Highlights

  • While the Benelux region experienced an uptick in deal activity from Q3-Q4 of 2020[1], Q1 2021 saw a decrease in transaction volumes as the region entered its third phase of national lockdowns.[2]. However, despite the minor slowdown in PE-backed M&A across the region, there are signs of market recovery in the Benelux as deal activity in Q1 2021 has remained largely consistent with pre-pandemic levels seen in Q1 2020
  • In Q1 2021, M&A activity in the Benelux across the sectors has also remained consistent with levels experienced in the same quarter of last year. Unsurprisingly, deal volumes were highest in the Business & Tech-Enabled Services and TMT sectors as investors have continued to seek out assets with Covid-resilient business models. Comparatively, the Industrials sector saw the largest fall in activity against last year’s levels which is attributable to the widespread closure of manufacturing sites in light of restrictive lockdown measures
  • Moving forwards, the Benelux market is likely to see an uptick in inbound investment thanks to the region’s transparent regulatory environment and open markets - and this, coupled with the anticipated relaxation of restrictive pandemic policies should help to strengthen domestic and foreign demand[3] and subsequent deal activity

 

Key deals[4]

Business & Tech-Enabled Services

  • Five Arrows Principal Investments has agreed to acquire Hillewaere Groep, a Belgian-based provider of real estate, mortgage and insurance products, broking and rental services, for an undisclosed consideration

Consumer, Leisure & Retail

  • Waterland has agreed to acquire Technics & Applications, a Belgian-based producer and seller of swimming pool covers, for an undisclosed consideration

Healthcare

  • Triton Partners along with NPM Capital and the management of Bergman Clinics have agreed to acquire Bergman Clinics, a Dutch-based provider of specialist medical care, for an undisclosed consideration

Industrials Products & Services

  • Blackstone Group has agreed to acquire Desotec, a Belgian-based producer and supplier of mobile purification solutions based on activated carbon technology, from EQT Partners, for an undisclosed consideration
  • Equistone Partners along with management of Kusters Beheer have agreed to acquire Kusters Beheer, a Dutch-based manufacturer of high-tech precision mechanical components, for an undisclosed consideration

TMT

  • Vitruvian Partners has agreed to acquire Expereo International, a Dutch-based provider of managed network solution and Cloud Acceleration services, from Apax Partners, for an undisclosed consideration

2014 – 2021 YTD total deals in the Benelux, by sector [5]

Go back to our European Mid-Market Private Equity Round-Up: Q1 2021

 

References

[1] Q1 2021 European mid-market deal report, Mergermarket, 04 March 2021 (available on request)

[2] Q1 2021 European mid-market deal report, Mergermarket, 04 March 2021 (available on request)

[3] Macquarie in Benelux: An open market with new opportunities, Macquarie, 16 February 2021

[4] All Benelux deals sourced from: Q1 2021 European mid-market deal report, Mergermarket, 04 March 2021 (criteria available on request)

[5] Benelux graph sourced from: Q1 2021 European mid-market deal report, Mergermarket, 04 March 2021 (criteria available on request)