Aquin Advises:

On The Sale To:

Key Terms

> With effect from September 28, 2018, HORIBA Automotive Test Systems acquired FuelCon AG, one of the leading global suppliers of test and diagnostic systems for fuel cells and batteries.
> Aquin acted as the exclusive M&A advisor to the founders and managing partners of FuelCon, Dr. Ingo Benecke and Mathias Bode.

Strategic Logic

> With the sale, FuelCon gains access to HORIBA`s strong global network and is able to meet the growing customer demand for increasingly complex test requirements for the E-Mobility sector.
> Together with HORIBA, FuelCon will achieve its strategic goal to significantly grow internationally (especially in Asia and in the US) much faster. The intention is to develop FuelCon as the worldwide central competence center for fuel cell and battery testing within the Group.


> The company FuelCon AG, founded in 2001, is a leading manufacturer and supplier of end-of-line and turnkey test bench systems for the E-Mobility sector, with strong expertise in battery and fuel cell applications.
> FuelCon has an enviable reputation for design and assembly of precision high performance solutions and is trusted for its deep technical know-how by global OEMs, including among others BMW and Volkswagen, tier 1s as well as international research laboratories.
> FuelCon is headquartered in Magdeburg-Barleben (Germany) and achieves an annual turnover of 14 million euros in 2018.


> HORIBA Automotive Test System (part of HORIBA Group) is a leading supplier in the fields of engine, driveline, brake and emissions test systems for all industries using electric motors, internal combustion engines and turbines. These include the automotive, heavy-duty, off-road, consumer goods, marine, aerospace and locomotive sectors.
> HORIBA Group, listed on the Tokyo Stock Exchange with annual revenues of 1.5 billion euros in 2017, is a global leading supplier of measurement technology and systems for various fields from automotive testing, process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing and metrology to scientific R&D and QC measurements.

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