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2022-05-31
Press Releases

IK Partners to sell Bahr Modultechnik to IMI

IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has reached an agreement to sell its stake in Bahr Modultechnik (“Bahr” or “the Company”) to IMI plc (“IMI”).

Bahr is a leading manufacturer of modular positioning systems, used in a wide range of process automation applications.

Founded in 1990 by the brothers Frank and Dirk Bahr in Luhden, Germany, the Company focuses on delivering individual solutions based on a sophisticated portfolio of customisable and technologically leading products. Accurate and robust positioning systems are required in a wide variety of high-growth markets in relation to automation, including pharma production, packaging and labelling, as well as warehouses, factories and other specialised applications. The Company has approximately 80 employees and its unique linear positioning systems are sold in more than 24 countries around the globe.

IK invested in Bahr in May 2018 and, since then, the Company has focused on organic top-line growth, strengthening its sales capabilities and team. A modern CRM system was rolled out to support this and provides full transparency of sales performance. In addition, the Company reinforced its commercial leadership by developing a strategic approach to sales through the optimisation of reporting structures and processes, together with clear roles and responsibilities of team members defined. With further product developments targeted at niche applications, Bahr is well placed to continue its accelerated growth path.

Dirk Bahr, Founder and Co-CEO of Bahr, commented: “We are delighted to have enjoyed a successful partnership with IK, which has seen Bahr grow significantly in a short space of time. Having strengthened our sales team and developed our digital marketing capabilities, we look forward to entering the next phase of growth with IMI by our side.”

Cihan Halavurt, Co-CEO of Bahr, added: “Over the past few years, IK has introduced added-value initiatives to the Company through the optimisation of several key processes, specifically with regards to sales and marketing. With their help, we have professionalised our go-to-market approach and are now equipped with the right tools and data that allow us to continue growing in both a profitable and sustainable way. With IMI, we have found the ideal partner and can leverage both companies’ products and customer networks at a global scale with immediate effect.”

Nils Pohlmann, Partner at IK and Advisor to the IK SC II Fund, added: “It has been a pleasure working with the team at Bahr for the past four years. The business has a very sophisticated product portfolio and we are proud to have supported the Company on their journey of becoming a more robust, customer-centric organisation, especially with regards to the bolstering of their salesforce and related capabilities. We wish them well as they continue with a new partner.”

Roy Twite, CEO at IMI, said: “We are truly impressed with Bahr’s leadership and its record of consistent growth. Their unique modular system, coupled with their customer-centric approach and ability to engineer application-specific solutions, aligns nicely with our own business model. We are therefore excited for Dirk, Cihan and the team to join us. Together we will be able to offer customers across the world solutions to their automation requirements.”

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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2022-05-25
Press Releases

Quilvest Capital Partners and IK Partners enter exclusivity with Five Arrows Principal Investments to sell a majority stake in GEDH

Paris, May 25th 2022 – Quilvest Capital Partners (“Quilvest”) together with IK Partners (“IK”) is pleased to announce that an exclusivity agreement has been reached to sell its respective stakes in Groupe EDH (“GEDH” or “the Group”), to Five Arrows Principal Investments (“FAPI”), alongside the management team who will be reinvesting. A potential reinvestment from both Quilvest and IK is under review and being considered.

Founded in 1961, GEDH is a leading player in the private higher education sector in France, delivering certified graduate programmes and specialised MBAs across communication, artistic and cultural management, journalism, design, cinema and digital arts. Leveraging their long-established ties with a broad network of companies across the world, the schools of GEDH develop a teaching approach that is tailored to meet the needs of students and to the requirements of work environments, specifically with regards to creative and cultural industries.

The Group is headquartered in Paris, France with close to 400 employees serving approximately 10,000 students. It encompasses eight reference schools that are spread across 25 campuses in France and beyond. At present, the Group offers 12 certified diplomas and has an alumni network of more than 45,000 graduates.

Quilvest first partnered with GEDH in November 2017 with IK joining in February 2020, having acquired a minority stake from Quilvest and Amin Khiari, Chairman and CEO of the Group. Through this combined partnership, GEDH has managed to execute on its buy-and-build plan through the: acquisition of schools with adjacent academic offerings; opening of 11 further campuses in France; accelerated roll-out of new programmes and strengthening of its organisational structure.

