Berlin, June 26th 2017. Contorion, the Berlin-based digital retail specialist for tool and industrial supply, announced today that they are being acquired by Hoffmann SE, Europe’s leading system partner for high-quality tools. The two parties have agreed not to disclose the purchase price. The final closing of the deal is still pending approval by the responsible anti-trust authorities. For Hoffmann SE, the acquisition represents a strategic move to expand their digital competence.
In addition to Berlin-based VC Project A, previous investors in Contorion include Klöckner & Co, one of the world's leading steel and metal distributors and growth investor Endeit Capital. For lead investor Project A the take-over is the sixth exit from their first fund and one of their biggest success stories. Project A provided both financial and operative support to the Contorion team from the company’s inception. For Endeit Capital, who joined the board of investors last September, Contorion is the first exit in their second fund.
“We are delighted to see that small and medium sized enterprises, the backbone of the German economy, are beginning to see investment in start-ups as an opportunity. Hoffmann SE is setting an excellent example here in this regard,” commented Thies Sander, partner at Project A. “The acquisition of Contorion, which has shown an impressive development since its founding, is further confirmation of our investment strategy: We want to help create the digital market leaders of tomorrow.”
“We can play even better to our strengths now within the Hoffmann group,” explained Dr. Frederick Roehder, founder and managing director of Contorion. “We are going to bring our respective competencies together, build on them and take advantage of our full market potential in an efficient manner. More growth is in the cards for the future.”
“Contorion complements our business model perfectly,” explains Dr. Robert Blackburn, Chairman of the Board of Executive Directors and CEO of Hoffmann SE. “This strategic move will allow us to significantly expand our expertise in the digitalization space. In future, by working together, we will be able to serve our customers even more effectively with better, faster and more detailed advice across all markets and channels. We warmly welcome Contorion’s employees with their positive, dynamic start-up culture to the Hoffmann family.”
Contorion will continue to be managed by the existing team at their Berlin location as an independent business brand within the portfolio of the Hoffmann Group. Since its founding in spring 2014 by Dr. Frederick Roehder, Dr. Richard Schwenke, and Tobias Tschötsch, the company has undergone considerable development: Contorion now employs 130 staff members and recorded an annual turnover of nearly 20 million euros in the first half of 2017.