Swiss industrial specialist CGS Management has held the final close of its second fund on CHF130 million ($111 million, €79 million).
The fund is more than double the size of the firm’s previous fund. The investors include a Swiss fund of funds, an unnamed Swiss private bank and Themis, a listed German private equity fund of funds.
Lars Niggemann, investment director, CGS Management, said: “We invest in what we think we understand: industry. We buy attractive niche players in fragmented markets and pursue a buy and build approach through the acquisition of three or four companies.” The firm said it had strong proprietary deal flow and the fund’s first investments will come very soon, Niggemann said.
CGS has also recently appointed Peter Giesinger as managing partner. Giesinger has worked for CGS previously as chief executive at industrial process measurement company Bourdon Haenni Group, which the firm sold in 2006. Giesinger holds an MBA from Spanish business school IESE.
The firm targets industrial companies which work across various sectors including machinery, electronics, engineering and plastics.
The fund will acquire 15 to 20 companies and buy and build them to form four to five industry groups.