dealbook - the cfi group · management from its founders professionals october 2018 sale of ormit,...
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DealbookB e n e l u x
2 0 1 8 – 2 0 1 9
2
CFI ’s global footprint
C FI i s a t rus ted adv is o r wi th ove r 250M&A p ro f ess iona ls sp ec i a l i s i ng in c ross -bo rde r ac qu i s i t i ons , d i ves t i tu re s , c ap i ta lra i s ings , and re l a ted se rv i c es a l l ove rthe wor l d .
C F I f oc us es exc l us i ve l y on m idd l e -m ark e t t rans ac t i ons , w i th dea l s i z esrang ing f rom EU R 10 -50 0m. P e r annum,C F I c om pl e te s app rox im ate l y 15 0 M&At rans ac t i ons wor l dwide , i nvo l v ing i tsp ro f ess iona ls in 18 c oun t r i es ac ross 4c on t inen t s .
W i th in CF I , 1 6 ded i c a ted s ec to r teamsjo in t l y work to p rov ide indus t r y s p ec i f i c ,bes t - in -c l ass , c ross -bo rde r M&A adv i s o rys e rv i c e s to i t s i n te rna t i ona l c l i en t s .
B y our re l evan t M&A exp e r i enc e and in -dep th unde rs tanding o f t rends anddeve l op m ents in the s ec to rs , wes eaml ess l y adv i s e on c om pl ex c ross -bo rde r t rans ac t i ons whi ch has res u l tedin an un r i va l l ed M&A t rac k rec o rd ,unde rp inned by l ong- te rm and p e rs ona lc l i en t re l a t i ons h ips .
26Of f i ces
18Count r ies
16Sec to r s t eams
Roel te r S teegB u s i n e s s S e r v i c e s
Robber t C laassenB u s i n e s s S e r v i c e s , D i v e r s i f i e d I n d u s t r i a l s
Jaap de JongD i v e r s i f i e d I n d u s t r i a l s
Ramon Schu i tevoerderS o f t w a r e & I T S e r v i c e s ,B u s i n e s s S e r v i c e s
CFI Benelux’ senior team
I n 20 18 and 2 01 9 , CF I B enel uxc omp l e ted a to ta l o f 58 t rans ac t i onsw i th i t s 1 8 p ro f e s s iona l s .
We p rov ide our s e rv i c es in th ree m a ins ec to rs : B us iness S e rv ic es , S o f twa re &I T S e rv i c e s and D ive r s i f i ed I ndus t r i a l s .
Our f oc us i s on the m id-m ark e t , w i thdea l s i z es be tween EU R 10 -5 00m to ourc l i en ts whic h a re p ubl i c and p r i va tec omp anies , f am i l y , en t rep reneur o rp r i va te equ i t y owned .
We a re ex p e r i enc ed in p rov id ing M&Al ead adv i s o ry on s e l l - s i de t rans ac t i ons ,a c qu i s i t i ve s ec to r deve l op m ent ,nego t i a t i ons , and p rocess m anagem entto s uc c ess f u l l y gu ide M&A p roc es s es .
I n th i s doc um ent , we prov ide ins igh t inour rec ent t rack rec o rd o f c omp l e teddea l s .
B y sha r ing th is ove rv i ew with a de ta i l eds e l ec t i on o f ou r c reden t i a l s , weenc ourage y ou to ge t in c on tac t w i th us .
Wim Fo lensB u s i n e s s S e r v i c e s
Raoul DuysensD i v e r s i f i e d I n d u s t r i a l s
Dr ies BossuytD i v e r s i f i e d I n d u s t r i a l s
Mar io van GasseS o f t w a r e & I T S e r v i c e s ,B u s i n e s s S e r v i c e s
Mart i jn L iemB u s i n e s s S e r v i c e s ,D i v e r s i f i e d I n d u s t r i a l s
Kev in Dr iesenD i v e r s i f i e d I n d u s t r i a l s ,B u s i n e s s S e r v i c e s
Pieter de Vr iesS o f t w a r e & I T S e r v i c e s ,B u s i n e s s S e r v i c e s
18M&A pro fess iona ls
58Transac t ions
3Focus sec to r s
3
4
ClientMandate
I n the l as t 24 m onths , C F I c omp l e ted 58ass ignm ents , i nc l ud ing 3 7 s e l l - s i de and2 1 buy - s ide m anda tes .
