09-02-2022
Apax Partners acquires majority stake in Odin Groep from Fortino Capital Partners
In short
Apax Partners, one of the leading private equity parties in Europe, together with founder and management of Odin Groep, a leading Managed IT & Cloud Service Provider, acquires the stake in Odin Groep from Fortino Capital Partners, a Benelux-based B2B software and IT investor. Apax's ambition, through both organic growth and buy & build, is to strengthen Odin Groep's leading position as a Managed Service Provider in the Netherlands. Odin Groep operates in SMEs, education, healthcare and housing associations. Apax Partners is investing from its latest €1.6bn mid-market X fund.
Apax as a new partner will support Odin Groep to accelerate its growth strategy and further consolidate its leading position in the market as a Managed Service Provider in the Netherlands, by:
- Geographical expansion, to strengthen presence in the south and west of the Netherlands.
- Further growth in existing and development of new vertical market segments.
- Expansion of the service offering, to remain the one-stop-shop for customers.
- Support in the realisation of transformational acquisitions.
Odin Groep, founded in 1990 by Hans Lesscher, has grown into a leading Managed IT Service Provider in the Netherlands. With headquarters in Hengelo and offices in Vianen and Utrecht, the Group meets the IT needs of more than 4,000 customers in a reliable, flexible and secure manner. The company has developed strong positions in the SME, education, healthcare and housing associations sectors, where customers can rely on the expertise of over 650 employees. Turnover has grown at double-digit rates each time in recent years. Odin Groep has achieved a turnover of around €140 million in 2021.
In 2019, Fortino Capital stepped into Odin Groep to further professionalise and grow the company together with Hans Lesscher and the management team. Together with Fortino, Odin Groep further developed its long-term strategy. This led to an update of the go-to-market and some targeted acquisitions to strengthen the service offering and presence in the Dutch market. This resulted in a Group that almost doubled in size, with the team showing strong organic growth and successfully integrating acquisitions.
Hans Lesscher on this move
"I am very grateful for the drive, approach and mindset of all employees working within Odin Groep. In the changing work environment and growing complexity of IT, their expertise and customer focus are the foundation of our success. During our growth process with the support of Fortino, we have welcomed numerous new colleagues. We have also achieved great results together as a team. Now we are facing a new chapter. With Apax at our side, I think we have found a partner that is going to help us realise our growth ambitions for the coming years," said Hans Lesscher, CEO - Odin Groep.
Damien de Bettignies, Partner of Apax
"We are immensely looking forward to becoming the next shareholder of Odin Groep alongside the experienced management team. The group is uniquely positioned among the market leaders in the Netherlands and has a strong track record of both organic growth and as growth through acquisitions. We will provide the financial resources and knowledge and experience to support future growth. But also provide reinforcement in realising the leadership position in the market, especially through acquisitions."
Duco Sickinghe, Managing Partner of Fortino Capital
"We have been impressed by Odin Groep's achievements in recent years. During our time as shareholders, we were able to work with a team that had a clear strategic focus, and likewise knew how to turn it into reality. We would like to thank everyone for the great journey we made together and for their contribution to Odin Groep as we know it today. We wish the Odin Groep team and Apax all the best as they continue to realise their growth ambitions."
About Apax Partners
Apax Partners is a leading European private equity player based in Paris. With more than 45 years of experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies. Apax has over €4.5 billion of assets under management in its funds. These funds invest in high-growth mid-market companies in four different specialised sectors: Tech & Telecom, Consumer, Healthcare and Services.
For more information, visit: www.apax.fr or @ApaxPartners_Fr
Apax Partners with headquarters in Paris (www.apax.fr) and Londen (www.apax.com) does have a similar history but they are separate, independent private equity firms.
About Fortino Capital
Fortino Capital is an investment company with a focus on B2B software and technology. Our mission is to support ambitious management teams in realising their growth plans. We invest in young companies (venture capital) and established companies (growth capital) where growth is an integral part of the strategy. Fortino has offices in Belgium and the Netherlands, and invests in North-West Europe. Fortino's investment portfolio includes, among others, Efficy CRM, Hospitality Cloud Solutions, Cenosco, MobileXpense, Teamleader, iObeya, Salonkee and SimplyDelivery.
For more information, visit www.fortinocapital.com
