February 08, 2023
Headway Capital Partners is delighted to announce the successful exit of its advised fund HIP IV SCSp (“HIP IV”)’s indirect investment in Human Solutions Group (“HSG”) alongside PINOVA Capital following the sale of 3D software company Assyst GmbH (“Assyst”).
In December 2020, HIP IV backed PINOVA Capital to acquire additional shares in one of its portfolio companies, HSG. HSG was the holding company of three market leading assets, Human Solutions, Avalution, and Assyst GmbH.
Shortly after HIP IV financed the purchase, HSG successfully sold two of its three core businesses, Human Solutions and Avalution, to the global leader in crash testing technology and sensory intelligence systems Humanetics Innovative Solutions, significantly de-risking HIP IV’s investment within a short time frame.
Additional upside was expected from the remaining asset, one of the market leaders in 3D design for the fashion industry Assyst. In December 2022, this was achieved further to the acquisition of Assyst by an Asian fashion technology market leader.
Following the divestment of Assyst, HIP IV’s investment is now fully exited. In line with our investment thesis, the diversified and high-quality asset base combined with an attractive purchase price and short-term liquidity potential, delivered a very compelling outcome for Headway.
The full press release can be viewed here:
Assyst is the market leader for fashion technology in Germany, Austria, Italy and Switzerland and is a key partner for digitization in the apparel industry. With an end-to-end approach and integrated systems for 3D, CAD, marker-making, and order optimization, Assyst links development and production and helps to develop, produce and market apparel competitively and successfully. The know-how and expertise of around 120 employees at Assyst’s Munich and Milan sites, together with more than 35 years of experience in apparel industry technology, enable the company to develop end-to-end solutions that help the industry to produce sustainable, fast, and profitably. Assyst operates around the world in more than 60 countries jointly with its partners.
Founded in 2015, Style3D is a leading digital solution provider in the global fashion industry. Style3D has built a digital fashion infrastructure by using its own soft-tissue engine as the base technology, an industrial-level software and a 3D design integration and collaboration platform. At present, Style3D provides a complete digital solution for different businesses in the fashion industry and has served thousands of fashion companies worldwide.
Style3D is a global company with R&D centers in China and the US, and it has offices in Europe, North America and in the Asian Pacific Region. The team brings together diverse and cross-border international talents such as scientists, engineers, designers, and artists.
About PINOVA Capital
PINOVA Capital an independent Private Equity firm investing in fast growing technology companies in German-speaking regions. PINOVA focuses on “Mittelstand” companies with sales between €10 million and €75 million in the sectors industrial technology and information technology, characterized by significant growth potential, sustainable competitive advantages and a strong market position in their niche.
About Headway Capital Partners
Headway Capital Partners is a London based private equity firm with advised funds of over €1 billion. Headway provides bespoke capital and liquidity solutions to private equity GPs and managers, investing in a full range of co-investment and secondary transactions, with a focus on small to mid-size independent sponsor, GP led, and secondary direct transactions in Europe and North America.