Summit Partners’ acquisition of a majority stake in Elatec

Sidley advised Summit Partners on the deal

Summit Partners has acquired Elatec, a German manufacturer of radio frequency identity (RFID) readers, from Deutsche Private Equity. Deutsche will retain a minority stake in the company.

Elatec develops and manufactures contact and contactless RFID readers and writers used for smartcards and Bluetooth systems. Based in Puchheim, near Munich, it also has representative offices in the US, Brazil, South Africa, Singapore, Japan and Australia.

Deutsche backed Elatec in January 2016, at which time it had 70 employees and around €22m of turnover. Since then the company has nearly doubled revenues and headcount.

Summit Partners LLP is a private equity and venture capital firm specializing in later stage, mezzanine debt, growth capital, middle market, recapitalizations, possession financing, shareholder liquidity, management buyouts, bridge loans, acquisition financing, spin-off transactions, distressed situations/debtor-in-possession financing, and divestitures in fintech sector. The Firm, led by Peter Y. Chung, E. Roe Stamps IV, Gregory M. Avis and Stephen G. Woodsum, is based in Boston.

The Sidley team was led by Private Equity partner Dr. Jan Schinköth (Picture), supported by partners Erik Dahl (Private Equity), Dr. Roderic Pagel (Tax) and Dr. Markus Feil (Finance), and associates Sebastian Walczak (Private Equity), Irina Krieger (Private Equity), Jörg Fischer (Tax), Maximilian Mayer (Finance), Dr. Peter Gseller (Finance), Thibault Reichelt (Private Equity), Bret Diskin (Private Equity) and Will Lawley (Private Equity).

Involved fees earner: Jan Schinköth – Sidley Austin LLP; Erik Dahl – Sidley Austin LLP; Sebastian Walczak – Sidley Austin LLP; Irina Krieger – Sidley Austin LLP; Peter Gseller – Sidley Austin LLP; Thibault Reichelt – Sidley Austin LLP; Bret Diskin – Sidley Austin LLP; Will Lawley – Sidley Austin LLP; Roderic Pagel – Sidley Austin LLP; Jörg Fischer – Sidley Austin LLP; Markus Feil – Sidley Austin LLP; Maximilian Mayer – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Summit Partners;