Houlihan Lokey Advises Ardian on the Sale of imes-icore

Houlihan Lokey is pleased to announce that imes-icore Holding GmbH (imes-icore or the company), a portfolio company of Ardian, has been acquired by EMZ Partners, a leading European investment firm. Terms and conditions of the transaction are not disclosed. The transaction closed on December 5, 2023.

Founded in 2002 by Christoph Stark and Hugo Isert, imes-icore is a technological innovator and leading provider of CAD/CAM systems for the dental market, catering dental labs, milling centers, and dentists. The Germany-based company offers the most comprehensive portfolio of machine systems for the automated production of dental prostheses, accompanied by a full range of aftersales services, including materials, tools, milling services as well as competence and service centres. imes-icore is known globally for its best-in-class product offering and adherence to the highest quality standards. imes-icore’s management team members are reinvesting alongside EMZ as part of the transaction.

Under Ardian’s ownership, imes-icore has been developed into one of the global market leaders for high-tech CNC-CAD/CAM production systems focusing exclusively on the dental sector with a high share of recurring revenues. During Ardian’s 6 year investment period, the company has increased its revenues by approximately 100% while also completing three strategic add-on acquisitions to complement its service portfolio. The number of employees has grown from 130 at Ardian’s entry in 2017 to over 270 today with locations in Germany, the US, and Southeast Asia. The distribution network comprises 150 partners.

Ardian is a world-leading private investment house, managing or advising $156 billion of assets on behalf of more than 1,470 clients globally. Its broad expertise, spanning private equity, real assets, and credit, enables it to offer a wide range of investment opportunities and respond flexibly to its clients’ differing needs. Ardian’s more than 1,050 employees, spread across 17 offices in Europe, the Americas, Asia, and the Middle East are strongly committed to the principles of responsible investment and are determined to make finance a force for good in society.

EMZ is a leading European investment firm with offices in Paris and Munich. The firm focuses on small-to-medium-sized companies and offers flexible capital solutions in strong partnership with founders, family shareholders, and managers. The current fund has a volume of more than €1.3 billion, and its investment size ranges from €10 million to €200 million.

Houlihan Lokey served as the exclusive financial advisor to the shareholders of imes-icore. The deal team assisted in marketing the transaction, structuring the transaction process, and negotiating the transaction on their behalf.