IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to invest in Veldeman Group (“the Company”), a Belgian designer and producer of temporary infrastructures which it rents out and sells to a broad range of industries globally. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from the existing management team and a group of individual investors. Management will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Headquartered in Bree, Belgium, Veldeman was founded in 1950 and the current management team has a total of 120 years of combined industry experience. The Company provides customised solutions of modular, demountable infrastructures and related customer services. Its offering includes rental and sale solutions for a multitude of markets, including the Industrial, Retail and high-end Events sectors. The Company is well-known for its innovative capabilities and offering of turn-key solutions, with the option for customers to access a broad range of additional services, including, for example, add-ons for services such as electricity, climate-control, ventilation, VIP spaces and decorations. This high level of customisation and broad suite of products and services allows Veldeman to differentiate itself from its main competitors.    

Veldeman has approximately 80 full-time employees complemented by an extensive network of subcontractors who serve customers in 60 locations out of its sites in Belgium, the USA and Chile. However, production takes place at the Company’s headquarters to ensure the highest level of quality control, increased reactivity and the ability to develop innovative solutions; all of which are overseen by the engineering team. The Company is led by CEO Andy Moors who has been with the company since 2005.

Under the existing management team, Veldeman has gone from strength-to-strength and with the support of IK, it hopes to further improve digitalisation and operational efficiencies; expand into adjacent niches; increase the number of value-added services to become a comprehensive rental provider; and execute a targeted M&A strategy to accelerate growth in the rental offering through internationalisation.

Andy Moors, CEO of Veldeman, said: “We are thrilled at the thought of a partnership between Veldeman and IK Partners as we feel that its significant experience in the Industrials sector and well-established track record in international expansion through buy and build will help us realise our ambitions. We are confident that, together, we can further develop the Company and its offering to provide best-in-class service for our large and loyal customer base. We look forward to working with the team at IK to continue nurturing a dynamic and exciting environment for our employees and are excited to see where this partnership will take us.”

Frances Houweling, Partner at IK Partners and Advisor to the IK Small Cap III Fund, said: “Veldeman is a leading provider of high-end temporary structures with ample opportunity for international growth. The fragmented nature of the market offers significant buy-and-build potential which will allow the Company to both further develop its offering and expand into adjacent markets and territories. We have been impressed by the Company’s journey to date and look forward to working with Andy and the team at Veldeman to help unlock significant additional value.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to acquire Ipsum Group Limited (“Ipsum” or “the Company”) from Aliter Capital (“Aliter”). IK will be investing alongside the existing management team. Financial terms of the transaction are not disclosed.

Headquartered in Chorley, United Kingdom and founded in 2017, Ipsum is a leading provider of specialist infrastructure services to highly critical assets within the UK power and water markets. The Company has approximately 570 employees spread across its 14 hubs, providing 24/7 coverage nationally and serving over 1,400 clients across the UK, including regulated public sector bodies, government-backed organisations and private customers.

Ipsum provides a range of asset maintenance, upgrade and repair services to owners of power and water infrastructure. These include low and high voltage component inspection; switchgear and transformer upgrades; overhead line maintenance and jointing; smart grid maintenance; wet well cleaning; drainage and desilting; sewer relining, patching and repairs; and CCTV surveillance and heat mapping.

Through the efforts of its existing owners and the current management team, the Company has enjoyed significant growth since its formation. With the support of IK, the business will continue to focus on both organic and acquisitive growth in markets which have compelling long-term growth dynamics and invest in its people, asset base and technology offering to scale its proposition further.

Tom Salmon, Partner at IK Partners and Advisor to the IK Small Cap III Fund, said: “Ipsum is an excellent business that operates in a market that presents significant opportunity for further growth. Richard Thomas and his team have built a business with strong customer centricity and a reputation for quality and reliability, which is supporting UK infrastructure players on their journey towards energy transition, sustainability and a low carbon agenda. We have been very impressed with the business’ development to date and look forward to supporting the team to grow the business both organically and via further acquisition.”

Richard Thomas, CEO of Ipsum, said: “We strongly feel that a partnership with IK will help us develop further and achieve growth by scaling and refining operations, while continuing to pursue a successful M&A strategy. For the past six years, we have been ably supported by Aliter Capital and we thank them for all their efforts. We look forward to working with the team at IK and are excited to see where this partnership will take us.”

