Serbia: Schoenherr advises founders of Novelic on sale of 54 % stake to Sona Comstar
Moravčević Vojnović and partners in cooperation with Schoenherr advised the founders of the Serbia-based company Novelic – Messrs. Brankovic, Mihajlovic and Tasovac (Sellers) – on the sale of an aggregate 54 % stake to Sona Comstar, a leading global provider of automotive technology solutions.
The transaction values Novelic at an enterprise value (EV) of EUR 64.5m on a pre-money basis and EUR 75m on a post-money basis. The transaction was signed earlier this year and closed on 5 September 2023.
Novelic is based in Serbia and is the world's leading 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 is one of the world's leading automotive technology companies. It was founded in 1995 and has its headquarters in Gurugram, India. The company has emerged as a global supplier with nine manufacturing and assembly facilities across India, USA, Mexico and China.
Schoenherr's team was led by Vojimir Kurtic (partner) and included Matija Vojnovic (partner), Bojan Rajic (attorney at law), Luka Milosevic and Zeljko Loci (associates), and Danijel Stevanovic (partner). Alongside Schoenherr, EY Serbia acted as a financial advisor, and PSA (New Delhi) as an Indian law advisor to the sellers.