EMERAM makes debut investment

The German Riverside spin-out has made the first investment from its maiden fund, which has a €350m target.

EMERAM Capital Partners, a Munich-based firm, has made a first investment from its debut fund by acquiring Boards & More Group, a company that sells kite-surfing equipment.

EMERAM – in conjunction with the existing management team – bought the company from Swiss Airesis Holding for approximately around €39 million.

Boards & More, which is based in the Austrian town of Molln, has grown substantially in the past 10 years, according to a statement. In 2012, it generated revenues of €45 million.

“The company’s business lines are supported by strong underlying global trends attracting an increasing number of people towards high-activity sports. We are delighted to have secured this outstanding opportunity for our investors and now look forward to… [capitalising] on the tremendous growth perspectives ahead,” Volker Schmidt, a partner at EMERAM Capital Partners, said in the statement.

EMERAM made the investment using equity from EMERAM Private Equity Fund I, which is currently in market targeting €350 million with a €400 million hard-cap. The firm was nearing a first close, a source familiar with the matter told PEI in July. It is understood UBS is helping them to raise the fund.

EMERAM declined to comment on fundraising, while UBS did not respond to a request for comment at press time.

EMERAM, which was established in 2012, comprises two former executives from The Riverside Company and two from Apax Partners. Christian Näther spent 11 years at Apax, where he co-headed the Munich office. Prior to EMERAM, Korbinian Knoblach was also with Apax, where he worked in their Munich and New York offices for ten years. Another team member is Kai Köppen, who built up the German office of The Riverside Company.

Volker Schmidt also joined from The Riverside Company, where he had worked in the German office for eight years. Kai Obring, another team member, worked at The Boston Consulting Group (BCG) for nearly 20 years, where he focused on industrial goods. Eckhard Cordes, a member of the executive board at Daimler, spent more than 30 years at Daimler. He also served four years on EQT’s investment committee.