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va-Q-tec prepares for Initial Public Offering

  • Technology leader in thermal insulation plans Initial Public Offering on the Frankfurt Stock Exchange with admission to the regulated market (Prime Standard)
  • Offer comprises primary shares with targeted proceeds of approximately EUR 45 million as well as secondary shares
  • Targeted free-float of approximately 50%
  • The strongly growing Company develops, manufactures and sells highly innovative, energy efficient and space saving VIPs (vacuum insulation panels), high end PCMs (thermal energy storage components) and high performance thermal packaging systems (containers and boxes)
  • Via its global container and box “Serviced Rental” business, va-Q-tec especially addresses the cold chain challenges of the healthcare industry
  • va-Q-tec is positioned at the intersection of three megatrends: energy efficiency, globalisation of supply chains in the healthcare industry, and increasing regulation in favour of product and patient safety
  • IPO proceeds will be predominantly used to further expand the “Serviced Rental” business and to invest in new production capacities

Würzburg, 7 September 2016. va-Q-tec (“va-Q-tec AG” or the “Company”, and together with its subsidiaries “va-Q-tec” or the “Group”), a globally leading provider of energy efficient products and solutions in the field of thermal insulation, is planning an Initial Public Offering (“IPO” or the “Offering”) on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange before the end of this year.

IPO for further growth

In connection with the IPO, the Company expects the primary proceeds from the offering to be approximately EUR 45 million. The Offering will also comprise shares from the existing shareholders and a customary greenshoe from secondary shares of 15% of the base offering. A 50% free-float post IPO is targeted.

Around 47% of the current share capital of va-Q-tec AG is held by the founders and management, 33% is owned by Zouk Capital and the remainder by other shareholders.
The Offering will consist of initial public offerings in Germany and Luxembourg as well as private placements in certain other jurisdictions outside these countries, and outside the United States of America. The IPO proceeds are to be invested mainly in expanding the container and box “Serviced Rental” business of va-Q-tec. Moreover, production capacities are to be expanded in order to meet the increased demand for the Company’s products.

“va-Q-tec has achieved impressive growth rates and increased profitability particularly over the past 5 years. The proceeds of the IPO will provide the financial foundation to continue on this trajectory and to execute on our strategic objectives: maintaining and expanding technology leadership, growing more rapidly than our underlying markets, and achieving improved and sustained profitability,” comments Christopher Hoffmann, CFO of va-Q-tec AG.

Berenberg will act as Sole Global Coordinator and Joint Bookrunner to the transaction, with MainFirst Bank as Joint Bookrunner and equinet Bank as Co-Lead Manager.

Innovative products, systems and services

The Company develops, produces and sells innovative, energy efficient and space saving vacuum insulation panels (“VIPs”) and thermal energy storage components (phase change materials – “PCMs”). VIPs are evacuated, thin thermal insulation panels whose core materials are sealed with air-tight barrier films. VIPs offer space-saving and energy-efficient insulation solutions, and insulate against changes in external temperatures between -80°C and +80°C. PCMs are thermal energy storage components that absorb and store thermal energy during a freezing or heating process without considerably changing their temperature. va-Q-tec PCMs are available for standard temperature ranges for example from -25°C to +25°C as well as for certain special temperature ranges, including from -60°C (or even below) to -25°C and from +25°C to +40°C.

va-Q-tec also produces advanced passive thermal packaging systems by optimally integrating VIPs and PCMs into boxes and containers (insulated single-use and multi-use boxes and multi-use containers). These exhibit superior performance and cost advantages compared to any conventional active, battery and compressor driven solutions available on the market. The va-Q-tec packaging systems can maintain constant temperature conditions between 24 and over 200 hours without external energy input. The reliability of the thermal packaging systems can be verified prior to every shipment with the unique and patented quality control system va-Q-check(R), which allows the precise measurement of the internal gas pressure of each VIP and the detection of non-visible product defects in VIPs.

Through its subsidiary in the United Kingdom, va-Q-tec maintains a fleet of pallet-sized rental containers (“va-Q-tainers”) through which it mainly serves customers from the pharmaceutical and biotech industries. Since 2015, va-Q-tec operates an additional rental business for its high performance thermal transport boxes. Along with the rental of these thermal packages, va-Q-tec offers supplementary services such as pre-conditioning, cleaning, sterilisation and temperature recording (“Serviced Rental”). For this purpose, va-Q-tec has established a comprehensive global partner network consisting of airlines, freight forwarders and service partners, which offer the Serviced Rental of va-Q-tec’s containers and boxes as part of their own offering. Using va-Q-tec’s rental services allows customers to operate their cold chains efficiently in terms of costs, product safety and energy consumption.

