Wolf Theiss has advised India's automotive systems and components manufacturer Sona BLW Precision Forgings on the EUR 40.5 million acquisition of a 54% stake in Serbia's radar sensor and embedded systems company Novelic. Schoenherr, working with India's Priti Suri & Associates, advised Novelic's founders on the sale.
According to Wolf Theiss, the deal closed on September 5, 2023, and included the share acquisition and a capital infusion into Novelic, which saw Sona BLW become its majority owner. The subsidiaries of Novelic in Serbia, Romania, and North Macedonia have all been integrated into the Sona Group. "This transaction represents a significant milestone for Sona BLW and Novelic, poised to drive innovation and technology advancements in the automotive industry. It underscores the strategic vision of both companies and their commitment to delivering cutting-edge solutions."
According to Schoenherr, the transaction values Novelic at an enterprise value of EUR 64.5 million on a pre-money basis and EUR 75 million on a post-money basis. Novelic is a self-sustaining provider of mmWave radar sensors, perception solutions, and full-stack embedded systems. Founded in 2012, the company has more than 180 engineers in multidisciplinary teams and holds multiple global patents in mmWave radar sensing and systems. It has grown at more than 50 % CAGR over the last ten years, without raising any external equity capital.
Sona Comstar was founded in 1995 and has its headquarters in Gurugram, India. The company is a global supplier with nine manufacturing and assembly facilities across India, the US, Mexico, and China.
The Wolf Theiss team was led by Serbia-based Partner Natasa Lalovic Maric and included Counsels Aleksandar Ristic and Vidak Kovacevic, Senior Associates Jovan Micovic and Katarina Randjelovic, Attorneys-at-Law Milos Rubezic, Marijana Zejakovic, Milan Novakov, Katarina Stojakovic, and Vjera Vlahovic, Associate Katarina Kracun, and Legal Trainee Stefan Silobad, Romania-based Associate Claudia Andreescu, and Bulgaria-based Counsel Hristina Dzhevlekova, with further team members in Romania and Bulgaria.
The Schoenherr team was led by Partner Vojimir Kurtic and included Partners Matija Vojnovic and Danijel Stevanovic, Attorney at Law Bojan Rajic, and Associates Luka Milosevic and Zeljko Loci.