Current investments

  Ampelmann
Country

Netherlands

Sector

Business services

Acq. date

Aug/13

Ampelmann

Ampelmann is a high-tech offshore company focusing on development, construction and rental of offshore access solutions. The company was founded in 2008 as a spin-off of the Delft University of Technology.

The core technology is the Ampelmann system, a motion compensated gangway system that allows easy, fast and safe access from a moving vessel to offshore structures, even in high wave conditions. With a doubling of the fleet every year since 2008, Ampelmann currently operates approximately 35 systems world-wide transferring offshore crew from various types of vessels to offshore oil & gas platforms, offshore turbines, FPSO's and all other fixed and floating structures at sea.

Ampelmann  is headquartered in Delft,  Netherlands.

Country

Netherlands

Value creation strategy
  • Institutionalise the business
  • Increase organic growth
  • Expansion among existing client base
  • Increase penetration in overseas markets
Investment history
  • Acquired in August 2013
  APOSAN
Country

Germany

Sector

Care

Acq. date

Oct/16

APOSAN

APOSAN was founded in 1991 with the purpose to service homecare patients through the compounding of individualised infusible and injectable medication. Since then, the company has evolved to an integrated full-range pharmaceutical homecare supplier with its own manufacturing capacities and a dedicated key account management and homecare nurses team to generate and support its growing nationwide patient base.

The APOSAN group of companies is organised in three main business segments: pharmaceutical homecare, providing services to patients that require long-term infusion to diseases; classical homecare, providing standard enteral nutrition solutions as well as selected standard medical devices; and ophthalmic injectables.

APOSAN is headquartered in Cologne, Germany, and serves over 10,000 patients per year.

Country

Germany

Value creation strategy
  • Organic growth in existing indications and homecare antibiotic treatments
  • Grow intraveneous product portfolio and further expand into adjacent areas in homecare
Investment history
  • Acquired from the founder October 2016
  Auxiga Group
Country

France

Sector

Business services

Acq. date

Jul/15

Auxiga Group

Since its establishment in 1919 in Belgium and 1975 in France, Auxiga Group has been a bank guarantee expert, drawing up structured and flexible credit facilities using inventories as collateral.

The Group operates through four business units: Auxiga and Sofigarant, which are the leading providers of pledge inventory services in France, Warrant, which provides the same services in Belgium and Auxicontrol, a specialist in asset control and floor check services.

Auxiga Group provides an unparalleled know-how and a complete range of services for each phase of pledge financing, from the setup of the security agreement to the dayto-day monitoring of the pledged assets.

Country

France

Value creation strategy
  • Develop synergies between the different entities of the Group
  • Expand service offering
  • Enhance capabilities to capture future market potential
  • Accelerating growth opportunities through a dynamic commercial strategy
Investment history
  • Acquired by the IK Small Cap I Fund in July 2015
  Cérélia Group
Country

France

Sector

Consumer goods

Acq. date

Jul/15

Cérélia Group

In 2012, the merger of EuroDough and L'Alsacienne de Pâtes Ménagères (APM) created Cérélia Group, bringing together nearly 40 years of experience. Today, Cérélia is a leading European manufacturer of ready-to-use dough mainly through private label and via two own brands, generating sales of EUR 212 million in 2014.

Cérélia Group has a wide product range that includes rolled pie dough, pizza dough, exotic dough, pastries, cake batter and organic dough, selling its products both through private labels and its own brands Croustipate and Pop! Bakery. In total the company has four production plants and 650 employees.

Cérélia Group is headquarted in Liévin, France.

Country

France

Value creation strategy
  • Expand into adjacent segments through various innovation projects
  • Buy-and-build to accelerate European expansion and product range diversification
  • Continuous operating improvement
Investment history
  • Acquired in July 2015 from Sagard, the majority shareholder since 2012, Capzanine, Cerea Capital and BNP Développement
  CID LINES
Country

Belgium

Sector

Care

Acq. date

Jan/16

CID LINES

CID LINES is a leading developer and producer of cleaning agents and disinfectants for the agricultural, food, vehicle care and institutional sectors.