Amin Khiari, CEO of GEDH, commented: “Quilvest and IK have been valuable in accelerating our growth over the past few years. Most notably, they have helped us reinforce our positioning as a leading provider of higher education. We thank them for their support as it has allowed the Group to expand both geographically and in terms of academic offerings allowing us to serve a growing number of students. With continued enthusiasm and ambition, we look forward to partnering with FAPI’s team for the years ahead.”

Thomas Vatier, Partner at Quilvest Capital Partners, said: “Since our investment in 2017, we have had the pleasure of witnessing GEDH go from strength to strength. We have been impressed with their vision, know-how and drive to build a ‘best-in-class’ player in private higher education. Their accomplishments are a testament to the work from Amin and his team. We are highly confident in the successful pursuit of their journey.”

Thomas Grob, Partner at IK and Advisor to the IK Partnership Fund, added: “GEDH has grown significantly as part of our partnership; driven by both their expansion in geographical reach and continuous innovation with regards to the curriculum. This has further strengthened their position in the private higher education sector in France, which, when combined with their clear focus on operational excellence and the quality of their students’ experience, allows them to differentiate themselves amongst other players. GEDH is a solid business which benefits from strong pillars, making it well-positioned for future growth.”

Brahim Ammor, Managing Director at FAPI, said: “Since 2014, Amin and his team have built one of the leading providers in the private higher education segment in France with a remarkable growth trajectory. We are very excited to partner with GEDH to further support the expansion of the Group in France, enhance its digital profile and accelerate its international development in the coming years.”

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

For further questions, please contact:
Group EDH
Emmanuelle Baruch
E: e.baruch@groupe-edh.com

Quilvest Capital Partners
FTI Consulting
Mathilde Jean
T: +33 (0)1 47 03 69 54
E: mathilde.jean@fticonsulting.com

Five Arrows Principal Investments
Emma Rees
T: +44 (0) 7703 715 763
E: emma.rees@rothschildandco.com

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

Or

Maitland/AMO
James McFarlane
T: +44 (0) 7584 142665
E: jmcfarlane@maitland.co.uk / ik-maitland@maitland.co.uk

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2022-05-24
Press Releases

IK Partners to acquire MÜPRO from Perusa

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire MÜPRO Group GmbH (“MÜPRO” or “the Company”), a leading solutions provider and supplier for applications in pipe fixing technology. IK is acquiring a majority stake from Perusa Partners Fund II L.P. (“Perusa”), advised by Perusa GmbH, alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Founded in 1964, MÜPRO is a German-based speciality manufacturer and distributor of pipe fixing technology for technical building equipment, sanitary, heating, ventilation and air conditioning applications (“SHVAC”). MÜPRO has a comprehensive and modular product portfolio complying with requirements including, noise reduction, fire protection and corrosion resistance. MÜPRO is active in a growing market driven by the need for investment and the upgrading of SHVAC installations to increase energy efficiency and improve building-related decarbonisation.

The Company is headquartered in Wiesbaden, Germany, with over 460 employees serving over 12,000 customers ranging from small local installers to large installers who manage complex construction projects. MÜPRO has a strong presence in its key markets, namely Germany, Benelux and France while also growing its presence in other European markets as well as India and the Middle East. With the support of Perusa since 2018, MÜPRO has enjoyed stable long-term growth, strengthened its position and gained market share.

Through the partnership with IK, MÜPRO aims to grow its footprint in existing markets, continue its journey of digitisation, expand into adjacent geographies and drive market consolidation. The Company will continue to be led by the CEO, Dr Wolfgang Gödel and his team.

Dr Wolfgang Gödel, CEO at MÜPRO, said: “We strongly believe that partnering with IK will provide us with the resources and tools needed to continue our growth trajectory. We look forward to expanding our international reach and continuing our digitisation journey. Since inception, the Company has gone from strength to strength and we thank the team at Perusa for all their support.”

