Garz & Fricke Group has been acquired by SECO S.p.A

SECO S.p.A., a reference player in the field of technological innovation, Internet of Things and Artificial Intelligence solutions, listed on the STAR segment of Italian Stock Exchange (Ticker: IOT:MI), has entered into an agreement to acquire the 100% of the shares of Garz & Fricke Holding GmbH (G&F), a Hamburg-based producer and developer of hardware and software solutions for industrial IoT, from the financial investor Afinum Management GmbH and other minority shareholders.

G&F is a leading supplier of standard and custom edge HMI solutions, their building blocks and a tailored ecosystem of IoT, software and payment solutions. The company was acquired by Afinum in 2017, and has expanded its operations under its ownership, completing two strategic acquisitions in the field of edge systems and software applications. Today, G&F operates under three complementary brands: Garz & Fricke (HMI solutions), Keith & Koep (SOM ) and e-GITS (software and platform). By the end of 2021, the group expects to manage more than 65,000 active IoT and 39,000 payment installations, representing a clear opportunity to roll-out SECO CLEA software into G&F-installed IoT devices. The company’s focus is on systems that are seamlessly integrated and customized. These are implemented based on individually adapted standard or custom solutions. Regular customers include OEMs and system integrators from target verticals, including medical technology, electronics for professional kitchen equipment, vending, security technology and diversified industrials.

SECO is a center of excellence in the field of innovation and technological integration. The company has been operating in the high-tech market for over 40 years, designing, developing and manufacturing cutting-edge proprietary technological solutions for industrial clients. SECO’s products range from miniaturized computers to standard or customized hardware, high-tech finished products and hardware-software integrated systems for highly diversified end-markets, including medical, industrial automation, aerospace and defense, wellness and vending systems.

Afinum is an independent investment company owned by its management. The firm has offices in Munich, Zurich, Vienna and Hong Kong and specializes in investments in successful medium-sized companies in the DACH region.

Oaklins’ team in Germany acted as advisor to the sellers. The team’s knowledge of the company and a personal relationship with the founders and Afinum, from the previous buyout process in 2017, were crucial in successfully closing the transaction in a short timeframe.