With a network of over 750 distributors and importers, the company exports its solutions to more than 90 countries. CID LINES offers its customers a complete product range, integrated solutions and know-how combined with technical advice.

Over the past years, CID LINES has continued to realise strong growth across all of its segments, supported by an increasing awareness of food safety and use of hygiene products to guarantee safe food throughout the food chain.

The Company is headquartered in Belgium, with an additional production site in Poland to serve Eastern Europe.

Country

Belgium

Value creation strategy
  • Optimise full potential in existing footprint by increasing market shares though superior commercial excellence
  • Acceleration of geographical coverage by entering and/or further penetrating high growth agricultural markets
  • Selective buy and build strategy to further accelerate geographical growth and/or add complementary products to its existing portfolio
Investment history
  • Acquired from Gilde Buy Out Partners in January 2016
  Colisée
Country

France

Sector

Care

Acq. date

Jun/17

Colisée

Colisée is a leading provider of nursing home and homecare services.

With more than 90 nursing home facilities and 70 home care services agencies, the group has developed a geographical footprint across France, Italy, Spain, and more recently in China. In those two business segments, Colisée employs more than 6,700 people.

Country

France

Value creation strategy
  • Organic growth and build-ups in France in the Nursing Home segment
  • Expansion in Italy and operational improvement in the French and Italian Nursing Home platforms
  • Buy-and-build in Continental Europe in Nursing Home and development of Homecare in France
Investment history
  • Acquired from Eurazeo in June 2017
  DGI
Country

Netherlands

Sector

Industrial goods

Acq. date

Aug/11

DGI

In the field of hydraulics, pneumatics, instrumentation and controls, DGI Group has built up a leading position in the Oil & Gas, Maritime & Dredging and High-End Machine Building industries. Because of its specific knowledge and effective working method, DGI supplies worldwide on request for many tier 1 clients the complete management for their projects: from advising, customer specific system engineering & procurement to installing, commissioning and maintenance.

Since 1879 DGI has grown into a modern, innovative company with branches in the Netherlands (headquarter), Europe, the US, Middle East and Asia.

Country

Netherlands

Value creation strategy
  • Organic growth via leveraging of strong market position in growth markets
  • International expansion through organic growth and add-on acquisitions
  • Improvement of end market focus with realisation of associated cost efficiencies
Investment history
  • Acquired in September 2011
  Ellab
Country

Denmark

Sector

Industrial goods

Acq. date

Aug/16

Ellab

Ellab is a leading global supplier of solutions for measuring, recording, monitoring and validating critical parameters of thermal processing, selling its products in over 65 countries across the globe.

The company offers a wide product range of high-precision systems for temperature, pressure and humidity monitoring and validation based on either data loggers or wired thermocouple instruments.

Ellab’s products are used by the pharmaceutical and food industry as well as hospitals, where accurate and complete supporting validation documentation is essential.

Country

Denmark

Value creation strategy
  • Continued organic growth through further market share gains in the pharma segment
  • Invest in organic expansion of the validation services market
  • Investigate merits of entering adjacent validation industry verticals
  • Pursue growth through M&A of identified targets
Investment history
  • Acquired in August 2016 by the IK VIII Fund
  Evac Group
Country

Finland

Sector

Industrial goods

Acq. date

Dec/14

Evac Group

Evac is a global company that designs and markets environmentally friendly water, waste and wastewater collection and treatment systems for the shipbuilding, offshore and construction industries.

Founded in 1975, Evac has delivered over 1 million vacuum sanitation units for more than 12,000 vessels, including cruise liners, car and passenger ferries, naval vessels, submarines and yachts. The company employs 190 people, and a direct presence in Finland, the US, China, Korea, France, Germany, Norway and Brazil, with a worldwide network of agents and distributors.

Evac is headquartered in Espoo, Finland.

