Fortino Capital Mergers and Acquisitions Summary

Venture Capital Firm Profile

In the last 3 years, Fortino Capital has acquired 1 company. It has also invested in 11 others.

Fortino Capital’s most common sectors for investment aresoftware (50%) and internet software and services (19%) . The Firm’s most common investment types include growth capital (41%) and venture (41%). In total, Fortino Capital has invested in 1 US state and 8 different countries.

In the last 3 years, Fortino Capital has exited 4 companies. The Firm’s most common exit type is trade sale (50%).

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M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity22
    • M&A Sell Activity4
  • Total Sectors Invested 6
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 5
  • M&A Advisors 3

Fortino Capital

Borsbeeksebrug 36,
Antwerpen, 2600
Belgium
+32 2 669 10 50
www.fortino.be
antwerp@fortinocapital.com

Fortino Capital is an early to later stage investment firm focused on providing growth capital to small and medium-sized companies in the Benelux region of Europe. The Firm's venture unit looks to invest €1 to €5 million for majority stakes in software and e-commerce companies with proven products/traction. The Firm's growth capital unit invests in ambitious scale-ups and more mature business (SMEs) which are challenged by industry innovation and organization change. Fortino's growth unit looks to invest €5 to €25 million for majority or minority positions. Fortino Capital was formed in 2013 and is headquartered in Zaventem, Belgium.


Investment Criteria

Sectors of Interest: Beverages, Communications, Consumer Products, Digital Media, Information Technology, Internet Software and Services, Marketing, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Secondary Buyout, Venture

Geographic Preferences: Western Europe

Transaction Criteria Min Max
Target Revenue 5 10
Target EBITDA - -
Investment Size 5 30
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.4/yr) # 10 - 5 2 3 2 22
Sell (0.8/yr) # - - 2 - 1 1 4
  26

Most Recent M&A

Company Date Value Type
Bonitasoft SA 2022-03-08 - Growth Capital
Boulogne-Billancourt, France · www.bonitasoft.com
Odin Groep BV 2022-02-09 - Secondary Buyout
Hengelo, Netherlands · www.odin-groep.nl
Timeseer.AI NV 2022-01-07 - Venture
Hasselt, Belgium · www.timeseer.ai
Reveall B.V. 2021-12-13 - Venture
Amsterdam, Netherlands · www.reveall.co
Penbox SRL 2021-12-01 - Venture
Ixelles, Belgium · www.penbox.io
Peers Solutions GmbH 2021-11-23 - Venture
Berlin, Germany · www.peers-solutions.com
Sigma Conso SRL/CV 2021-10-27 - Add-on Acquisition
Brussels, Belgium · www.sigmaconso.com
Cenosco B.V. 2020-12-10 - Growth Capital
The Hague, Netherlands · www.cenosco.com
Sigma Conso SRL/CV 2020-06-17 - Growth Capital
Brussels, Belgium · www.sigmaconso.com
Tenzinger.com B.V. 2019-12-13 - Growth Capital
Utrecht, Netherlands · www.tenzinger.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 8 (67%) - 11 (50%) -
Internet Software and Services 2 (17%) - 4 (18%) -
Information Technology 2 (17%) - 3 (14%) -
Communications - - 2 (9%) -
Beverages - - 1 (5%) -
Media - - 1 (5%) -
Total 12 - 22 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
Belgium 6 (50%) - 10 (45%) -
Netherlands 4 (33%) - 5 (23%) -
Portugal - - 2 (9%) -
France 1 (8%) - 1 (5%) -
Germany 1 (8%) - 1 (5%) -
United States - - 1 (5%) -
  California - - 1 (5%) -
Italy - - 1 (5%) -
Malta - - 1 (5%) -
Total 12 - 22 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 7 (58%) - 9 (41%) -
Venture 5 (42%) - 9 (41%) -
Divestiture - - 2 (9%) -
Buyout (LBO, MBO, MBI) - - 1 (5%) -
Secondary Buyout - - 1 (5%) -
Total 12 - 22 -

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (50%) -
Trade Sale 2 (50%) -
Total 4 -

Top M&A Advisors

Financial Deals
Messier Maris & Associés
 1
Legal Deals
Weil Gotshal & Manges LLP
 1
CSB Advocates
 1

M&A Connections

Deals
Acquired from
Investor(s)
5%
1 (5%)
Strategic(s)
9%
2 (9%)
Exited to
Investor(s)
50%
2 (50%)
Strategic(s)
50%
2 (50%)

Investor Summary

Investor Type

Venture Capital Firm

Size

Middle-Market

PE Assets

340M EUR

Established

2013

Specialist/Generalist

Generalist

Leadership

Baudouin Jolly

Co-Founder & Associate Partner

Renaat Berckmoes

Co-Founding Partner

Duco Sickinghe

Founder & Managing Partner

Marcel van der Heijden

Partner

Patrick Van Deven

Partner

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