Nord Buys Igel Technology

Hanover-based Nord Holding Unternehmensbeteiligungsgesellschaft has acquired a 70% stake a majority stake in Bremen-based Igel Technology, an IT services business.

The deal was structured as a management buyout and sees previous majority shareholder, the Melchers Group, and the managing partner of the company retain a 30% shareholding.

The value of the deal was not disclosed.

Nord Holding is a German mid-market private equity firm. It operates from an ever-green fund and owns stakes in over 50 different companies in Germany.

Igel develops and distributes thin clients. A thin client is a client computer or client software in client-server architecture networks which depends primarily on the central server for processing activities, and mainly focuses on conveying input and output between the user and the remote server.

The thin client market has been growing at a rate of more than 20% per year for the past few years due to the many benefits it offers compared with traditional PCs such as support costs, power savings, procurement costs, data security.

Igel has a forecast turnover of more than €30m for the current financial year. In addition to the company headquarters in Bremen Igel also has offices in the UK and US.

Source: Thomson Merger News