governmental initiatives such as the FAME II (Faster Adoption and Manufacturing of Electric Vehicles in India) Scheme and PLI that offers incentives to customers, OEMs and auto component manufacturers of electric two- or three-wheeler products.
In the framework of the Joint Venture, FRIWO and UNO MINDA will combine their technologies and production capabilities. As a result, the combined entity will be able to offer full-line e-drive solutions for the Indian market, combining extremely robust hardware and an outstanding software architecture. The Joint Venture will be supported by UNO MINDA’s well-established and successful marketing, sales and support functions based in India. The newly formed Joint Venture will also utilize the state-of-the-art production facilities in India from UNO MINDA to fulfil increasing client requirements and to offer high-quality customized e-solutions in record speed.
Rolf Schwirz, CEO of FRIWO, comments, “This Joint Venture is a great opportunity for FRIWO to facilitate its expertise and innovation driven e-mobility business. The Joint Venture will have a distinct product portfolio with shared facilities, sophisticated, but also market-proven technology, high quality and engineering standards from both FRIWO and UNO MINDA, at optimized costs to the customers’ benefit. This winning combination will enable the Joint Venture to successfully establish a leading position in the two- and three-wheeler electric vehicles markets in India, as well as unlock the potential of other markets”.
Mr. Nirmal K. Minda, Chairman and Managing Director of UNO MINDA, adds: “Electrification will play an important role in the transformation of the mobility industry and presents major opportunities to the entire mobility ecosystem. We are delighted to partner with FRIWO to expand our product capabilities to serve such rising EV opportunities. By combining UNO MINDA’s production skills and leading position on the Indian subcontinent with FRIWO’s technological knowledge, we can create a true leader in the rapidly growing e-vehicles market. The partnership has been forged at an opportune time where the EV industry is on the cusp of a growth trajectory facilitated by a favorable government policy and incentives. We are confident to play a key catalyst role in the electric vehicle revolution and sustainability mobility in India.”
Substantial improvement of balance sheet quality
In parallel to the investment of UNO MINDA, FRIWO’s main shareholder VTC GmbH & Co. KG through its subsidiary CARDEA will also enhance the financial soundness and balance sheet quality of the company via a debt-equity swap in the amount of 13.6 million euros. In that context, the Management Board, with the approval of the Supervisory Board, has passed a resolution to increase the share capital of FRIWO AG by issuing 406,334 new ordinary shares utilizing the Authorized Capital, excluding pre-emptive rights of existing shareholders. The new shares will be issued at a price of 33.47 euros per share. With the transaction, VTC converts existing loans from VTC into equity, which will significantly strengthen the balance sheet of FRIWO AG, thereby showing its commitment and confidence regarding FRIWO’s growth prospects.
Furthermore, the Management Board and the Supervisory Board have passed the necessary resolutions to offer UNO MINDA 448,162 new shares at the same price as stated above. FRIWO is utilizing another portion of the Authorized Capital to offer 448,162 new ordinary shares exclusively to UNO MINDA and is thus excluding pre-emptive rights of the existing shareholders. This capital increase for cash of 15 million euros is subject to regulatory approval, including of the Reserve Bank of India.
The new ordinary shares of both transactions represent 9.99 percent of the future registered share capital of FRIWO. After the completion of both transactions, VTC will hold 81.59 percent and UNO MINDA 5.24 percent of the then existing total share capital in FRIWO AG.
About FRIWO: The listed FRIWO AG (General Standard, Frankfurt) with its headquarters in Ostbevern/Northrhine Westphalia is an international manufacturer of technically leading power-supply devices and e-drive solutions. FRIWO provides a whole host of applications with tailored systems from a single source. FRIWO, founded in 1971, has transformed itself from a provider of power-supply products to a full line supplier of sophisticated and tailorized e-mobility solutions. Today, the product portfolio does not only include premium power supply solutions, but also battery charging solutions for a wide range of applications. Furthermore, all components of a modern electric drive solution are also available: from the display, motor control unit and drive unit to the control software. With modern development centers, manufacturing facilities and sales locations in Europe, Asia and the US, FRIWO is present in all of the world’s key markets. FRIWO’s key customers are leading brands in their respective markets and have embedded FRIWO products in order to provide superior quality to their customers. Main shareholder of FRIWO AG is a subsidiary of VTC GmbH & Co. KG, Munich. For further information, please visit our website at friwo.com.
About UNO MINDA Group: UNO MINDA, a technology leader in Auto Components Industry, is a leading global supplier of proprietary automotive solutions to OEMs as Tier-1. Minda Industries Limited (MIL) is a flagship Company of UNO MINDA Group. It manufactures automobile components for Original Equipment Manufacturers (OEMs) and is rapidly expanding with growing market shares across all its product lines. It endeavors to deliver high technology and high quality products to its customers globally.
The Group is a global player in the automotive sector with overseas manufacturing facilities in Indonesia, Vietnam, Spain, Mexico, as well as Design Offices in Taiwan, Japan and Spain. It has over 71 manufacturing plants globally and has JVs/Technical Agreements with world-renowned manufactures from Japan, Italy and Taiwan.