Carlsquare advised the private equity firm Lafayette Mittelstand Capital (“Lafayette”) on the sale of mdexx inductive electronics GmbH, mdexx Magnetronic Devices GmbH, mdexx Magnetronic Devices s.r.o., and Michael Riedel Transformatorenbau GmbH (“mdexx” and “Michael Riedel”) to AQ Group AB (“AQ Group”). Signing of the transaction has occurred on 20th December 2024 and closing is expected in the first quarter of 2025, pending governmental approvals.
Lafayette is a private equity firm based in Luxembourg. Lafayette acquires medium-sized companies in special situations and supports their entrepreneurial development with the aim of later selling them profitably. The acquired companies are headquartered in the DACH region, generate revenues between EUR 20 million and EUR 500 million, and have a sustainably stable core business.
mdexx is a leading supplier specializing in the design and manufacturing of inductive components, such as reactors, transformers, and filters in the low to medium power and frequency range. Its customers include demanding industrial clients within electrical automation, medical technology, and railway sectors. mdexx operates manufacturing facilities in the Czech Republic and has sales and design engineers in Germany and the Czech Republic. In 2023, mdexx achieved a turnover of EUR 47 million. Michael Riedel specializes in custom-made transformers, reactors, and filters for demanding industrial applications. Based in Ilshofen, Germany, the company recorded a turnover of EUR 17 million in 2023.
AQ Group has been a pioneer for over 30 years in the development of components and systems for demanding industrial customers. Headquartered in Västerås, Sweden, AQ Group has operations in Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, USA, Germany, Italy, Brazil, and Great Britain. AQ Group serves a wide range of industries, offering cost-effective solutions that meet the highest standards of quality and sustainability. Listed on Nasdaq Stockholm’s main market, AQ Group has demonstrated consistent profitability since its founding in 1994. AQ Group employs approximately 8,000 people worldwide and achieved net sales of SEK 9 billion in 2023.
Through the acquisition of mdexx and Michael Riedel, AQ Group strengthens its customer base and broadens its technological and market presence in inductive components. Both companies complement AQ Group’s existing business and support its strategy to become the global leader in custom inductive components for demanding industrial applications.
“We are very pleased that we were able to sell mdexx to a suitable strategic investor in a challenging economic environment. Our thanks go to the Carlsquare team, who helped us achieve this excellent result with their profound M&A expertise.” – Christian Sydlik, Partner, Lafayette
“The purpose of this acquisition is to extend AQ Group’s customer base and broaden our technology and market presence in inductive components. […] This deal continues AQ Group’s strategy to become the number one company globally for custom inductive components for demanding industrial customers. […] We gladly welcome our 400 new colleagues in mdexx and Michael Riedel into AQ Group.” – James Ahrgren, CEO, AQ Group
Carlsquare acted as the exclusive M&A advisor to Lafayette Mittelstand Capital.