T hes e va r i ed ass ignm ents res u l ted in 26c ross -bo rde r t rans ac t i ons , p r im ar i l y i nWes te rn Europ e .
B y our f oc us on the m id-m ark e t , ou rc l i en ts a re m a in l y bus inessowners / f ounde rs and p r i va te -equ i t y( bac k ed ) c om p an ie s .
T he vas t m a jo r i t y o f ou r dea l s hadp r i va te equ i t y invo l vement , rep res en t ing4 7 dea l s wh ich have led to s ucc ess f u lp r im ar i e s , s ec onda r i e s , add-ons and P E-ex i t s .
Our highlights
TypeGeography
Sell-side
Domestic
Cross-border
Founder
PE-backed
Strategic
Financial
Listed
Primary
Add-on
Secondary
PE-exit
Strategic
MBO/MBI
Buy-side
3721
32
26
9
5
26
7
9
2
21
17
11
6
3
5
Our em phas is on th ree c o re s ec to rsenab l e s us to add va l ue f o r ou rc us tom ers in the i r t r ans ac t i ons . T h is i sa l s o ap p a ren t f rom our dea l f l ow ,dem ons t ra t ing an a t t rac t i ve p rop os i t i onw i th in our f oc us a reas .
T he l ong- l a s t ing c l i ent re l a t i ons and in -dep th s ec to r ex p er i enc e y ie l dedp rop r i e ta ry in f o rm at ion , whic h wec onve r ted in to our M&A P ul s es .
F u r the rm ore , we hos t , a t tend andf ac i l i t a te s eve ra l i ndus t r y - re l a tedeven ts .
Our f requen t p ub l i s h ing e f f o r ts inc l udethe MT Manuf ac tu r ing Indus t r y top -1 00 ,the C omp utab l e top-1 00 and theF l ex m ark t l a rges t s ta f f i ng c om p an ie s .
Our exper t ise
Deal spli t per sector
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Software & IT Services
Diversified Industrials
Business Services
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Other
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12 14
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312
32
Business Services
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Subsectors
General Staffing
TIC
Professionals
Training & Education
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R&S
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2 1
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
January 2018
Sale of recruitment andproject staffing firm forHR and financialspecialists ClearXpertsby its managingshareholders to ASAP, aBelgian primarily blue-collar temporary staffingcompany
Professionals
June 2018
Sale of mténv, a white-collar engineeringrecruitment company inconstruction and civilengineering sectors,Continu, a specialiseddivision of the House ofHR
Recruitment & Selection
June 2018
Acquisition ofSchollmeyer & Steidl, aGerman recruitmentcompany for lawyers, byVialegis, a specialiseddivision of the House ofHR
Generatl Staffing
July 2018
Acquisition of VNOM, afast-growing Dutch blue-collar engineeringstaffing company, byCovebo, a specialiseddivision of the House ofHR
Professionals
August 2018
Acquisition of Eiffel, awhite-collar legal andfinance professionalssecondment firm, byDutch private equityinvestor Gilde EquityManagement from itsfounders
Professionals
October 2018
Sale of ORMIT, theleading traineeship andleadership developmentprovider in the Benelux,by Bolster InvestmentPartners and TIIN Capitalto Pauwels Consultingand the Belgianinvestment firm 3DInvestors
Professionals
November 2018
Sale of QISS-IT, asecondment specialist ofyoung IT professionalsbased in the Netherlandsand Curacao, by itsfounder to univativGroup, a Germanprovider of specialisedpersonnel services
TIC
July 2018
Sale of Arbo Support, aconsulting, projectsupport, and trainingfirm in industrial safetyand occupationalhygiene, by its foundersto DEKRA, one of theworld’s leading safetyexpert organisations
7
Recruitment & Selection