Greig Brown, Partner at Aliter Capital, said: “We are extremely proud of the progress and growth that has been achieved with the team at Ipsum since our initial investment in 2017. The business has effectively executed several important acquisitions during this period, solidifying its position as a market leader in infrastructure services in the UK. This is the third successful exit from our first fund, further evidencing our ability to build great businesses and we believe an excellent outcome for all parties involved. We’d like to thank Richard and his team for all their hard work and wish them the very best of luck for the future.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to invest in Responda Group (“the Group”), a leading provider of business process outsourcing (“BPO”) services to small and medium-sized enterprises (“SMEs”) in Sweden. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from the founding management team who will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Headquartered in Stockholm, Sweden, Responda AB was founded in 2008 by Joakim Ögren and Magnus Johannessen and later became Responda Group as a result of the acquisition of Kalix Tele24 in 2021. Both companies have an established track record in the industry and its core offering is centred around managing organisations’ customer service through an omnichannel approach consisting of phone, email, online chat and social media.

The Group has 250 employees who are spread across four offices and serve a diversified customer base of approximately 2,500 companies within the private and public sectors. Under the existing management team, the Group has gone from strength to strength and with the support of IK, it hopes to: further broaden its offering for existing customers; continue gaining market share in the SME segment through an enhanced go-to-market strategy; and drive consolidation in the market via strategic add-ons.

Joakim Ögren, Co-Founder and CEO of Responda Group, said: “We strongly feel that a partnership between Responda Group and IK Partners will help us further develop and achieve growth through the pursuit of a successful M&A strategy. Since inception, we have made considerable progress in our field and are proud to have become an industry-leading service provider trusted by highly successful companies in Sweden. We look forward to working with the team at IK and are excited to see where this partnership will take us.”

Carl Jakobsson, Director at IK Partners and Advisor to the IK Small Cap III Fund, said: “Responda Group is Sweden’s market leader in the inbound contact centre services market for SMEs and has great potential for future growth. We are well-positioned to help Responda Group deliver a targeted buy-and-build strategy and to use our extensive network in the Nordic region to support any future geographic expansion. We have been impressed by the Group’s journey to date and look forward to working with the team at Responda Group to help them realise their ambitions.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

IK Partners (“IK” or “the Firm”), a leading European private equity (“PE”) firm, is pleased to announce that it has launched its Development Capital strategy in the Benelux and UK. The Development Capital pool sits within the IK Small Cap III Fund and invests between €10 million and €25 million in minority or majority situations to support growing businesses across the Firm’s core sectors of Business Services, Healthcare, Consumer and Industrials.

The Development Capital strategy in the Benelux will be led by Frances Houweling, who has been promoted to Partner and is based in IK’s Amsterdam office. She joined IK in 2013 and previously sat within the Benelux Small Cap team where she was involved in a range of transactions, including the recent 2Connect and Plastiflex transactions. Frances is also Chair of the Dutch Committee for Level20.

The strategy in the UK will be led by Simon May, who joined IK in 2020 and has also been promoted to Partner. Simon previously sat within the UK Small Cap team where he was involved in both the Forthglade and DA Languages transactions.

In addition, IK is delighted to announce three further promotions to Partner across the Firm’s Paris, Stockholm and Hamburg offices:

• Morgane Bouhenic – Small Cap Investment Team, Paris
• Henrik Geijer – Small Cap Investment Team, Stockholm
• Joachim Dettmar – Operations Team, Hamburg

Christopher Masek, Chief Executive Officer at IK, commented: “Reflective of the continued growth and success of our Firm, it is with immense pride that we have promoted five exceptional colleagues to the partnership in recognition of their achievements and longstanding commitment to IK. These individuals display significant potential to carry on delivering outstanding results for investors and drive numerous value creation initiatives within our portfolio companies.

We are especially thrilled to have Frances and Simon as our first Development Capital Partners in the Benelux and UK respectively. These are among the largest PE markets in Europe, so this is a logical next step for us as we continue deploying funds across our successful investment platform with a presence in key markets across the continent. We believe their experience, both at IK and prior, coupled with their broad professional networks, will position the Development Capital strategy for considerable success in the future.”