Country

Finland

Value creation strategy
  • Expand the business organically within multiple product and application areas as well as customer segments
  • Further develop the company’s bundled offering and after market business
  • Make selected value-accretive acquisitions
Investment history
  • Acquired in December 2014 from Oaktree Capital Management
  Exxelia Group
Country

France

Sector

Industrial goods

Acq. date

Dec/14

Exxelia Group

Exxelia Group is a leading designer and manufacturer of customised passive components. For more than 50 years, Exxelia has been developing products with the highest level of reliability to meet the requirements of aerospace, defence, rail, medical, oil & gas and telecommunications blue-chip customers. The group’s ability to produce products that combine extreme technical performance, quality and flawless reliability has established Exxelia as an international leader within its field.

Exxelia Group markets its products under various brands to reflect its multi-technology positioning: Eurofarad, Dearborn, Microspire, Firadec, Sic Safco, Temex Ceramics, Astema and Vertura. All together the group employs over 1,200 employees, and operates in Europe, the US, Asia and Africa.

Exxelia is headquarted in Paris, France.

Country

France

Value creation strategy
  • Focus on continued internationalisation of the group
  • Increase penetration in the US and expand the footprint in Asia
  • Buy and build opportunity to consolidate the market
Investment history
  • Acquired in December 2014 from LBO France
  Hansen Protection
Country

Norway

Sector

Business services

Acq. date

Jul/13

Hansen Protection

Hansen Protection AS is a leading provider of specialist survival suits for extreme weather conditions and sole provider of rental transport suits to energy companies in the Norwegian Continental Shelf region.

The company operates a rental and service model based out of six helicopter sites in Norway, one in Denmark and two in Canada. Additional business activities include specialised survival suits for personal protection (immersion suits, work suits, life jackets), specialty textile products, mainly for the oil and gas, defence and agriculture segment, and marine products such as boat canopies.

Hansen Protection is headquartered in Moss, Norway.

Country

Norway

Value creation strategy
  • Continue growth of the rental business
  • Develop growth strategy for the personal protection business
  • Re-focus special products to oil services and execute pricing initiatives
Investment history
  • Acquired in July 2013
  I@D
Country

France

Sector

Business services

Acq. date

Sep/16

I@D

Founded in 2008 with the ambition to offer an alternative way of buying and selling residential property, I@D is a fast-growing digital platform offering a large range of value-added support services to independent real estate agents.

The company has demonstrated a stellar track record of organic growth since inception and has grown to become the largest network in France with ca. 3,200 local agents and over 11,800 transactions intermediated during 2015.

Country

France

Value creation strategy
  • Further penetrate the French market
  • International expansion by developing the company in neighbouring countries organically or through acquisitions
  • Development in adjacent segments, especially property rental and rental management
Investment history
  • In September 2016, the IK VII Fund acquired a majority stake in I@D, alongside Five Arrows Principal Investments, from founders and Naxicap Partners
  Izium
Country

France

Sector

Business services

Acq. date

Jun/16

Izium

Izium is a leading French player in the outsourcing of customer services management, offering an extensive portfolio of customer experience services, including consulting, telesales, customer services, debt collection and technical assistance.

The group operates 13 contact centres in France, Morocco and Madagascar.

Country

France

Value creation strategy
  • Continue to diversify Izium’s client base outside the telecom industry benefitting from the continued outsourcing trend of customers services in utilities, automotive and financial services
  • Push more value-added services
  • Accelerate buy-and-build strategy in France (outsourcing of internal contact centres or adjacent services) and in neighbouring European countries
Investment history
  • Significant minority stake acquired by the IK Small Cap I Fund in June 2016
  Løgismose Meyers
Country

Denmark

Sector

Consumer goods

Acq. date

Jan/15

Løgismose Meyers

L+M is the merger of Løgismose and Meyer which are two of the strongest and most recognised high-end food brands in Denmark offering a wide range of gourmet food products and services across various channels including retail distribution, food service, B2B wholesale and selected own outlets 

L+M is headquartered in Copenhagen, Denmark.

Country

Denmark

Value creation strategy
  • Realising growth potential
  • Realising synergies
  • Selected add-on acquisitions
Investment history
  • Acquired in January 2015
  Marle
Country

France

Sector

Care

Acq. date

Jun/16

Marle

Established over 30 years ago as a family business, Marle has become a major company in the orthopaedic industry. The company provides specialised manufacturing services for the production of a wide range of hip, knee, shoulder, spine and extremities implants as well as orthopaedic instruments of the highest quality.

