Highlights

The Benelux region recorded more deals in Q4 2019 than any other quarter, amid growing interest from foreign investors who are drawn to the region’s strategic location in a post-Brexit Europe. Deal-making increased most notably on Q4 2018 levels in the TMT sector and accurately represents the growing emphasis that all industries are now placing on technological development. The Consumer and Services sectors struggled comparatively.

Interestingly, the Netherlands experienced a significant uptick in overall inbound activity in Q4 and now accounts for 10.9% of British investments into the rest of Europe, which is indicative of UK investors looking to take advantage of favourable tax regimes and exchange rates. Given the country’s proposal to enact a new scheme of arrangement to challenge London’s position as the European restructuring hub (Bloomberg[1]), the trend of increasing Dutch deal flow is likely to preside into 2020.

Consumer, Leisure and Retail:

  • Cinven has agreed to acquire Barentz, a Dutch-based distributor of ingredients for pharmaceutical, personal & home care, food & nutrition, and animal nutrition industries, for an undisclosed consideration
  • Waterland has agreed to acquire Loetje, a Dutch-based restaurant chain, for an undisclosed consideration

Industrial Products & Services:

  • H2 Equity has agreed to acquire Mill Panel, a Netherlands-based developer and manufacturer of flat wooden exterior door panels, for an undisclosed consideration
  • Equistone Partners has agreed to acquire Amadys, a Belgium-based provider of passive network equipment solutions to all utility segments, Vectis Private Equity, for an undisclosed consideration
  • H2 Equity Partners has acquired Contiweb, a Dutch-based offset printing parts manufacturer, from American Industrial Partners, for an undisclosed consideration

Healthcare:

  • Mentha Capital has agreed to acquire BlijWerkt, a Dutch-based occupational health provider, from Gilde Healthcare Partners, for an undisclosed consideration
  • Capital A has agreed to acquire Tromp Medical, a Dutch-based medical imaging sales and service company, for an undisclosed consideration

Services:

  • Fortino Capital has agreed to acquire a minority stake in com, the Dutch-based healthcare-focused IT services provider, for an undisclosed consideration
  • Bridgepoint has agreed to acquire Vermaat Groep, a Dutch-based provider of catering and hospitality services, from Partners Group, for an undisclosed consideration
  • CBPE Capital has agreed to acquire Centralis, a Luxembourg-based, corporate services provider, for an undisclosed consideration

TMT:

  • The Carlyle Group has agreed to acquire Dept, a Dutch-based provider of digital marketing services, from Waterland, for an undisclosed consideration
  • CVC Capital has agreed to acquire WebPros, a Dutch-based provider of web hosting automation software, from Oakley Capital, for an undisclosed consideration
  • Apax Partners has agreed to acquire Destiny, the Belgium-based B2B telecom operator providing Voice, Internet, Unified Communications, VPN and cloud services, from Mentha Capital, for an undisclosed consideration