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
November 2018
Sale of Careflex ZorgGroep, the largestindependent externalhealthcare provider forcomplex care with aproven and distinct BPOproposition in theBenelux, by its foundersto Bolster InvestmentPartners
Professionals
December 2018
Acquisition of ITDS, aDutch financialconsultancy firm focusedon insurance companies,banks and pensionfunds, by Redmore, aspecialised division ofthe House of HR
Professionals
December 2018
Sale of engineeringconsultancy companyCauberg-Huygen by DPAGroup, the listedsecondment andrecruitment specialist, toDolmans, a family-owned facilitymanagement specialist
General Staffing
December 2018
Sale of DIT, a leadingstaffing and secondmentfirm for skilled technicalpersonnel includingconstruction workers,technical employees andpainters
General Staffing
May 2019
Sale of Stipality, astaffing solutionsprovider of migrantworkers in foodprocessing, productionand logistics, to theBelgian investmentholding Heylen Group
Professionals
June 2019
Acquisition of TMC, aninternational outsourcedR&D and engineeringconsultancy company, byErgon Capital fromprivate equity firm GildeBuy Out Partners
General Staffing
June 2019
Sale of Cottus, anindustrial andinstallation secondmentfirm by its founders toThe Employment Group,adding new verticals andtraining capabilities toits offering
Professionals
May 2019
Sale of Welten, a financeprofessionalssecondment firm inprimarily banking andinsurance sectors by theDutch private equity firmSynergia
8
Professionals
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
July 2019
Sale of Verhoeve, afinancial and HR staffingprovider in healthcareand the public domain,to Quoratio, a temp-to-perm specialist inhealthcare
Professionals
July 2019
Sale of SamenProfessinals, aspecialised secondmentsolutions provider in thehealthcare andeducational sectors, byits founders tohealthcare staffingspecialist Aethon
Professionals
September 2019
Acquisition of ETA, aFrench consultingcompany providingspecialised technicalassistance provider intelecom and utilities, byGRITT, a specialiseddivision of the House ofHR
Professionals
October 2019
Sale of Prosource,specialised consultingand staffing company, toStrand Associates
Professionals
November 2019
Sale of MediPartner, afast-growing provider ofsales professionals topharma and biotechcompanies, to We AreJane, a private equityfund investing ingrowing businesses ledby female entrepreneurs
General Staffing
November 2019
Acquisition of asignificant stake inOlympia, the 6th largeststaffing company in theNetherlands, by MorganStanley Tactical ValueInvesting
Training & Education
December 2019
Sale of Better Minds atWork, a provider ofkeynotes, workshops,coaching services andconsultancy on acorporate well-being, toenergy@work, a part ofGolazo
General Staffing
October 2019
Sale of Eurojob, a Dutchstaffing specialist forqualified CEE workers infood retail, logistics andproduction sectors, by itsfounders to Covebo, aspecialised division ofthe House of HR
9
Professionals
Software & IT Services
11
Subsectors
Enterprise Software
(Managed) IT Services
Adtech, Martech& Digital
Cybersecurity 4
3
3
1
10
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
June 2018
Sale of Dobco MedicalSystems, a SaaS softwareprovider specialised inweb-based medicalimaging solutions, by itsfounders to Fortino, tosupport and facilitatefurther acceleratedgrowth
Enterprise Software
July 2018
Sale of Companyweb, anintegrated provider offinancial and businessinformation via itsautomated web-basedplatform, in a buy-out byits founders andSofindev private equity
Adtech, Martech & Digital
December 2018