Covering the full scope of the manufacturing value chain and benefiting from remarkable R&D capabilities, Marle acts as a strategic partner to medical technology companies worldwide and delivers over 1 million products annually. Marle serves orthopaedic implant OEMs across Europe, the US, Latin America, Russia, Japan, Korea and China.

Country

France

Value creation strategy
  • Leverage existing client base and further develop a one-stop-shop offering
  • Expand activity worldwide and notably in the US either organically or via acquisitions
  • Pursue operational efficiency gains
Investment history
  • Acquired by the IK VII Fund from the Carlyle Group in June 2016
  Messerschmitt Systems
Country

Germany

Sector

Industrial goods

Acq. date

May/17

Messerschmitt Systems

Founded in 1994, Messerschmitt Systems has gained a reputation for combining system integration and product design, providing its clients with cutting-edge solutions which increase guest comfort and save energy.

The company’s multifunctional ‘Room Management Systems’ and innovative ‘Access Control Systems’ are trusted by more than 2,000 hotels worldwide.

Founded by Hartmut Messerschmitt, the company has grown into a leader within its niche with a fully integrated value chain from development, engineering and manufacturing to supply, installation and the related aftersales market.

Country

Germany

Value creation strategy
  • Organic growth in existing key regions (Germany and Middle East) by expansion of sales force and broadening/intensifying international reach into adjacent European geographies
  • Strategic development and growth of aftermarket business (development of concept related to maintenance/service contracts, hotline, etc.)
  • Continued product development and innovation
Investment history
  • Acquired by the IK Small Cap I Fund in May 2017
  Netel
Country

Sweden

Sector

Business services

Acq. date

Jul/16

Netel

Netel is a leading Nordic service provider for communication and electrical networks, offering services ranging from planning and project management to design and maintenance.

With its project management focus, extensive sub-contractor network, and entrepreneurial heritage and culture, the company acts as a collaborative partner to telecom operators, network owners, property owners, construction companies, housing companies and cooperative housing associations.

Headquartered in Stockholm, Netel has around 340 employees and generated pro forma revenue of approximately MSEK 1,500 in 2015.

Country

Sweden

Value creation strategy
  • Organic growth in existing core segments (fixed and mobile telecom)
  • Further diversification into adjacent segments and geographies
  • Selective add-on acquisitions
  • Operational improvements
Investment history
  • Acquired from Axcel in July 2016
  OpenSolution
Country

Sweden

Sector

Business services

Acq. date

Jun/16

OpenSolution

OpenSolution is a leading Nordic payment solution provider. Headquartered in Gothenburg, the company offers a full service product and software portfolio to its client base, including restaurants, casinos, arenas and other customer verticals.

With its in-house development capabilities and strong focus on innovation, OpenSolution can offer the entire value chain of payment solutions, making it a single point of contact for >8,000 customers throughout Scandinavia.

Country

Sweden

Value creation strategy
  • Continue to penetrate current customer verticals, locally as well as in the Nordic market
  • Continuous focus on product development and innovation
  • Strengthen organisation to support growth and potential expansion to other European markets
  • Selectively evaluate and pursue add-ons
Investment history
  • Acquired from the founder in June 2016
  Ramudden
Country

Sweden

Sector

Business services

Acq. date

Jun/14

Ramudden

Ramudden is a leading specialist provider of temporary traffic control services in the Nordic region, operating through a network of more than 60 depots. The company, which was founded in 2005, is a leading player in the Swedish market and is also present in Norway (since 2009) and Finland (since 2012).

Ramudden’s products and services include the rental of essential temporary traffic control equipment (such as traffic barriers and guide signs), traffic arrangement plans, education programmes, and surveillance and maintenance services. Key customers include civil engineering contractors and construction companies.

Ramudden is headquartered in Gävle and Sundsvall, Sweden.

