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FCG partners with IK to build a leading GRC services provider in the European market

FCG Group AB (“FCG”) is pleased to announce a partnership with IK Partners (“IK”), with the target to become a leading governance, risk management and compliance (“GRC”) services provider in the European market. IK acquires its stake in FCG from Bridgepoint Group plc (“Bridgepoint”), becoming the new majority owner.

IK, a European private equity firm, announced today that IK Small Cap III Fund has signed an agreement to acquire FCG, from international private equity group Bridgepoint. The deal, which is subject to customary regulatory approvals, is expected to close in the second quarter of 2022. Financial terms of the transaction are not disclosed.

FCG is a GRC services provider, offering advisory, outsourcing, GRC technology and fund administration services to the financial services industry. With in-depth expertise, FCG helps clients manage their challenges and guide them in an ever-changing environment. Founded in 2008 and headquartered in Stockholm, Sweden, FCG has evolved to become a leading Nordic GRC player with more than 270 employees located across six offices in the Nordics and Germany. FCG is serving a diversified customer base ranging from fast-growing fintech start-ups to large banks.

Together with IK, FCG plans to continue its international growth strategy, further strengthen the service offering within key growth areas such as ESG and build its position as a leading GRC technology provider. IK is acquiring its stake alongside management and key employees who will be reinvesting and remain significant shareholders. FCG will continue to be led by the CEO Kristian Bentzer and his team.

“We are pleased to welcome IK as our new partner and majority owner as we embark on the next phase of our journey to become a leading European GRC-firm. This partnership will form a solid basis on which we can further strengthen and accelerate our growth ambitions. Since inception, we have continuously developed our offering to become a full-service GRC player in the Nordics and Germany and we look forward to expanding our geographical presence and service offering together with IK.” says Kristian Bentzer, Group CEO and Partner at FCG.

“FCG occupies a leading position in a growing market with favourable underlying drivers. In an ever-evolving regulatory environment with increased complexity, the demand for GRC services is expected to increase over time. We’ve been following FCG for many years and believe the company is well positioned to cater to that demand and we look forward to partnering with Kristian and the entire FCG team to continue to build upon their impressive track record.” says Erik Ingemarsson, Partner at IK Partners and Advisor to the IK Small Cap III Fund.

“We have had the pleasure to partner with a talented and highly committed team; the progress that FCG has achieved during our ownership has been impressive. During this period, FCG has more than doubled in size, through both internal business development and M&A, expanding the service offering across the GRC arena, added tech capabilities and software solutions and also expanded internationally. FCG is now well placed to continue its growth ambitions and development under new ownership, and we look forward to following the Company’s future development.” says Johan Dahlfors, Partner at Bridgepoint Development Capital and responsible for its investment activities in the Nordic region.

The transaction is subject to competition clearance and regulatory approvals.

For media enquiries and further information, please contact:

Kristian Bentzer, Group CEO and Partner

Maria Sandström Anderson, Chief Marketing Officer

IK Partners
Vidya Verlkumar, Marketing and Communications Manager

James Murray
+44 207 034 3555

Portfolio Company News

Exxelia invests in Alcon Electronics, expanding its offering in Film & Aluminum electrolytic capacitors and extending its footprint into India

PARIS, France and NASHIK, India, January 18th, 2022 – Exxelia, a leading designer and manufacturer of high-performance passive components and sub-systems, announces that it has completed the majority acquisition of Alcon Electronics on December 29th, 2021. Alcon is a leading Indian designer and manufacturer of catalog and custom-designed film & aluminum electrolytic capacitors, specifically serving the renewable energy, induction heating equipment, medical imaging, power generation, and railways end markets.

Established in 1977 in Nashik, India, Alcon Electronics offers a wide range of film and screw terminal aluminum electrolytic capacitors for power electronic applications. Through continuous innovation and a focus on R&D, Alcon meets the evolving customized requirements and high-quality standards of its products and enjoys long-standing relationships with both Indian and international clients.

Since inception, Alcon has heavily invested in its state-of-the art facility in Nashik, India, becoming a niche-market leader in the country and competing with large international players.

With this partnership, Exxelia will benefit from the unique engineering capabilities of Alcon centered around testing & instrumentation equipment, leveraging it extensively within the group.