Sale of digital marketingand CRM agency Luon byits managingshareholders to Intracto,a private equity-backeddigital agency
Enterprise Software
July 2019
Sale of Dotweb, aprovider of verticalmarket softwaresolutions for absenceand sick leavemanagement, to Visma
Cybersecurity
July 2019
Sale of DataExpert, adigital forensics andcybersecurity softwaresolutions provider, byCommitted Capital toQuadrum Capital
(Managed) IT Services
August 2019
Sale of Pylades, aMicrosoft Dynamics 365ERP and CRM softwarespecialist, by itsfounders to WaterlandPrivate Equity, in thefoundation of the AdUltima Group
(Managed) IT Services
August 2019
Sale of Ymor, a Dutch-Danish APM, ITOA andAIOps specialist, by MainCapital Partners toSentia, a Managed Cloudservices provider
Adtech, Martech & Digital
July 2019
Sale of Dutch front-enddevelopment specialistFrontmen by AuxiliumCapital to the Belgiandigital agency Intractoas a part of its the pan-European buy-and-buildstrategy
11
Enterprise Software
Diversified Industrials
12
Subsectors
3
2
2
2
1
1 1
Energy
Paper, plastics & packaging
Manufacturing
Technical services
Real Estate & Construction
Food, Beverages & Agri
Machinery
12
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
June 2018
Sale of Daas Baksteen, afamily-owned producerof high-end, high-qualityfacing bricks and claypavers to the Austrianlisted internationalindustrial groupWienerberger
Food, Beverages & Agri
October 2018
Acquisition of OerlemansFoods, a grower,producer and supplier offresh frozen vegetablesand fruit products, by theSpanish Virto Group fromH2 Equity Partners
Paper, Plastics & Packaging
October 2018
Sale of LoVen, amanufacturer of PVCstandard caps andprotective sleeves, by itsfounders to Caplugs, asupplier of protectivecaps, plugs, and customengineered products
Food, Beverages & Agri
November 2018
Acquisition of Chrysal, aNetherlands-basedprovider of premiumflower and plant careproducts, by OAT Agrio,a Japanese producer offertilizers and pesticides,from Nordian Capital
Real Estate & Construction
February 2019
Acquisition of theBelgian clay brickmanufacturing businessFloren & Cie by the UKlisted Michelmersh BrickHoldings
Manufacturing
February 2019
Sale of RheinhüttePumpen, a leadingsupplier of highlyengineered pumpssuited for handlingaggressive substancesand special applications,to ITT, a manufacturer ofhighly engineeredcritical components
Manufacturing
May 2019
Sale of the ceramicsdivision of Friatec, aleading Germanspecialist manufacturerof high-end technicalceramics, to Kyocera
Energy
January 2019
Sale of Sunrock’s 33MWp Belgian solarenergy portfolio of 100rooftop-mountedprojects to Patronale, aBelgianlife-insurance company
13
Real Estate & Construction
Other
3
Subsectors
Consumer Goods & Retail
Sports & Leisure
Logistics
1
1
1
14
D e t a i l s
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o n
D e s c r i p t i o n D e s c r i p t i o n D e s c r i p t i o nD e s c r i p t i o n
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
D e t a i l s
S u b - s e c t o r
June 2018
Acquisition of KVG-Trans, a transportationcompany specialised inhandling hazardousgoods (ADR), by VanMoer Logistics
Sports & Leisure
December 2018
Sale of Snow-Planet, ahigh-quality anduniquely located indoorski park, to SnowWorld,the listed operator ofindoor ski resorts andhospitality facilities
Consumer Goods & Retail
August 2019
Capital raising forAvanca, known by themobile, lifestyle andsmart home brandsAVANCA®, SINJI® andHOMBLI® by attracting anew investor
15
Logistics
Amsterdam off iceAmstelz i jde 851184 TZ AmstelveenThe Netherlands
Brussels off iceZuiderlaan 14B-1731 Zell ikBelgium
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