Frances Houweling, Partner at IK, commented: “The launch of Development Capital in the Benelux is a natural progression for IK as we aim to increase our presence in these important markets for the Firm. I look forward to being a part of the growth of this strategy throughout 2023 and beyond.”

Simon May, Partner at IK, commented: “I am delighted to be launching our Development Capital strategy in the UK, leveraging the success of the strategy across Europe and the Firm’s growing presence in the UK market. We aim to build on IK’s position as the leading investment partner for Europe’s small and medium-sized businesses.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

ENDS

Frances Houweling

• Frances Houweling joined IK in 2013 and is the Partner responsible for the Development Capital Investment team, based in Amsterdam.
• She specialises in the Healthcare sector and has been involved in several transactions across the Benelux region.
• Prior to joining IK, Frances worked at J.P. Morgan, having gained an MSc in Finance and a BSc in Economics from the University of Groningen.

Simon May

• Simon May joined IK in 2020 and is the Partner responsible for the Development Capital Investment team, based in London.
• Sitting within the Industrials sector team, he is jointly responsible for portfolio investments across the UK.
• Prior to joining IK, Simon was a Partner at Graphite Capital in London and began his career with PwC, having graduated from the University of Bath with a first-class honours degree in Mathematics.

Morgane Bouhenic

• Morgane Bouhenic joined IK in 2017 and is in the Small Cap Investment team, based in Paris.
• Sitting within the Healthcare sector team, she is jointly responsible for portfolio investments across France.
• Prior to joining IK, Morgane worked at Bridgepoint and L.E.K consulting in Paris and Boston. She holds an MSc in International Management and Strategy from HEC Paris and a CEMS degree from the VSE University of Prague.

Henrik Geijer

• Henrik Geijer joined IK in 2019 and is in the Small Cap Investment team, based in London.
• Sitting within the Healthcare sector team, he has substantial transaction and board membership experience.
• Prior to joining IK, Henrik worked at Adelis Equity Partners in Stockholm and with the Bank of America Merrill Lynch. He holds a BSc in Economics and Business Administration from the Stockholm School of Economics.

Joachim Dettmar

• Joachim Dettmar joined IK in 2019 and is in the Operations team, based in Hamburg.
• He has extensive experience in management consultancy and PE and is responsible for the operational optimisation and support of portfolio companies.
• Prior to joining IK, Joachim was a Partner with H&Z and LEK Consulting, having gained a PhD in Applied Mechanics / Engineering from the University of Stuttgart.

Leading pan-European private equity house IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has signed an agreement to sell Quanos Solutions GmbH (“Quanos” or “the Company”), a leading developer of software and technology solutions for smart information, to Keensight Capital (“Keensight”), one of the leading private equity managers dedicated to pan-European Growth Buyout[1] investments.

Headquartered in Nuremberg, Germany, Quanos is the global leader for industrial aftersales and digital technical documentation software. The Company offers a comprehensive product portfolio that enables customers to realise substantial cost and time savings, increase operational efficiency, drive profits of aftersales and service activities and enable customers to digitise aftersales services and offerings.

The Company has more than 1,000 customers worldwide who place their trust in Quanos’ software solutions and are served by 270 employees. Quanos’ software offering is focused on original equipment manufacturers and operators, thereby catering to a diversified customer base ranging from global champions to small to medium-sized enterprises.

The Company has recently launched its next-generation cloud platform (InfoTwin), bringing together the power of content and service solutions in one place. The integrated, modular software solutions enable customers to take a 360° view on their products to optimise service processes and efficiency, offer new service models and ultimately to increase customer satisfaction.

IK invested in Quanos in November 2018. Through M&A, three leading software companies were combined to create a market-leading platform for software and technology solutions for smart information. The Quanos brand was launched in 2020 with support from IK’s Operations team.

Keensight Capital will support Quanos’ team, led by Nikolaus Scholz, in its next phase of growth. The Company is well-positioned to further digitise the aftersales market, with massive potential to expand its solutions and services offering, market penetration and international reach, both organically and through acquisitions. 

Financial details of the transaction are not being disclosed.

Nikolaus Scholz, CEO at Quanos, said: “With IK’s support, we have been able to achieve a lot in a short period of time. From the brand and vision building to operational initiatives to the design of a product roadmap, we have a solid foundation on which we can grow further. We thank Nils and the team at IK for their invaluable support over the last few years and look forward to partnering with Keensight as we embark on the next phase of our journey.”