Anders Petersson, Managing Partner at IK and Advisor to the IK IX Fund, said: “We have been impressed with MÜPRO’s development and ability to adapt to customer needs and grow to establish a leading position in its core markets. This has been based on its strong product and service offering and innovation capabilities. Building on this solid foundation and success across its entire portfolio, we are looking forward to working together with Wolfgang and his team to continue the journey and extending their success by expanding into new territories.”

Dr Christian Hollenberg, Managing Director at Perusa’s Advisor in Germany, said: “We’re delighted with the progress MÜPRO has made during Perusa’s ownership. Since 2018, we have seen the company flourish in existing markets and expand into adjacent territories. We wish the team, along with IK, all the very best 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

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2022-05-19
Press Releases

IK Partners to sell 2Connect to Rivean Capital

IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has reached an agreement to sell 2Connect (“the Company”) to Rivean Capital alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

2Connect designs, develops and produces innovative and customised interconnection solutions for original equipment manufacturers (“OEMs”) and original design manufacturers (“ODMs”) globally.

Founded in 2000, the Company prides itself on setting new standards for interconnection solutions by designing high-quality and cost-effective units in partnership with its long-term client base. 2Connect employs over 450 people across its headquarters in Waalwijk, the Netherlands and three manufacturing sites in Romania and Germany. Their market reach spans over 40 countries.

IK invested in 2Connect in November 2018 and since then, the Company has more than doubled its revenues, completed two add-on acquisitions in both Germany and the Netherlands, expanded internationally and showed strong capability to scale its operations.

Mark van den Heuvel, CEO of 2Connect, commented: “We are delighted to have enjoyed a successful partnership with IK, which has seen 2Connect grow beyond all expectations and deliver on its strategic goals as a business and for our customers. Having expanded our footprint internationally we are delighted to welcome Rivean Capital on board for the next stage of the journey.”

Sander van Vreumingen, Partner at IK and Advisor to the IK SC II Fund, added: “It has been a pleasure working with the team at 2Connect for the past three years. The business is uniquely placed to capitalise on continued positive megatrends driving growth of automation and digitisation, increasing demand for sensors and advanced connectors. We are proud of everything we have achieved together and wish them well as they continue with a new partner.”

Tom Muizers, Senior Partner at Rivean Capital, said: “We are truly impressed with 2Connect’s track record of consistent growth, its entrepreneurial management team as well as its ability to maintain high standards for demanding customers while scaling up the business operationally. We are excited to join Mark and the team to build on this momentum and support them in the Company’s next phase of development and growth.”

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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2022-04-26
Press Releases

IK Partners enters into exclusive negotiations with LGT for the acquisition of Batisanté

London, 26 April 2022 – IK Partners (“IK”) is pleased to announce that the IK IX Fund has entered into exclusive negotiations with LGT Capital Partners (“LGT”) to acquire a majority stake in Batisanté (“the Company” or “the Group”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Founded in 1987 and based in Neuilly-Plaisance, France, Batisanté is a leading compliance and safety services provider, primarily servicing residential buildings and professional customers.

With approximately 500 technicians, the Company offers four main services: fire protection, pest control, diagnostics and maintenance works. Batisanté is the leading player in the Paris area and is expanding into other French regions.

The Group has been able to differentiate itself with its full-service offering, a KPI-orientated approach and solid tech-enabled capabilities. Batisanté has grown considerably over recent years, organically and via M&A. In December 2021, Batisanté completed the transformative acquisition of Bouvier, a sizeable competitor in Paris. The Company benefits from a large base of contracted revenues.

The next phase of the Company’s journey will see IK working alongside management to pursue organic growth in core verticals, cement its leadership position in the Paris area and expand into other regions.

Nicolas Milesi, CEO at Batisanté, said: “Having joined the Company in 2019, I have had the pleasure of leading the Group through a significant period of growth. Our success is due to the vast range of services we provide and our best-in-class operations. We rely on a dedicated team of experts who provide unrivalled support to all our clients. We thank LGT for their support to date and warmly welcome IK as we continue on our journey. I have no doubt that their experience and expertise will help us take the Company even further.”

