Equistone Partners Europe - Newsletter May 2023 (2023)

German version

One of the central pillars of the Equistone funds' investment strategy is the balance and sector diversification of its portfolio - which ranges from business services, TMT, consumer and healthcare companies to industrial and technology companies. This industry focused approach has allowed us to continuously expand our deep understanding of these different industries and our strong network within each sector. This not only enabled successful cooperation with portfolio companies in different markets, but also enabled the funds to achieve strong results in difficult times while investing in new and promising companies.

In this spirit, Equistone funds added a new business services player to its portfolio earlier this year by acquiring a majority stake in BUKO Traffic & Safety, a leading provider of outsourced traffic and safety management solutions in the Netherlands. Soon after, Amadys' departure was signed. After a successful cooperation of more than three years, the Belgian specialist in infrastructure networks has taken over Netceed (formerly ETC Group).

A lot has also happened within the portfolio in terms of international growth. By acquiring a majority stake in two sister companies WCA Walldorf Consulting and target Software Solution, IT services specialist TIMETOACT GROUP has entered the US market and consulting company for cloud-based SAP solutions. Dutch portfolio company Andra Tech Group has significantly expanded its presence on the domestic market and in Germany with the acquisition of DKH Metalworking and metal precision specialist Mayer Feintechnik. Sihl, an international supplier to the growing global digital printing market, has attracted attention with an additional acquisition and further expansion of its US operations.

BUKO Traffic & Safety (“BUKO”), consisting of the business units BUKO Infrasupport and BUKO Waakt, is a leading provider of outsourced, customized traffic and safety management solutions in the Netherlands. The company became part of the Equistone portfolio in February 2023. BUKO currently employs more than 350 people and achieves an annual turnover of around EUR 70 million.

BUKO Infrasupport specializes in end-to-end outsourcing solutions in temporary traffic management. The extensive portfolio of services ranges from design, planning, approval, implementation and collection to managing the necessary road signs and safety equipment for roadworks. The company primarily serves construction contractors and government agencies involved in the construction of municipal and urban and rural roads.

BUKO Waakt specializes in temporary security solutions focused on camera surveillance, intrusion detection systems and access control systems, especially on construction sites of houses and public buildings.

Together with management, Equistone aims to take advantage of the strong market dynamics to further expand BUKO's market presence in the Netherlands and surrounding countries.

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Several strategic acquisitions (the last Hungarian companyRayNet), expanding its presence on its home market and developing new important key markets such as the DACH region, Central Europe and the United Kingdom: after more than three years of cooperation, Equistone announces the successful exit of Amadys, based in Belgium. At the beginning of March, the Equistone funds signed an agreement on the sale of their majority stake in the system integrator of end-to-end connection solutions in the telecommunications, infrastructure and energy industry to France's Netceed. The merger with Netceed marks a major milestone in becoming a leading global multi-billion dollar telecommunications service provider.

The last oneGold awardThe ecovadis Sustainability Rating shows that Amadys not only knows how to operate economically, but also in a sustainable way. You can learn more about the partnership highlights and the growth story behind Amadys in ourPlatforma+ magazine.

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The Netherlands' Andra Tech Group, a leading group of companies dedicated to manufacturing components for precision engineering, has successfully completed its first two acquisitions since the start of our partnership in March 2021.

With the acquisition of Mayer Feintechnik, a specialist in precision metal processing, in December last year, the group strengthened its portfolio in the field of precision metal components and at the same time laid important foundations for further growth in the very attractive German market. Just two months later, the acquisition of DKH Metalworking, a highly specialized manufacturer of complex metal parts and components, expanded the company's presence in the Dutch domestic market.

The two acquisitions mark the beginning of Equistone's joint strategy with the executive management team (find the interviewhere) to further expand the capabilities and capabilities of Andra Tech Group through inorganic growth.

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The portfolio company TIMETOACT GROUP, a leading specialist in digitization and provider of IT services and consulting, is also very active, recording the fourth and fifth successful acquisitions since the beginning of our partnership.

WCA Walldorf Consulting and its sister company Target Software Solution joined the group in February 2023. WCA Walldorf Consulting is an international consulting firm for SAP cloud solutions with offices in Germany, Latvia, USA, Singapore and Malaysia. Combining process consulting, award-winning expertise and competence in a range of technical solutions, WCA is one of the leading SAP S/4HANA public cloud consulting companies in Germany. In addition, WCA has extensive expertise in the field of IFRS-compliant SAP Lease Administration.

target Software Solution is the supplier of the world's only software for managing ideas and innovations with SAP technology. For more than 25 years, it has been enabling its clients to create and maintain a productive culture of ideas and innovations.

With these two acquisitions, TIMETOACT GROUP accelerates its joint efforts to expand its service portfolio with high-quality cloud transformation consulting services.

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Sihl, a global supplier of print media for the growing global digital printing market, has completed its second acquisition since Equistone's investment in the company. With the majority acquisition of Visual Imaging Products last December, Sihl continues its path to market leadership in the US, following the acquisition of Dietzgen Corporation in late 2021. Headquartered in Ontario, California, Visual Imaging Products is a distributor of bond paper, signage and reprographic products.

With this acquisition, Sihl strengthens its activities, especially on the west coast of the USA, through even better service and portfolio quality.

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In April 2018, Equistone funds acquired BOAL Group, a greenhouse specialist based in the Netherlands. A lot has happened since then: with three acquisitions, the company has significantly expanded its portfolio of solutions. The manufacturer of aluminum roof and side wall systems for greenhouses made of glass and foil has also set ambitious goals in the field of ESG: the company is continuously working to further develop its ESG strategy. Areas of focus include expanding the portfolio of products that enable a positive impact on the climate, reducing own emissions, further improving employee health and safety, and responsible corporate governance. BOAL's commitment to its ESG goals enables the company to compete in a market environment with rising energy prices, skilled labor shortages and international competition.

In the current issue of our international magazine Platform+, Moritz Treude and Roman E. Hegglin present the details of this ESG success story.

See the article

Since its foundation in 1968, SF-Filter AG has developed into one of Europe's leading one-stop distribution platforms in the fast-growing and resilient filter market. The company has an extensive product portfolio of mobile and industrial filters for a wide range of industries, including air, fuel, hydraulics, oil, pneumatics and fluids. Last September, the company based in Bachenbülach, Switzerland became part of the portfolio, after a long period of monitoring the company.

Roman E. Hegglin shares the whole story on Platforma+.

See the article

We are lucky to haveFin Jankowiakjoin our team in Munich. Finn returned to us as an analyst in November 2022, having previously interned at Equistone in 2021 and gained additional experience at Perella Weinberg Partners, Bridgepoint and Fremman Capital in the meantime. Finn's decision also shows us that our intern and student program, which plays a central role in our search and development of talent, is the right approach and is valuable for both parties. Welcome back, Finn!

We are also pleased to confirm the promotion of our Dutch colleagueJos Albers. Josh joined the DACH/NL country team in November 2021 and was promoted from Associate to Investment Manager in March. He recently brought his many years of experience in investment banking, previously acquired at Lazard, to our latest investment in the BUKO Traffic & Safety platform. Josh holds a Masters in Finance and Investments from Erasmus University Rotterdam and specializes in cross-border expansion in the Benelux market.

Meet the whole team

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