Nils Pohlmann, Partner and Advisor to the IK SC II Fund, said: “It has been fantastic to work with Nikolaus and his team to create Quanos and develop the platform into a market-leading software and solutions provider. The Company’s value proposition and vision are fully aligned with key trends. Quanos is in a prime position to shape the ongoing digitalisation wave in industrial aftersales and services. We wish Nikolaus and the team every success for the future.”

Stanislas de Tinguy, Partner at Keensight, said: “We have been very impressed with Quanos’ journey to date and the way in which it has undergone significant transformation to become a software powerhouse. Under Nikolaus’ leadership, the Company has gone from strength to strength, and we look forward to building on this and exploring new growth strategies.”

Completion of the transaction is subject to relevant legal and regulatory approvals.

PR Contacts

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

Keensight Capital
Tim Lee
Phone: +44 (0) 7785 345 250
tlee@keensightcapital.com

Citigate Dewe Rogerson
Yoann Besse
Phone: +33 6 63 03 84 91
yoann.besse@citigatedewerogerson.com

[1]Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

GoStudent accelerates hybrid learning strategy to fuel future growth

Global tutoring market projected to reach USD 278 billion by 2026

Vienna / Berlin – December 2, 2022 – GoStudent, Europe’s leading EdTech company and one of the world’s largest online tutoring agents, today announced the acquisition of Studienkreis, the market leader in centre-based tutoring in the DACH region, from IK Partners (“IK”). The transaction accelerates GoStudent’s strategy to combine the best of both the online and offline world and to give people access to quality education through technology. 

The global online tutoring market, valued at USD 150 billion in 2020, is projected to reach USD 278 billion by 2026^[1]. Coupled with a global learning crisis that includes teacher shortages, learning gaps and access to education, GoStudent is leading the conversation on the future of learning that will deliver more value to families across Europe.

Over the past 12 months the company made a number of strategic acquisitions including UK-based Seneca Learning, Tus Media Group from Spain and Fox Education from Austria. These acquisitions allowed the company to extend into AI-based learning content, improve and increase access to tutors and the addressable market and offer communication solutions for schools and families. With the integration of Studienkreis, the company can now address families with a preference for centre-based learning or group classes. This positions GoStudent firmly at the forefront of the morning, afternoon and content education market.

“Over 1.5 million online tutoring sessions are booked each month at GoStudent, but we believe the future of learning is hybrid. Combining online and offline creates an omnichannel model which brings maximum value to families and builds a barrier for competitors,” explained Felix Ohswald, CEO and co-founder of GoStudent. “With today’s announcement, GoStudent now offers a full spectrum of learning solutions for every type of student and budget. In addition to our core, 1:1, online tutoring, we offer everything from freemium products to group classes. It’s this winning combination that will fuel our future growth while at the same time boosting profitability.”

Established in 1974, Studienkreis is Germany’s leading tutoring company with over 1,000 learning centres across the country. A pioneer in online learning since 2012, the company serves 125,000 families every year in the DACH region. Under the ownership of IK since 2017, Studienkreis expanded to Austria through the acquisition of LernQuadrat in 2018 and strengthened its market-leading position in DACH through increased brand awareness and the provision of high-quality tutoring services. By combining offline tutoring with online services as well as own-developed digital tools, Studienkreis shares a vision for developing a blended learning experience.

“Since our first meeting, it was clear the two companies shared a passion and belief that the future of learning is hybrid, and we believe technology is key to enabling that. GoStudent’s position in the online world, together with our strong brand and physical position in Germany, will create a blueprint for building individual, dynamic learning paths so each student can not only improve their grades but unlock their full potential,” added Lorenz Haase, CEO, Studienkreis. “We are very excited to be part of this next phase of growth.”

Nils Pohlmann, Partner at IK, added: “It has been a pleasure working with Lorenz and his team at Studienkreis. Education and people are the essence of our modern society and Studienkreis and GoStudent are leading players for tutoring services. We wish them the very best for their joint journey.”

Studienkreis will continue operating independently under its current leadership team while the two companies aim to identify synergies over time.

-ENDS-

^[1] Global Online Tutoring Market Size, Status and Forecast 2021-2027