Rémi Buttiaux, Managing Partner at IK and Advisor to the IK IX Fund, said: “We have been impressed with Batisanté’s journey to date and are very happy to be partnering with Nicolas and the team in the next step of their journey. The Company plays an important role in offering services that are critical for the maintenance of buildings and we have observed their resilience over time. We look forward to supporting the team with their ambitious M&A strategy.”

Etienne Haubold, Partner at LGT, said: “It has been fantastic to work with Nicolas Milesi and the wider team at Batisanté. We are delighted that we have been able to support the Company’s growth over the years; creating the French leader of the residential building protection market. We wish the team every success for the future and strongly believe that with the support of the IK team, Batisanté is very well positioned for its next phase of growth.”

For further questions, please contact:

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

Batisanté
cdellan@batisante.fr

LGT Private Debt
Phone: +33 1 81 80 56 00
guillaume.claire@lgtcp.com

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2022-04-20
Portfolio Company News

Blanchon, a leading European player in protective and decoration coatings and paints for the home improvement market, accelerates its international growth with the acquisition of RIGO in the Netherlands

Lyon, April 20th 2022. Blanchon Group announces the acquisition of Rigo Verffabriek and Rigo Verfcentrum, a Dutch family-owned business (“the Company”, “the Group” or “RIGO”), specialising in the design and manufacturing of finishing products for wood and paints for heritage buildings, dedicated to professional customers.

This acquisition is part of the Blanchon Group strategy to accelerate its international growth and become a European leader in protection, maintenance, renovation and decoration of indoor and outdoor wood surfaces and vinyl flooring. With very strong product brands, including Skylt, Step, Royl, Toplin and Skyn combined with significant sales growth over the last decade, RIGO has become the market leader in the wooden floor segment in the Netherlands. The Company operates from Ijmuiden, Netherlands and this site will be added to the well-established European subsidiaries of Blanchon, to accelerate the group international business growth.

Leveraging on the complementary combination of the Blanchon and RIGO product lines and strong brands awareness, as well as on their respective client portfolios, this acquisition allows Blanchon Group to become the wooden floor market leader in The Netherlands for professionals. Further to the acquisition of Ciranova in June 2021, the Blanchon Group is fully established as the market leader in the Belgium, Netherlands and Luxembourg area, representing the largest region, next to France.

RIGO’s previous owners and top management will remain fully involved in the company and takes over the overall responsibility for the Benelux region, and have invested into the Blanchon group alongside with current shareholders.

Guillaume Clément, President and CEO of the Blanchon Group, said: “We are very pleased to welcome the talented RIGO team to Blanchon Group. The acquisition of RIGO is a perfect match. RIGO has family roots like Blanchon and a deep entrepreneurial spirit forged by three generations since 1938. RIGO’s product quality and brand reputation, combined with its strong expertise in flooring and furniture, are key success factors. Furthermore, RIGO has invested substantially in developing a sustainable product offering, which includes the iconic Toplin product range. We are now in a position to offer the largest wood care product offering, both for indoor and outdoor applications, under three complementary and highly recognised brands: RIGO, Blanchon and Ciranova. All products will be locally available in the Netherlands with the ambition to fully support our Dutch professional customers’ business growth.”

Toon Van Westerhoven, Co-owner of RIGO, said: “We are very pleased to join Blanchon Group as we share the same DNA and values. It is for this reason that myself and my brother, Machiel Van Westerhoven, decided to sell our shares to Blanchon. We have succeeded in building a strong brand in the Netherlands to date and it is now time to build a stronger company. By joining Blanchon Group, we can benefit from the combined knowledge, techniques and assets.”

Michael Van Westerhoven, Co-Owner of RIGO, added: “The acquisition will allow RIGO to expand into new market segments and countries while leveraging the Blanchon Group organisation and indeed, it will further strengthen RIGO’s position in the Benelux region. This is a great journey to embark on and a promising new chapter for our company.”

Contact Details:
Blanchon Group: Alexia Fleury – afleury@blanchon.com,
Rigo Verffabriek: Toon Van Westerhoven – toon@rigoverffabriek.nl

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