Invision sells TonerPartner Group to Gilde Buy Out Partners

TonerPartner, founded in 1993, is a leading European e-commerce business focused on ink, toner, and printer cartridges. As part of an owner buyout, Invision acquired a majority stake in the business in November 2016 alongside its founding family.

During the Invision ownership, TonerPartner grew through a combination of organic growth and addon acquisitions. The business expanded internationally from its origins in Germany into over 15 additional European countries and meanwhile serves more than 4 million B2B and B2C customers. The number of employees also increased from 60 in 2016 to over 130 in 2020. In 2016, TonerPartner acquired TintenCenter.com and in 2019 HQ Patronen. Both acquisitions were fully integrated and were highly synergistic.

Julian Zweers, Managing Director of TonerPartner commented: „Together with Invision, we are proud that TonerPartner continued writing our success story. Our company is now poised for the next period of international growth together with Gilde Buy Out Partners and we look forward to this new challenge. The entire team is keen to continue cementing TonerPartner’s leading European market position.”

TonerPartner has a robust business model as was demonstrated during the Corona pandemic. The ongoing trend towards e-commerce and the must-have nature of printing consumables including in the home office environment, allowed TonerPartner to perform solidly throughout an unprecedented crisis.

Peter Kroha, Partner and Managing Director Invision Germany: „The investment in TonerPartner has not only been a very successful one for Invision, but above all proved to be an exciting journey with a great group of dedicated people. Over the last years, TonerPartner evolved from a German family-run business into a European powerhouse with a presence in over 16 countries and sales more than doubling, with profits more than tripling. It has been a real pleasure working with everyone at TonerPartner and we wish everyone in Hattingen all the very best under the new stewardship of Gilde Buy Out Partners.”

Closing of the transaction is subject to anti-trust approvals.

Invision Capital Partners V Ltd, in its capacity as general partner to Invision V L.P., was advised by Invision Beteiligungsberatung GmbH, Alantra Deutschland GmbH (M&A), Deloitte (Financial), wdp (Commercial) and CKSS (legal).


About TonerPartner

TonerPartner, based in Hattingen (Germany) employs over 130 employees and is a leading e-commerce business focused on ink and toner cartridges. Founded in 1993, TonerPartner has always
strived to provide its B2B and B2C customers with high quality, attractively priced and reliably delivered products. TonerPartner is as a service provider for its customers in relation to all aspects relating to printing.

Further information can be found on www.tonerpartner.com.


About Invision

Since its foundation in 1997, Invision has become a leading private equity firm focused on successions and growth buyouts in German-speaking regions. Over this period, Invision invested more than EUR 500 million in over 50 companies and achieved sustainable value creation for its portfolio companies. Invision is an entrepreneurial partner to founders, businesses, and management teams. The aim is always to adapt to the specific needs of all stakeholders by developing customized solutions to fit each specific situation and need.

For additional information please visit www.invision.ch.


About Gilde Buy Out Partners

GGilde Buy Out Partners is a leading European private equity investor in mid-market transactions with operations in the DACH region and the Benelux. Gilde manages funds in excess of EUR 3 billion and has offices in Frankfurt, Zurich, Utrecht, and Brussels. Since its inception in 1982, Gilde has supported more than 250 companies to realize their growth ambitions. Recent investments include e.g. Corilus, Eichholtz, Xindao, Gundlach, Kinkelder, and Caseking.

For more information, please visit www.gilde.com.


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Tel: +49 211 936 727 50

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    Invision Beteiligungsberatung GmbH
    Grünstraße 23
    40212 Düsseldorf

    T +49 211 936 727 50
    F +49 211 936 727 59
    T info(at)invision.ch