Paul Maisonnier, Chief Executive Officer of Exxelia, said: “We are excited to have Alcon join the Exxelia family! Alcon is an established, niche-market leader with great technology, very talented and committed teams and deep business and technical knowledge. Thanks to Alcon, we significantly strengthen our film and electrolytic product portfolio, and we gain a foothold in India which will allow us to better seize opportunities in this booming region and support our French customers with regards to their offset obligations”.

Siddharth Sachdev, Managing Director and Chief Executive Officer of Alcon Electronics, added: “Alcon is delighted to be a part of Exxelia, a people-centric passive component group focused on high reliability products for professional markets. We found ourselves sharing common values and vision and we believe that this combination enhances the capabilities of both groups to serve our combined customer base in film & aluminum electrolytic capacitors both in India and globally.”

KPMG India acted as the exclusive financial advisor to the shareholders of Alcon Electronics and Lincoln International acted as the exclusive financial advisor to Exxelia, for this transaction. On the legal side, Pioneer Legal, India acted as the legal advisors to Alcon Electronics and BTG Legal, India acted as the legal advisors to Exxelia.

Marketing & Communication
Tel : +33 (0)1 49 23 10 66

Press Releases

IK appoints Pete Wilson to launch UK Mid Cap strategy and promotes five to Partner

IK Partners (“IK” or “the Firm”), a leading European private equity firm, is pleased to announce the appointment of Pete Wilson as its first UK Mid Cap Partner. In addition, five individuals based across the Firm’s Paris, Stockholm and London offices have been promoted to Partner.

Prior to joining IK, Pete was a Partner and Head of UK Private Equity at 3i Group, where he spent 15 years. He brings substantial experience, having been involved in numerous investments and portfolio companies across a range of sectors, including Aspen Pumps, Civica, Inspicio, SLR Consulting and Audley Travel. A graduate of Warwick University, he began his career as a strategy consultant at Accenture. Pete will be launching IK’s UK Mid Cap strategy, investing in growing businesses across the Firm’s core sectors: Business Services, Healthcare, Consumer and Industrials. This follows the success of IK’s UK Small Cap strategy launched in 2020 with the appointment of Tom Salmon and investments in Forthglade and DA Languages.

In addition, IK is delighted to announce the following promotions to Partner:
• Thierry Aoun – Capital Markets, London
• Maria Brunow – Mid Cap Investment Team, Stockholm
• Vincent Elriz – Mid Cap Investment Team, Paris
• Antoine Jacquemin – Operations, Paris
• Diki Korniloff – Mid Cap Investment Team, Paris

Christopher Masek, Chief Executive Officer at IK, commented: “At IK we define ourselves as ‘People-First Private Equity’, so it is with immense pride that we elevate five outstanding colleagues to Partner in recognition of their success to date and their potential to continue to deliver outstanding results for investors and drive value creation at portfolio companies. Following yet another record year, we are excited to develop our team as we continue our mission to enable leading European businesses to reach their potential through investment and operational excellence. We are also thrilled to welcome Pete Wilson as our first UK Mid Cap Partner. The UK is one of the largest PE markets in Europe, so this is a logical next step for us as we continue our successful investment strategy with a presence in key markets across the continent.”

Pete Wilson, Partner at IK, commented: “I am delighted to join IK to launch a Mid Cap strategy in the UK and have been hugely impressed by the scale of ambition within the business, as well as its 30-year track record of pan-European PE investing. The combination of IK’s deep local networks, well established platform and ‘people-first’ culture is a differentiated and compelling proposition. I look forward to expanding the reach and focus of the

Mid Cap strategy and furthering IK’s commitment to the UK market, on the back of the strong start the UK Small Cap team have already had.”

Thierry Aoun
• Thierry Aoun joined IK in 2020 and is the Partner responsible for the IK Capital Markets team, based in London.
• Leading acquisition financing and overseeing related activities for the Firm’s buyouts and portfolio companies, he also manages the Firm’s relationships with lenders.
• Prior to joining IK, Thierry was at KKR, focusing on private credit investments and capital markets activities. He began his career in leveraged finance at J.P. Morgan and has an MSc in Management from HEC Paris.