Country

Sweden

Value creation strategy
  • Organic growth in existing locations driven by strong underlying market trends
  • Expansion of presence in current and new markets
  • Operational improvements
  • Selected add-on acquisitions
Investment history
  • Acquired in June 2014
  Salad Signature
Country

Netherlands

Sector

Consumer goods

Acq. date

Jan/16

Salad Signature

Salad Signature is a leading branded food franchise in the fresh categories of spreads, dips and salads, selling its products through its own brands and private label.

The Company’s core markets are the Netherlands and Belgium, with an emerging international presence in Northern Europe (incl. France, Scandinavia, UK, Germany and Poland).

In 2015, Salad Signature generated revenue of €176 million with approximately 490 employees.  

Country

Netherlands

Value creation strategy
  • Leverage the strong brands as well as private label positions
  • Grow and develop adjacent categories in core markets
  • Drive international expansion both organically and through acquisitions
Investment history
  • Acquired from AAC Capital in January 2016
  Schenck Process
Country

Germany

Sector

Industrial goods

Acq. date

Oct/07

Schenck Process

Schenck Process is one of the global market-leading providers of industrial weighing, feeding, screening and automation equipment and solutions. It has significant operations in Europe, North and South America, China and Australia and serves a diversified customer base across a wide range of International Business Segments (IBS), including Heavy, Light, Mining Power and Transport Automation.

Schenck Process is headquartered in Darmstadt, Germany.

Country

Germany

Value creation strategy
  • Leverage strong organic growth
  • Focus on operational excellence and international expansion
  • Selective add-on acquisitions
Investment history
  • Acquired in October 2007
  SCHOCK
Country

Germany

Sector

Consumer goods

Acq. date

Dec/16

SCHOCK

As the original inventor of the manufacturing technology commonly used in the production of granite sinks, SCHOCK has gained a reputation for innovation, quality and technological excellence. The company has over 90 patents and a 21% global market share in granite kitchen sinks.
 
Based on a quartz-acryl composite developed by SCHOCK, the company’s premium product is three times as hard as natural granite and superior in product performance to sinks made from other materials.
 
SCHOCK is headquartered in Regen, Bavaria, and employs approximately 400 people.

Country

Germany

Value creation strategy
  • Organic growth in existing and new markets (US & China)
  • Expand product portfolio, increase cross-selling of faucets and accessories
  • Improve efficiency of production and leverage scale effects
Investment history
  • Acquired from HQ Equita in December 2016
  svt Group
Country

Germany

Sector

Industrial goods

Acq. date

Jul/15

svt Group

Established in Seevetal/Hamburg in 1969, svt is a leading provider of solutions in Germany for preventive passive fire protection products and installations and restoration management post fire, water and hazardous damages.

The Group operates in two segments – passive fire protection (“PFP”) and restoration management (“RM”), which share know-how and experience, and has in total a network of 22 branches in Germany, local presence in Poland and Russia and a large international partner network.

Among its clientele, svt has for instance developed fire safety solutions for the 2014 Winter Olympics in Sochi and the new headquarter of the European Central Bank in Frankfurt, Germany. Solutions for fire safety are a growth market worldwide because of increased awareness and regulation.

Country

Germany

Value creation strategy
  • Continued focus on product development and innovations
  • Internationalise own PFP product business and expand in OEM applications
  • Increase penetration and drive growth in Germany of both PFP and RM segments
Investment history
  • Acquired by the IK Small Cap I Fund in July 2015 from capiton, SüdBG and the company's management
  TCM Group
Country

Denmark

Sector

Consumer goods

Acq. date

Mar/16

TCM Group

Headquartered in Holstebro, Denmark, TCM Group develops, produces and sells quality kitchens. The Group has a broad and innovative range of kitchens, selling its products under the well-known brands Svane, Tvis and Modulia.

TCM’s core market is Denmark with an increasing focus on the rest of the Nordic region, with an expanding network of stores across Denmark and Norway.

In total, TCM has 330 employees, with production facilities in Tvis and Horsens.

