Milbank advised H.I.G. Capital, a leading global alternative investment firm with over $45 billion of equity capital under management, on the sale of CONET to IK Partners. H.I.G. Capital acquired a majority stake in CONET in 2017. The transaction is subject to clearance by the relevant antitrust authorities.
CONET is a leading digital transformation partner focused on public sector clients and with a dedicated SAP practice. CONET offers its blue-chip customer base services and solutions in the areas of IT consulting, software development and high-security IT operations. CONET, founded in 1987 and headquartered in Hennef, Germany, employs over 1,100 specialists across 13 locations in Germany, Austria and Croatia.
With the support of H.I.G. Capital, CONET implemented a comprehensive expansion strategy both organically and through acquisitions. CONET benefitted from H.I.G. Capital’s substantial expertise and extensive network in the IT services sector as well as its experience in successfully executing buy-and-build strategies. After H.I.G. Capital’s initial investment in 2017, CONET completed three strategic acquisitions which broadened its service offering. During the past four years, CONET‘s management more than doubled CONET’s revenue and strengthened CONET’s position as a leading, integrated and trusted partner for the digital transformation of its diversified customer base.
The Milbank team, which comprehensively advised H.I.G. Capital on corporate, tax, finance and antitrust law aspects of the transaction, was led by partner Michael Bernhardt (Corporate/M&A, Frankfurt) and included the partners Matthias Schell (Tax, Munich) and Alexander Rinne (Antitrust, Munich) as well as the associates Sebastian Dexheimer, Sarah-Maria Resch, Steffen Post, Leonard Mittmann (all Corporate/M&A, Frankfurt), Dr. Gerrit Merkel (Finance, Frankfurt), Stefanie Gschoßmann and Susanne Schricker (both Antitrust, Munich).
