Milbank LLP advised funds advised by LEA Partners GmbH on the agreement to combine the businesses of Enscape Holding GmbH (Enscape), a developer of real-time rendering and design workflow technology for the Architecture, Engineering and Construction (AEC) industries, and Chaos Software OOD (Chaos), a world leader in photorealistic rendering technology. The merger will establish a global leader in the 3D visualization and design workflow software sectors, with a focus on the AEC, Visual Effects (VFX) and Product Design verticals.
Founded in 2017, Enscape offers solutions that connect directly into modeling software for the AEC industry, integrating design and visualization workflows seamlessly into one. This allows the company to support its customers through the entire design process with unprecedented ease-of-use, enabling faster concept iteration, real-time collaboration and feedback. With its innovative solutions, Enscape has quickly grown since entering the market, establishing its position as a leading provider to the AEC industry.
Chaos, founded in 1997, is widely known as a world leader in visualization and computer graphics, offering an ecosystem of 3D rendering, real-time visualization and simulation software. Chaos’ flagship rendering solution, V-Ray, is the go-to visualization tool across multiple industries, supporting everything from architecture, product designs and world-class advertising campaigns to visual effects in film and television. In addition to V-Ray, Chaos provides a broad suite of connected tools, including Phoenix, Cosmos, Vantage, Scans and Cloud, as well as the Corona Renderer.
The newly-combined company, which will retain the Chaos name, aims to develop and strengthen its product portfolio to create a comprehensive end-to-end visualization ecosystem, designed to meet the evolving needs of its customers. All products from both company portfolios will continue to operate and be available under their respective names, including leading products, Enscape, V-Ray, and Corona.
The joint workforce will total more than 500 employees across the globe, with corporate headquarters in Karlsruhe, Germany and additional offices in Sofia (Bulgaria), Prague (Czech Republic), Tokyo (Japan), Seoul (Korea), Los Angeles (USA) and New York (USA).
LEA Partners GmbH is an entrepreneurial-minded multi-stage private equity firm investing in growth technology companies that are driving transformative change in their industries. Operating out of Karlsruhe, one of Europe's largest technology clusters, LEA Partners GmbH’s mission is to fund and support ambitious founders and executives by leveraging them with practical, hands-on growth expertise to achieve market leadership.
The Milbank team was led by Michael Bernhardt (Corporate/M&A, Frankfurt) and included Sebastian Dexheimer, Johannes Wohlmuth, Steffen Post (all Corporate/M&A, Frankfurt), Michael Pujol (Corporate/M&A, Munich), Alexander Rinne, Matthias Riehl (both Antitrust & Competition, Munich), Matthias Schell, Arne Hammerich (both Tax, Munich).
