Already in 2016, Bayern Kapital and the HTGF joined Cevotec. The Munich companies develops fiber composite production systems for aerospace and medical technology, among others. For the investors, the deal represents an exit, as the Upper Austrian industrial company GFM is acquiring their shares in the company. Thorsten Gröne, Managing Director and co-founder of Cevotec, says:
"GFM shares our vision of enabling manufacturers to produce complex fiber composites in high volume and quality and supports us with more than 75 years of experience in high-tech mechanical engineering. We would like to take this opportunity to expressly thank our business angel investors and our financial investors High-Tech Gründerfonds, Bayern Kapital, and Founder.org for their great trust and support during Cevotec's startup phase."
“We are convinced that Cevotec is well positioned”
Michael Kralowetz, Chairman and Managing Director of GFM, says the Munich-based company has developed a very impressive technology for the automated processing of composite materials. He looks forward to their future innovations. George Ried, Managing Director of Bayern Kapital, is quoted as saying:
"The versatility and scalability of Cevotec's technology have convinced us from day one. We are convinced that with this growth step, Cevotec is well positioned to continue its successful development in the future."
Also Olaf Joeressen, Senior Investment Manager at High-Tech Gründerfonds, is confident about the future of the former portfolio company and says:
“With GFM as a partner, Cevotec can now grow faster and make its strong technology available to a broad customer base.”
As part of the deal, CTO and co-founder Felix Michl is stepping down from his active role and will support the company in an advisory capacity in the future.