More than 1 million deliveries have been made to date with va-Q-tec containers and boxes, without reported temperature deviations.

“With ever new and constantly improved products and solutions for temperature control, we have evolved from a technology pioneer into a global player with a product, system and service business. We are well positioned at the intersection of three megatrends driving our growth: energy efficiency, product and patient safety, and the increasing globalisation of supply chains. We have been pioneers in bringing VIP technology to the market, and more recently, we have revolutionised cold chain logistics with our Serviced Rental of high performance thermal containers and boxes,” comments Dr Joachim Kuhn, co-founder and Chief Executive Officer of the Management Board (CEO) of va-Q-tec AG.

Local technology pioneer to global player

va-Q-tec was founded in 2001 as a spin-off from the University of Würzburg / Bavarian Centre for Applied Energy Research (ZAE Bayern), led by today’s CEO Dr Joachim Kuhn and today’s CRO (Head of R&D) Dr Roland Caps. The Company is headquartered in Würzburg, where its administration, research & development and part of its production facilities are located. va-Q-tec operates a second production site at Kölleda in Thuringia, Germany.

The globally operating Group has five branch offices on three continents (Europe, Asia and America), and generated sales revenues of EUR 15.6 million in the first half year of 2016 (+60% compared to H1/2015) and EUR 2.2 million of EBITDA (+124% compared to H1/2015) with 261 employees (as of 30 June 2016). In the full 2015 financial year, the revenues amounted to EUR 22.5 million (+23% year-on-year) and the EBITDA to EUR 3.6 million (+116% year-on-year).

The following selected key consolidated financials for va-Q-tec provide an overview of its financial performance for the past three financial years and first half of 2016.

Key financials

EUR millions, unless stated otherwise H1/2016 2015 2014 2013
Revenues 15.6 22.5 18.3 16.0
Total income1 19.8 29.6 22.2 17.7
EBITDA2 2.2 3.6 1.7 1.6
EBIT3 -0.4 0.4 -0.2 0.2
Operating cash flow 1.5 0.2 -0.1 0.4
Equity 9.5 10.0 10.4 11.0
Equity ratio (%) 20% 24% 31% 43%
Employees (# period-end) 261 226 187.5 166.5


1) Revenues + changes in inventories + work performed and capitalised + other operating income
2) Earnings before interest, tax, depreciation and amortisation
3) Profit/loss before interest and tax

Growth market for healthcare-cold chain logistics

The healthcare industry, in particular, is exhibiting strong demand for va-Q-tec’s high-performance thermal boxes and containers. Trends such as growing globalisation in clinical research and pharmaceuticals manufacturing, rising demand for ever more complex, frequently bio-based, temperature-sensitive medications, and ever more stringent product safety requirements (“Good Distribution Practice of medicinal products for human use” – GDP) are playing a role in this context.

va-Q-tec has been a pioneer in launching passive box and container rental services for pharmaceutical and biotech customers. The fact that va-Q-tec is worldwide regarded as a problem-solver in cold chain logistics by such companies is reflected in the significant revenue growth from the Serviced Rental of thermal containers over the past years. Together with the sale of its thermal packaging systems, the Company generated EUR 10.5 million of revenues in its target market of “Healthcare & Logistics” in the first half year of 2016. This represents a share of around 67% of total Group half year revenues. In the full year 2015, these revenues amounted to EUR 14.7 million, representing around 65% of total Group revenues.

The global market for cold chain packaging services for the healthcare industry is set to grow from USD 3.6 billion to USD 6.1 billion between 2015 and 2021 (an average of 9.2% per year), according to estimates of the International Market Analysis Research and Consulting Group (“IMARC Group”). “High-performance” solutions based on VIPs and PCMs account only for a small percentage of cold chain packages at present, according to va-Q-tec estimates. However, this area is enjoying stronger than average growth due to significantly increased regulations for product and patient safety. By 2020, 27 out of the top 50 best-selling global drug products are expected to require 2-8 C cold-chain storage and handling.

