Pixel Group GmbH & Ingenics AG

29. July 2020

A bespoke succession solution for the shareholders of the Pixel Group, including a return shareholding with the buyer Ingenics, has created the optimal framework for future cooperation.

As part of a succession solution, the Ulm-based management consultancy Ingenics has acquired the Gräfelfing-based PIXEL Group. Three of the five shareholders of the PIXEL Group will remain as managing directors and minority shareholders in the respective group companies in order to build up a powerhouse for process optimization and digital transformation together with the buyer.

The PIXEL Group specialises in the implementation of digital transformation projects and has realised over 4,500 development projects since 2005. Many customer relationships have existed for decades. Within the mandate of the five partners, atares* was exclusively entrusted to find a suitable partner to enable the further growth of the PIXEL Group.
After a great deal of international interest, the owner-managed Ingencis, Ulm, emerged as the most suitable new owner. In spite of the special circumstances caused by Covid19, it was possible to realise a tailor-made transaction structure that met the different interests of the individual sellers. This included streamlining of the pre-deal shareholder structure, the implementation of a share roll-over model including debt facilities, and a ring-fencing for deferred purchase price elements.

Simon Ashdown, CEO und majority shareholder of Pixel Group, commented: “We would like to thank Jan Poerschmann and his team, who have supported us with their network, their longstanding mid-market M&A experience, the necessary empathy, creativity and industry expertise. The individual, tailor-made solution that was achieved in the end fulfilled all our expectations and offers the company a great perspective together with Ingenics to meet the increasing customer needs within the digital transformation”.

“We would like to thank the shareholders of the PIXEL Group for the trustful and constructive cooperation over the past months” says Jan Poerschmann, Partner at atares, “and we wish the remaining shareholders all the best within the new Ingenics structure. We are convinced that the new team will jointly develop many innovative digital transformation concepts for their national and international clients”.

For atares, the sale of the PIXEL Group is another transaction in the IT & Business Services sector. The atares team (Jan Porschmann, Partner, Florian Liepert, Director, Maximilian Gluchowski and Winnie Fuchs, Associates) was responsible for the management of the entire project: this included process strategy development, development of the equity story, preparation of documentation, international approach of potential buyers as well as the coordination of the due diligence process and leading the commercial negotiations. Legal advisors to the sellers were Dr. Florian Herrmann and Alexander Uhl, both from Langwieser Rechtsanwälte.

Read more about the atares range of services here

About PIXEL Group

The PIXEL Group is a company in the field of software development, which has positioned itself as a recognized solution partner for digital transformation due to its broad technological competence. The three subsidiaries “PIXEL”, “Mixed Mode” and “NETexpress” support companies in various industries with professional services in the areas of software development, embedded & software engineering, and IT support & consulting. The PIXEL Group, which was founded in 1988, employs around 160 people at its locations in Gräfelfing and Regensburg.
Find further information about PIXEL GROUP at www.pixel-group.de

About Ingenics AG

Ingenics AG is a globally active consulting firm, which has successfully positioned itself for over 40 years as a strategy and project partner for medium-sized and large companies. The Ingenics service portfolio in the form of strategy advisory, process and organization consulting as well as planning and implementation covers the entire business value chain. The company is positioned as an expert and driving force in the field of digital transformation and is constantly developing new, innovative industry 4.0-compatible solutions with future potential. The Ingenics Group, headquartered in Ulm, Germany, employs over 525 people at 15 locations worldwide.
Further information about Ingenicsis available at www.ingenics.com

About atares

Atares is the digital M&A boutique for technology-driven midcap companies in Germany and sees itself as a pioneer for the digitalization of the M&A industry. Founded in 2001, atares has advised more than 200 transactions in more than 20 years. The focus is on transaction volumes between EUR 10 and 100 million of mostly owner-managed companies. Since November 2023, the company formerly known as Proventis Partners, Munich, has been operating under the new company name atares GmbH. Atares has long-standing personal contacts with corporate and Private Equity investors and M&A advisors in Europe, North and South America and Asia. Highly specialized expertise for the market, empathy for people and passion make atares a sought-after M&A partner for the tech champions of tomorrow. More than 20 employees at atares in Munich and Düsseldorf manage their projects via the in-house developed digital M&A dealfloor (dealfloor.co) – for value-adding, efficient transactions with the best user experience.


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*At the time of the transaction, atares traded under the name Proventis Partners GmbH Muenchen