Carlyle Group sells Exocad to Align Technology for €376m

The Carlyle Group has agreed to sell Exocad Global Holdings to Align Technology for approximately €376 million in cash.

Posted Monday, March 9th 2020
Carlyle Group sells Exocad to Align Technology for €376m

Thorsten Dippel

Exocad is a software company that provides CAD/CAM software for dental labs and dental practices.


Exocad is headquartered in Darmstadt, Germany, and has five offices worldwide. The company was spun out of the Fraunhofer-Institute for Computer Graphics Research IGD in 2010 and has since established itself as an independent developer of dental CAD/CAM software.


A Carlyle statement said: “During Carlyle’s investment period the company doubled its revenue and EBITDA.“


Carlyle was advised by Latham & Watkins on the deal. The Latham team was team led by Munich partner Burc Hesse, and included partner Sebastian Pauls, associates Corinna Freudenmacher, Andreas Holzgreve and Hamburg associate Jacob Ahme. Advice was also provided on tax matters by Munich partner Stefan Süß and counsel Ulf Kieker. Advice on banking and finance matters was provided by Munich partner Thomas Weitkamp and associate Philipp Büchler, while Frankfurt partner Max Hauser advised on antitrust matters.


UBS and Raymond James also advised Carlyle on the deal.


Carlyle invested in Exocad in 2016 through Carlyle Europe Technology Partners (CETP) III, a €657 million fund focused on European technology, media and telecommunications companies.


Thorsten Dippel (pictured), managing director on the Carlyle Europe Technology Partners advisory team, said: “We have had a fantastic partnership with Exocad and in particular with its founders, Till Steinbrecher and Maik Gerth. We are proud of what the company has achieved since we invested, not only in terms of its financial growth but more importantly as an innovative frontrunner in the area of digital dentistry. With Align we believe we  have found the ideal partner to further strengthen Exocad’s position and we wish the Exocad team every success for the future.“


Tillmann Steinbrecher, Exocad’s CEO, said: “This is an exciting new chapter for our company. I am delighted by the enormous growth opportunity for Exocad and its customers that comes with being a part of Align Technology. We thank Carlyle and especially the CETP team for their partnership, experience and support in strengthening Exocad’s position as a key technology provider for the dental CAD/CAM industry and in driving continuous innovation with the open and integrated approach that is the foundation of our company.“