Country

Denmark

Value creation strategy
  • Leverage the strong brands to achieve organic growth in Denmark and Norway
  • Selected efficiency improvements
  • Market consolidation through potential add-on acquisitions
Investment history
  • Acquired in March 2016 from Axcel
  TeleComputing
Country

Norway

Sector

Business services

Acq. date

Mar/16

TeleComputing

TeleComputing is a leading provider of centralised IT operations, outsourcing and system integration in the Nordic SME market. As IT environments are becoming increasingly complex and critical to business management, TeleComputing has successfully built a leading position by making IT easy for its customers, offering flexible and scalable IT operations solutions.

The TeleComputing group employs approximately 900 people across eight locations in four countries and serves more than 800 corporate customers with over 80,000 end-users in the Nordic region.

Country

Norway

Value creation strategy
  • Leverage the company’s strong position in the Nordic market to continue organic growth
  • Develop value proposition and make operational improvements
  • Strategic add-on acquisitions
Investment history
  • Acquired from Ferd Capital in March 2016
  Touristry
Country

Sweden

Sector

Consumer goods

Acq. date

May/16

Touristry

Headquartered in Stockholm, Touristry is a market leading operator of sightseeing buses and boats in the Nordic capitals as well as provider of tourism related services. The Company operates brands such as Red Buses and Red Sightseeing, and provides services to over 1.3 million tourists per year.

Country

Sweden

Value creation strategy
  • Organic growth leveraging off Touristry’s strong concept
  • Operational improvements
  • Strategic add-on acquisitions
Investment history
  • Acquired in May 2016
  Transnorm
Country

Germany

Sector

Industrial goods

Acq. date

Dec/14

Transnorm

Transnorm is a global market leader for high performance conveying modules and components that are used in diverse end markets such as the parcel, distribution/e-commerce and airports industries.

Founded in 1957, Transnorm manufactures high performance conveying components that are integral to many highly sophisticated automated systems. Historically best known for its belt curves, Transnorm’s various products are now used in many high-speed distribution systems, parcel centers and in airport baggage handling systems across the globe. The Transnorm Group covers one of the most attractive segments of the automated logistics value chain, benefiting from long-term global growth trends such as e-commerce.

Headquartered in Harsum, Germany, the Group has additional overseas manufacturing entities in Arlington (Texas, USA) as well as in Kluang (Malaysia).

Country

Germany

Value creation strategy
  • International expansion with continued growth in Asia-Pacific and North America
  • Continued focus on product innovation
  • Development of the aftermarket business
Investment history
  • Acquired in December 2014 from Equita
  VPS
Country

Norway/Netherlands

Sector

Business services

Acq. date

Oct/13

VPS

VPS is a leading provider of fuel testing and inspection services, working with ship owners, managers, charterers and other customers around the world. IK acquired VPS as a carve out from Norwegian company DNV (Det Norske Veritas Group).

The company operates within two main segments, Fuel Quality Testing (FQT) and Bunker Quantity Surveys (BQS).

With four fuel laboratories strategically located in Fujairah, Houston, Rotterdam and Singapore, and with access to 150 key ports worldwide for bunker quantity surveys as well as round-the-clock technical assistance. VPS has the expertise and infrastructure to provide ship owners with cost-efficient fuel solutions and ensure compliance with regulatory requirements. Known and respected throughout the maritime industry, it has a commanding market share in its niche and operates in an expanding industry with an attractive and scalable business model.

VPS is headquartered in Rotterdam, Netherlands. 

Country

Norway/Netherlands

Value creation strategy
  • Realising significant cost savings post separation from DNV
  •  Increase lab efficiency and optimise cost structure
  • Target additional potential from entering into adjacent service areas and customer segments organically as well as through add-on acquisitions
Investment history
  • Acquired in October 2013
  ZytoService
Country

Germany

Sector

Care

Acq. date

Dec/16

ZytoService

ZytoService is one of the largest industrially organised §13 AMG  (‘Arzneimittelgesetz’) certified compounders for patient-individualised infusions applied mainly in oncology treatment in Germany.

ZytoService is based in Hamburg, where it runs a state-of-the-art compounding facility.

Country

Germany

Value creation strategy
  • Leverage leading market position to increase sales and market penetration
  • Drive consolidation of the compounding market
  • Build an integrated healthcare group
Investment history
  • Acquired December 2016