Further target markets with numerous application possibilities and growth opportunities

Alongside the “Healthcare & Logistics” market as its currently largest revenue market, va-Q-tec is presently addressing four other markets.

In the “Appliances & Food” market, va-Q-tec primarily utilises VIPs as space-saving insulation material in refrigerators and freezers in order to achieve the highest energy efficiency classes of A+++. High-performance thermal boxes from va-Q-tec can also be deployed in food transportation. Overall, in the first half year of 2016, va-Q-tec generated EUR 3.8 million of revenues in this target market, representing a share of around 24% of total half year revenues. In the full 2015 financial year, these revenues amounted to EUR 5.7 million, representing around 25% of total revenues.

In the “Technics & Industry” market, va-Q-tec’s VIPs are utilised in hot water tanks and boilers, laboratory devices, pipes, ducting systems and electrical equipment. For hot water tanks for example, va-Q-tec is benefiting from tightening energy labelling standards in the EU, which are only achievable with super-insulation like from VIPs. Depending on demand, VIPs can be produced in different forms – including curved forms – making them very multifunctional.

In the “Building” market, VIPs are used as insulating material for interior and exterior walls, floors, facades and roofs. Building insulation is optimised as a consequence, as VIPs offer high insulating performance accompanied with a substantial reduction in insulation thickness – in other words, more energy efficiency for more living space.

Customers in the “Mobility” market face constantly rising CO2 reduction requirements, and utilise VIPs as insulation material for cool trailers, heat storage devices, cabin insulation, as well as for batteries in electric vehicles. Such batteries require controlled operating temperatures to achieve optimal performance.

“There are numerous other potential applications for our products and solutions – and not just in our existing target markets. We aim to pick the most promising of them and prioritise them in commercialisation. Where appropriate and possible, we will continue to revolutionise insulation in the future, and make our contribution to energy efficiency, climate protection and patient health,” adds Dr Joachim Kuhn.

Leading technology platform

va-Q-tec’s technology platform is secured by more than 80 patents and patents applications. These relate mainly to production methods for powder-based VIPs as well as to the va-Q-check(R) sensor technology allowing to control gas pressure and the quality of VIPs.
“We assume our VIP technology is several years ahead of our competitors’, and not only in terms of lifespan but also thermal performance, quality control and system integration. By continuing our application-oriented R&D work, we aim to ensure that our technology platform is always at the leading edge, and to establish va-Q-tec as THE preferred partner in our target markets,” notes Dr Roland Caps, co-founder, Head of R&D (CRO) of va-Q-tec and International President of VIPA (Vacuum Insulation Panel Association).

The Company has received more than 20 awards over the past five years for its innovative and energy-efficient technologies. Most notably, va-Q-tec was awarded with the “Technology Pioneer” Award 2013 of the World Economic Forum and, most recently, was nominated as the “German Champion” for the European Business Award 2016 in the category of innovation.


Ursula Querette
Instinctif Partners
Telephone: +49 89 3090 5189-22

About va-Q-tec
va-Q-tec is a leading provider of highly efficient tech products and solutions in the field of thermal insulation. The Company develops, manufactures and sells innovative, thin vacuum insulation panels (“VIPs”) and phase change materials (“PCMs”) for reliable and energy efficient temperature control and insulation. Furthermore, by optimally integrating VIPs and PCMs, va-Q-tec manufactures passive thermal packaging solutions (containers and boxes), which offer constant temperature conditions between 24 and over 200 hours without using external energy sources. Within its rental services business, the company has built a global partner network to provide for an extensive fleet of containers and boxes fulfilling highly demanding thermal protection standards in temperature sensitive supply chains. Besides Healthcare & Logistics as main market, va-Q-tec addresses additional markets such as Appliances & Food, Technics & Industry, Building and Mobility. The strongly growing Company was founded in 2001, and has its headquarters in Würzburg. More information on va-Q-tec under

This communication constitutes neither an offer to sell nor a solicitation to buy securities. The public offering (in Germany and Luxemburg) will be made solely by means of, and on the basis of, a securities prospectus which is to be published. An investment decision regarding the publicly offered securities of va-Q-tec AG should only be made on the basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the Bundesanstalt für Finanzdiensleistungsaufsicht (BaFin) and will be available free of charge from va-Q-tec AG, Karl-Ferdinand-Braun-Str. 7, D-97080 Würzburg, Germany as well as on

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Forward-looking statements
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