The Client
Our client was the venture capital and innovation arm of a diversified German family-owned industrial group. The group invests in, incubates, and scales technology-driven startups in areas such as e-mobility, renewable energy, energy storage, and Industry 4.0. With operations in more than 20 countries and around 7,000 employees, the conglomerate’s core sectors include Automotive, Electronics, Energy, and Appliance Solutions.
Challenge
The client had acquired the power electronics division of a leading German engineering company, including its associated debt. The strategic plan was clear:
- Expand into the United States – the largest global market for solar inverters and power electronics.
- Adapt products for North American standards, including addressing the unique challenges of the U.S. power grid.
- Build a sales and distribution network from scratch.
- Secure project financing support, which required convincing banks and investors to trust an unknown European brand.
- Ultimately, sell the company to a U.S. buyer, where valuations are often significantly higher than in Europe.
While the products had an excellent reputation in Europe for high efficiency, durability, and quality workmanship, the company faced three major hurdles:
- Engineering adaptations for U.S. technical and regulatory standards.
- Market acceptance among developers, utilities, and project financiers unfamiliar with the brand.
- Entrenched competitors with established U.S. track records.
Solution
TH Bender was retained to build a credible U.S. leadership team capable of overcoming these barriers.
- Over 11 months, we conducted targeted executive searches across the clean-tech and industrial power electronics sector.
- While the initial mandate was for an Executive Vice President of Sales, we identified and persuaded a highly respected industry CEO to join the startup. This executive brought mid-market and startup experience, strong industry credibility, and the ability to attract top talent.
- With this leader in place, we recruited a hands-on sales team of seasoned executives, each with established client relationships at OEMs, distributors, and project developers.
- Importantly, the team’s credibility reassured project financing groups, enabling them to back large-scale solar projects using the company’s inverters.
Results
The impact was immediate:
- The company was able to address initial product reliability challenges thanks to the new team’s market expertise and feedback loops.
- Independent research by Frost & Sullivan recognized the company with a Leadership Award for achieving the highest growth rates in its segment over three years.
- Within two years, the startup was acquired by a U.S. competitor at roughly 10x the initial investment, with the buyer also assuming the existing debt.
The acquisition was driven not only by the complementary product range but also by the company’s international infrastructure, including strong positions in EMEA, India, Asia, and the Mediterranean region.
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