M&A Deal Summary

IceLake Capital and Crescent Capital Group Acquire D. van der Steen

On May 13, 2024, private equity firm IceLake Capital and mezzanine finance firm Crescent Capital Group acquired construction company D. van der Steen from Foreman Capital

Acquisition Highlights
  • This is IceLake Capital’s 2nd and Crescent Capital Group’s 1st transaction in the Construction sector.
  • This is IceLake Capital’s 7th and Crescent Capital Group’s 1st transaction in the Netherlands.

M&A Deal Summary
Date 2024-05-13
Target D. van der Steen
Sector Construction
Buyer(s) IceLake Capital
Crescent Capital Group
Sellers(s) Foreman Capital
Deal Type Secondary Buyout

Target

D. van der Steen

Utrecht, Netherlands
D. van der Steen is a provider of municipal asphalt maintenance in the region of Central Netherlands, North-Holland, and Limburg. D. van der Steen works as the main contractor on the basis of long-term maintenance contracts and is responsible for the annual maintenance of more than 10,000 kilometers of asphalt. D. van der Steen was founded in 1911 and is based in Utrecht, Netherlands.

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Buyer(S) 2

Buyer

IceLake Capital

Investor Investor Investor

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

IceLake Capital is a private equity firm focused on investments in medium-sized companies across Belgium, the Netherlands, and Luxembourg. The Firm seeks businesses operating in niche markets with solid cash flows, experienced management teams, and opportunities to grow through acquisitions. IceLake Capital was founded in 2018 and is headquartered in Amsterdam, the Netherlands.

DEAL STATS #
Overall 8 of 8
Sector (Construction) 2 of 2
Type (Secondary Buyout) 1 of 1
Country (Netherlands) 7 of 7
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-07 Quistor

Bergen op Zoom, Netherlands

Quistor is a provider of oracle partner specialized in oracle cloud technology and managed services. The company supports enterprise clients globally with implementation, integration, and management of their oracle products. Quistor was founded in 2005 and is based in Bergen op Zoom, Netherlands.

Buy -
Buyer

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 67 of 67
Sector (Construction) 1 of 1
Type (Secondary Buyout) 25 of 25
Country (Netherlands) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-04 Enhanced Resource Centers

Jacksonville, Florida, United States

Enhanced Resource Centers is a provider of customer experience management solutions with a focus on call center-based business process outsourcing solutions and accounts receivable management services to blue-chip clients in a variety of industries, including financial services, telecommunications, utilities, and student loan markets. Enhanced Resource Centers was founded in 1999 and is headquartered in Jacksonville, Florida.

Sell -

Seller(S) 1

SELLER

Foreman Capital

Amsterdam, Netherlands

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Foreman Capital is an independent Dutch investment firm focused on mid-sized trading, production, and service companies. Foreman seeks opportunities throughout Northwest Europe generating EBITDA of €2.5 to €25 million. Foreman will invest in a variety of investment situations, including MBOs, MBIs, successions, divestitures, turnarounds, and recapitalizations. Foreman looks to invest at least €2.5 million per transaction and will consider both minority (influential) and majority positions. Foreman Capital was formed in 2005 and is based in Amsterdam.

DEAL STATS #
Overall 7 of 7
Sector (Construction) 1 of 1
Type (Secondary Buyout) 4 of 4
Country (Netherlands) 7 of 7
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-25 Xomnia

Amsterdam, Netherlands

Xomnia is a consultancy organization in the field of data and artificial intelligence (AI). The company supports corporates and organizations in a wide range of sectors with the development of data and AI strategies, the construction of data platforms and infrastructures, the development of data science and analytical products and the boosting of data and analytics capabilities. Xomnia was founded in 2013 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-05 Authentic Cuisine Group

6851 TC, Netherlands

Authentic Cuisine Group is a distributor of Asian food products. The group has a complete product range of Asian food products and accessories, combined with a strong focus on customer satisfaction and delivery to the kitchen. Authentic Cuisine Group was founded in 1962 and is based in Huissen, Netherlands.

Buy -
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