Maria Brunow
• Maria Brunow joined IK in 2018 and is in the Mid Cap Investment team, based in Stockholm.
• A Finnish national, sitting within the Healthcare sector team, she is responsible for portfolio investments across the Nordics.
• Prior to joining IK, Maria worked at Deutsche Bank in London. She began her career at Lazard in Stockholm, having gained an MSc in Economics from the Stockholm School of Economics.

Vincent Elriz
• Vincent Elriz joined IK in 2016 and is in the Mid Cap Investment team, based in Paris.
• Sitting within the Business Services sector team, he has substantial transaction and board membership experience.
• Prior to joining IK, Vincent worked at Montagu Private Equity in Paris and began his career at Blackstone in London, having graduated from HEC Paris with an MSc in Finance.

Antoine Jacquemin
• Antoine Jacquemin joined IK in 2018 and is in the Operations team, based in Paris.
• He is responsible for the operational optimisation and support of portfolio companies.
• Antoine began his career at Renault and Philips and then worked in consulting for Bain & Company and as a Business Transformation Officer in an Advent-owned business. He graduated from ESSEC Business School and additionally, holds an MBA from INSEAD.

Diki Korniloff
• Diki Korniloff joined IK in 2012 as an Associate and is in the Mid Cap Investment team, based in Paris.
• She specialises in the Industrials sector and has played a pivotal role across a range of transactions across France.
• Prior to joining IK, Diki worked at Boston Consulting Group and Royal Bank of Scotland, having gained an MSc in Industrial Engineering from École Centrale Paris.

Pete Wilson
• Pete Wilson has joined IK as the Partner responsible for the UK Mid Cap Investment team, based in London.
• Sitting within the Business Services team, he brings substantial investing and portfolio experience across a range of geographies.
• Prior to joining IK, Pete was a Partner and Head of UK Private Equity at 3i Group, where he spent 15 years. He started his career in the Strategy group at Accenture and has a first-class honours degree from the University of Warwick.

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193

Portfolio Company News

LINXIS Group announces the acquisition of Shaffer

January 5, 2022

FOR IMMEDIATE RELEASE (NANTES, France) – LINXIS Group, global leader in ingredient automation, pre-dough systems, mixing and depositing technologies for the food and health industries, together with its financial sponsor IK Partners, are pleased to announce the acquisition of Shaffer, industrial mixers and process equipment, from Bundy Baking Solutions. The Bundy family will remain as minority owners in the business.

Shaffer’s market leading horizontal mixer strengthens the Mixing Technologies division of LINXIS which includes Diosna and VMI, two world leaders in vertical and continuous mixing technology. Shaffer industrial mixers are engineered to be the most sanitary, durable and innovative horizontal mixers in the industry.

The addition of Shaffer enables Linxis Group to build on our family of market leading brands. Shaffer is well known throughout the industry for providing highly reliable and innovative equipment with a focus on customer service and support. We look forward to continuing that legacy by supporting the team at Shaffer in product development and international expansion. We welcome the Shaffer team to our group.” LINXIS Group CEO and President, Tim Cook

“We are very excited for Shaffer and the new opportunities that they will discover as part of Linxis Group. We have had the privilege of working with the Shaffer team for the last 14 years and believe this was the next step in realizing the full market potential of Shaffer. We know that the Linxis Group team, together with the existing Shaffer team, will continue to move Shaffer forward to be the world leader in the horizontal mixer category.“ – Bundy Baking Solutions CEO, Gilbert Bundy

“Joining the Linxis Group provides Shaffer with additional resources for research and development and enables us to further integrate and advance ingredient and mixing systems. The ultimate result of this new venture is that now, more than ever, we are able to provide our customers the best mixing solutions and services possible.“ – Shaffer Vice President, Kirk Lang

Lysiane Laot | Claire Auffredou

Kirk Lang

Vidya Verlkumar

Wendi Ebbing

Press Releases

IK Partners to invest in STEIN HGS

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to acquire STEIN HGS GmbH (“STEIN HGS” or “the Company”), a leading B2B e-commerce specialist for barrier technology, municipality, construction site and facility management supplies. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from Lennertz & Co. (“Lennertz”) and the founder, Bodo Stein; both of whom will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

STEIN HGS was established in 1999 by Bodo Stein and is headquartered in Seevetal, close to Hamburg. Since then, it has evolved to become the leading online retailer in its market segment with 30 employees. It serves a broad range of long-standing private and public sector customers, including small and large construction firms, local craftsmen, municipalities and facilities management firms.

