Accursia Capital increases consolidated revenues by 96% in the first half of the year – Target EUR 250 millions consolidated revenues expected for 2022
Annualised consolidated revenues up 96 percent over the comparison period to EUR 98.4 million
Strong operating EBITDA improvement comes to 6.2 million (6% EBITDA-Margin)
Dynamic pace of transactions continues further acquisitions
Accursia has published its consolidated interim financial statements in the first half of the year. Despite the extraordinary and persistent macroeconomic challenges Accursia achieved a strong performance. The Accursia Group generated revenues of EUR 98.4 million in the first half of 2022 (H1 2021: EUR 50.2 million). The increase of 96% compared to 2021 is mainly based on successful transactions in the last 12 months and a strong performance improvement of existing portfolio companies.
Strong operating EBITDA improvement
Despite the challenging market conditions, the operating EBITDA of the Group came to EUR 6.2 million in the first half of 2022 (H1 2021: - 0,9 million). The improvement in EBITDA is mainly driven by bargaining M&A investments and a significant value creation of the portfolio companies. For example: Accursia was able to completely turn around the business of KLANN Packaging GmbH. While the company was loss-making for the last years, after a comprehensive restructuring plan KLANN reached a positive EBITDA in 2021. Further stabilization mechanisms in 2022 are already yielding YTD net profits in July. The aforementioned is only one of several examples within the portfolio of Accursia.
Challenging market conditions
The grip of uncertainty continues to dictate politics in the German and European industry. First, global lockdown measures as a result of the pandemic forced many companies to interrupt production. Now, the industry is in fear of swindling gas supplies, which would throw the European energy landscape upside down. However, Accursia feels that most of its companies have a solid base to support the rocky road ahead.
The Management assumes that the future development of the portfolio companies and the Group as a whole in terms of financial, net assets and earnings will be significantly influenced by the war in Ukraine and the aforementioned indirect effects on supply chains, procurement prices and the overall economic situations.
Outlook: Focus on buy and build
With a view to the buy-and-build strategy, portfolio companies were strengthened with strategic add-on acquisitions. For example, with the acquisition of Müller & Bauer GmbH & Co. KG as well as the takeover of Flextronics Italy SRL, Accursia was able to significantly support its metal packaging and injection molding platforms. The core focus in the second half of 2022 lies on further add-on acquisitions as well as new platform investments and operational excellence.
“Accursia expects a consistently constructive transaction environment in the second half of 2022. The acquisition pipeline is well-filled. Nevertheless, the market outlook in the second half of the year is quite unclear. However, Accursia has taken numerous measures to mitigate the direct and indirect effects on liquidity and profitability. Our portfolio has a solid base and a clear plan of measures for further growth”, said Martin Scheiblegger.
About Accursia Capital
Accursia Capital is a private equity holding, which acquires and manages mid-sized companies facing special situations. Typical transaction targets have significant operational improvement potentials. Therefore, Accursia focuses on restructuring and turnaround cases as well as complex carve-out projects. Accursia adds value by the post-transaction restructuring with focus on sustainable profitability.
The success of Accursia lies in a strong M&A team being able to identify and acquire companies with a strong performance improvement potential and an Operational team, which is able to achieve the identified measures. The experienced and internationally oriented team of operational experts manages each acquired company and immediately focuses on the selective challenges the company is facing.
Accursia pursues a long-term buy-and-build investment approach. All portfolio companies are continuously being developed and expanded. The overarching strategy is a long-term investment horizon of healthy organic and inorganic growth. Being not bound to a fund structure, Accursia has no exit pressure but focuses on creating shareholder value by a dividend strategy and selective divestments, which will be reinvested into new platform investments and the existing portfolio.
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