Innova Capital joins Jerome France, the Founder of EMI Group and Morphosis Capital, a Romanian PE Fund, in their vision to create a leading independent European installation and maintenance provider in industrial access solutions. On 30th June 2023 Innova acquired 51% stake in EMI Group via a combination of a EUR 15 million capital increase and a partial buy-out, which facilitates a partial exit for Morphosis. The new money will fund further add-on acquisitions aimed at solidifying the company’s position on existing markets and entering new countries.
Following many previous investments, including recent PeP, Prime Label and United Clinics, EMI Group is yet another buy-and-build transaction, which targets further consolidation of a highly fragmented market. The deal is the third investment from Innova/7 fund, which in May 2023 announced an interim close exceeding EUR 324 million.
EMI Group provides industrial access maintenance services to logistics and industrial buildings of area exceeding 5 million sqm, performing over 2,000 turn-key installation projects for over 1,500 unique clients annually. The Company is an undisputed leader in its industry in Romania and a leading independent player in Belgium, serving end customers and commercial real estate developers in a wide range of sectors, including industrial, retail, logistics, military and healthcare.
“I am incredibly proud of the development of EMI and the milestones we have achieved thus far. Today, EMI stands as a truly European player, with international shareholding uniting four nationalities, with facilities in three countries and a strong presence across Europe. The capital injection from Innova Capital marks an exciting new chapter for us, as we embark on a more ambitious growth trajectory through mergers and acquisitions. As part of this expansion, we are dedicated to involving the founders of the companies we acquire, integrating their expertise and experience into our operations. This collaborative approach will enable us to create a powerful European champion group. With our proven track record and the support of our strategic partners, we are confident in solidifying our position in existing markets and venturing into new ones. Together with Innova, Morphosis and our partners at Belemi, we will continue to shape the future of the industrial access solutions industry in Europe,” said Jerome France, Founder and CEO of EMI.
“The industrial access systems market remains very fragmented and particularly prone to consolidation in the area of installation & maintenance services. EMI has developed a successful integration model allowing small service companies to retain their identity and autonomy while benefiting from scale and group best practices. We are thrilled to be partnering with Jerome France and Morphosis Capital in this exciting consolidation opportunity,” said Andrzej Bartos, Senior Partner at Innova Capital who has led the investment.
“The EMI success is a testimony on how building mutual trust translates into stellar business performance. I am happy we partnered with Jerome and followed his vision and drive and we are looking forward to taking the company to even higher levels of performance together with Innova,” stated Simona Gemeneanu, Partner Morphosis Capital.
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About EMI Group
EMI is a globally recognized leader in the industrial access systems industry. Since its establishment in 2000, the company has specialized in providing integrated consulting, design, manufacturing, installation, maintenance, and service solutions for industrial access solutions across various sectors, including industry, shopping centers, and logistics centers. EMI, following acquisitions of Belgium-based Decran and Acccess Systems operates assembly facilities in Romania and Slovakia, and service and maintenance capabilities in Romania and Belgium.
About Innova Capital
Innova Capital is an independent private equity advisor operating in Poland and investing in majority buyouts in mid-sized companies doing business in Central and Eastern Europe. Since its founding in 1994, Innova Capital has invested ca. EUR 1.2 billion in nearly 70 companies located in 10 countries in the region. Innova was recognized by the Polish Private Equity and Venture Capital Association (PSIK) as PE House of the Year 2023.
About Morphosis Capital
Morphosis Capital Cooperatief UA is a private equity fund with EUR 50 million committed capital. Established in December 2018 by four Romanian entrepreneurs, Simona Gemeneanu, Gabriela Dumitru, Dragos Petre, and Andrei Gemeneanu, the fund aims to contribute to developing and transforming Romanian SMEs. The European Investment Fund (EIF), the leading financing platform for European SMEs, co-financed through the Regional Operational Programme, is the anchor investor in Morphosis Capital, while the founders themselves are the co-investors in the fund. Morphosis Capital invests between five to ten million euros in high-growth Romanian companies from sectors such as FMCG, niche healthcare, technology, and B2B services, which have a strong potential for international expansion and an EBITDA of a minimum of half a million euros. Morphosis Capital’s portfolio includes DocProcess, Medima Health, EMI, Cronos Med, and Stay Fit Gym. In 2023, Morphosis made its first exit by selling its minority stake in Dr Leahu Dental Clinics to Regina Maria.
An EU-funded instrument, through the European Regional Development Fund (ERDF), under the 2014-2020 Regional Operational Programme (ROP), Priority Axis 2 dedicated to increasing the competitiveness of SMEs, via the financial instrument of venture capital.