With the support of Lennertz since 2019, STEIN HGS has managed to successfully grow and diversify its offering and increase its presence across its key markets. Today, it has an offering of around 200,000 individual items on its online platforms with a loyal and growing customer base.

Through this new partnership with IK, STEIN HGS aims to further develop through continued new customer acquisitions, broadening and expanding the e-commerce offering and increasing the product range. The Company will continue to be led by the CEO Stephan Otte and his team.

Stephan Otte, Chief Executive Officer at STEIN HGS, said: “We strongly feel that a partnership between STEIN HGS, IK, Lennertz and Bodo Stein will form a solid basis on which we can further develop and achieve our growth strategy. Since inception, we have continuously grown our platform and with the collaborative efforts of all investors, we are confident of achieving our joint strategic vision.”

Erol Ali Dervis, Private Equity Manager at Lennertz said: “We’re delighted with the progress STEIN HGS has made since 2019, supporting them in their growth and seizing many opportunities in the fragmented market in which they operate. With the addition of IK as an investor, we are looking forward to building upon this and strategically enhancing the Company’s position.”

Ingmar Bär, Director at IK Partners and Advisor to the IK Small Cap III Fund, said: “STEIN HGS occupies the leading position in a growing market due to the shift towards online purchasing and the Company’s strong focus on delivering the best-in-class customer service. We look forward to partnering with Stephan Otte and his team as they continue to expand the product offering and customer base while entering new markets.”

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

Portfolio Company News

CONET Group acquires Karlsruhe-based ISB AG

CONET Group acquires Karlsruhe-based ISB AG, strengthening its market position in the public and automotive sectors

Common values and matching areas of focus form an ideal basis for successful cooperation in the CONET group of companies.

Hennef, December 15, 2021 – IT consulting firm CONET and the consultants and software developers of Karlsruhe-based ISB AG will combine their industry expertise, development know-how and consulting experience in the future. With this step, the two companies that have been successful individually in the IT services market for more than 30 years, will benefit from complementary services and customer relationships, particularly in the public and automotive sectors. The acquisition of ISB AG was supported by IK Partners, CONET Group’s majority investor, with whom CONET is consistently pursuing its growth course.

ISB AG, founded in 1981, has around 250 employees and specialises in software development and IT consulting. With the addition of ISB AG, which has its headquarters in Karlsruhe and offices in Berlin, Mainz and Stuttgart, the CONET group of companies is expanding its market position in key segments and extending its portfolio of solutions in the fast-growing consulting and service sectors of process automation, software development and digitalisation in public administration and industry.

Financial terms of the transaction have not been disclosed and the completion of the transaction is subject to legal and regulatory approvals.

“We have found an ideal new partner in ISB AG,” explains Anke Höfer, CEO of the CONET group of companies. With their distinctive expertise, especially in the areas of software development and process consulting, we are complementing our portfolio in a targeted manner and are jointly pursuing the strategy of further expanding our market position as a valued digitalisation partner.” ISB’s management team is guided by the same values as we are and has built a strong and innovative company that always keeps its finger on the pulse of digital development. We look forward to working with them to develop even more powerful solutions for our customers.”

Ralf Schneider, who has been a member of the ISB AG Executive Board since 2005, adds: “Open and cooperative partnership, respect, personal responsibility and, last but not least, transparency and a long-term approach are central cornerstones of our corporate philosophy. CONET Group shares these guiding principles, which are laid down in its corporate constitution CONET LIFE. This is the ideal basis for us to create maximum added value for our customers with our deep understanding of processes, industry knowledge and the highest methodological and technological competence and to offer our employees excellent prospects. We are looking forward to the future together in a strong group of companies!”

IK Partners
Deekeling Arndt/AMO
Natascha Divac
Phone: +49-162-9981108

CONET Technologies Holding GmbH
Simon Vieth, Spokesman
Phone: +49 2242 939-246