M&A Deal Summary

Chequers Capital Acquires Cheops

On July 25, 2023, private equity firm Chequers Capital acquired information technology company Cheops from Indufin and Butler Industries

Acquisition Highlights
  • This is Chequers Capital’s 5th transaction in the Information Technology sector.
  • This is Chequers Capital’s 3rd transaction in Belgium.

M&A Deal Summary

Date 2023-07-25
Target Cheops
Sector Information Technology
Buyer(s) Chequers Capital
Sellers(s) Indufin
Butler Industries
Deal Type Secondary Buyout

Target

Cheops

Antwerp, Belgium
Cheops is offering IT & business technology solutions to Belgian enterprises. The company helps its customers build, optimize and manage their IT so they can focus on their core business. Cheops was founded in 1989 and is based in Antwerp, Belgium

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Buyer(S) 1

Buyer

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Chequers Capital is a private equity group focused on acquiring and developing small, medium, and large-sized companies in partnership with management. Chequers primarily seek opportunities in France, Germany, Italy, Benelux, Switzerland, and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris, France.


DEAL STATS #
Overall 35 of 38
Sector: Information Technology M&A 5 of 6
Type: Secondary Buyout M&A Deals 17 of 19
Country: Belgium M&A 3 of 3
Year: 2023 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-30 ADENES

Paris, France

ADENES is a French player in loss adjustment services for insurers. The Group is positioned as a multi specialist, covering all segments of insurance expertise: Property, Automotive, Construction and B2B. ADENES is present in Italy, Benelux, Australia and Singapore, and benefits from a worldwide coverage through the VRS Adjusters network. ADENES was founded in 2009 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-02 Altea Federation

Baveno, Italy

Altea Federation is a Italian system integrator and managed services provider with partnerships with leading software and ERP vendors. The group mainly addresses medium private companies in Northern Italy. Activities are highly diversified, ranging from consulting to ERP/CRM systems integration, data management, cloud solutions, design of custom software solutions, digital transformation, AI, and maintenance services. Altea Federation was founded in 1993 and is based in Baveno, Italy.

Buy -

Seller(S) 2

SELLER

Indufin

Heverlee, Belgium

Investor Investor


Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Indufin SA is a private equity firm focused on middle market companies throughout Belgium and Luxembourg. The Firm targets profitable, growing companies with proven track records. Indufin looks to invest €5 to €15 million in businesses with stable cash flows and strong opportunities for growth with and EBITDA of minimum €2 million. The Firm will consider both majority and significant minority positions. Prospective transaction situation include MBOs, MBIs, and growth capital financings. Indufin was formed in 2001 and is based in Heverlee, Belgium.


DEAL STATS #
Overall 9 of 9
Sector: Information Technology M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
Country: Belgium M&A 7 of 7
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-21 Yontec

Hasselt, Belgium

Yontec unburdens technical services by offering customized capacity filling. In doing so, Yontec provides experience, know-how and manpower for all industrial, facility and logistics maintenance work, in the short and long term. Yontec was founded in 2005 and is based in Hasselt, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 ACE packaging

Diest, Belgium

ACE packaging is active in the development, production and distribution of over innovative, sustainable and eco-friendly food packaging solutions such as sheets, bags, trays, cups, bowls, containers, and plates for all types of food, including bread & baked goods, meat, fruit & vegetables, take-away options, green solutions, and hygiene & miscellaneous. ACE packaging was founded in 1945 and is based in Diest, Belgium.

Buy -
SELLER

Butler Industries

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 8.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Butler Industries is a private investment firm focused on partnering with French as well as foreign companies often facing complex, financial, or operational challenges. The Firm will consider both majority or minority investment positions and has no fixed investment horizon. Prospective companies typically have revenue of €20 to €500 million. Butler Industries was formed in 1991 and is based in Paris, France.


DEAL STATS #
Overall 1 of 1
Sector: Information Technology M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: Belgium M&A 1 of 1
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-23 L Ambroisie

Paris, France

L'Ambroisie is a restaurant on Place des Vosges where chef Bernard Pacaud offers exceptional cuisine. L'Ambroisie was founded in 1986 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 Come to Paris

Paris, France

Come to Paris is one of the reference ticketing agencies and offers leisure activities of the City of Light. The company offer dozens of must-do activities in Paris, excursions or shows specially selected for all ages, all tastes and all budgets: cabarets in Paris, dinner cruises on the Seine, Eiffel Tower tickets, city tours in Paris, day trips, walking and bike tours in private groups, and much more. Come to Paris was founded in 1999 and is based in Paris, France.

Buy -