Investment Summary

Advent International, Taros Capital and Intermediate Capital Group Exits Raet

On August 24, 2011, private equity firm CVC Capital Partners invested in internet software and services company Raet from Advent International, Taros Capital and Intermediate Capital Group

Investment Highlights
  • This is CVC Capital Partners’ 1st transaction in the Internet Software and Services sector.
  • This is CVC Capital Partners’ 17th transaction in the Netherlands.
Investment Fate
  • Raet was sold to a consortium of financial buyers in 2016.
  • Raet was sold to a strategic buyer in 2018.

Investment Summary

Date 2011-08-24
Target Raet
Sector Internet Software and Services
Investor(s) CVC Capital Partners
Sellers(s) Advent International
Taros Capital
Intermediate Capital Group
Deal Type Secondary Buyout

Target

Raet

Amersfoort, Netherlands
Raet is a provider of HR cloud software and services. The company provides a cloud-based, integrated HR software suite covering the Human Capital Management needs of both large and small businesses globally. Raet was founded in 1965 and is based in Amersfoort, Netherlands.

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Investor(S) 1

Investor

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 142 of 328
Sector: Internet Software and Services M&A 1 of 8
Type: Secondary Buyout M&A Deals 16 of 78
Country: Netherlands M&A 17 of 22
Year: 2011 M&A 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-20 ConvergEx Group

New York City, New York, United States

ConvergEx Group LLC is an agency-focused global brokerage and trading related services provider that takes on the industry's toughest challenges, from complicated trades to complex businesses. With clients' interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 Delachaux Group

Colombes, France

Delachaux Group designs and manufactures high value-added products, systems and services critical to the safety, reliability and efficiency of its customers’ equipment and infrastructure. The Delachaux teams’ commitment and know-how reflect their passion for their customers’ businesses. The Delachaux Group provides solutions to half of the world’s railways, two thirds of the world’s seaports and half of the planes flying. It mainly serves the rail infrastructure, port, aeronautics, logistics and mining sectors. The Group has developed an undisputed know-how and renowned innovation capabilities. Delachaux Group was founded in 1902 and is based in Colombes, France.

Buy €1.1B

Seller(S) 3

SELLER

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 91.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 123 of 233
Sector: Internet Software and Services M&A 5 of 9
Type: Secondary Buyout M&A Deals 28 of 59
Country: Netherlands M&A 4 of 7
Year: 2011 M&A 9 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-19 Laboratorio LKM SA

Ciudad de Buenos Aires, Argentina

Laboratorio LKM S.A. (LKM) is a specialty pharmaceutical manufacturer in Argentina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-12 Maxam

Madrid, Spain

Maxam specializes in the design, development, manufacture, and application of energetic materials. It structures its activity into four business units: blasting solutions for mining, quarries, and civil works; cartridges and gun powders for use in hunting and recreational shooting; products and systems for the defense and security sector; and key raw materials for the nitro chemical industry. Maxam was founded in 1872 and is based in Madrid, Spain.

Buy -
SELLER

Taros Capital

Amsterdam, Netherlands

Category Private Equity Firm
Founded 1999
PE ASSETS 550M EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Taros Capital is a private equity firm focused on investing in 'healthy', established, and profitable businesses headquartered in the Netherlands, Germany or Belgium. Taros looks to invest in companies valued from €25 to €350 million with at least €5 million in EBITDA. Targeted transactions include corporate spin-offs, public to privates, secondary buyouts, investor buy-ins, and family/founder sales. Sectors of interest include automotive, industrial parts and equipment, chemicals, business services, leisure, and marketing. Taros Capital was formed in 2005 when the buyout team completed its spin-off from AlpInvest Partners N.V. The Group is headquartered in Amsterdam, with additional offices in Antwerp and Frankfurt.


DEAL STATS #
Overall 11 of 11
Sector: Internet Software and Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 6 of 6
Country: Netherlands M&A 5 of 5
Year: 2011 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Itho Daalderop

Schiedam, Netherlands

Itho Daalderop develops, manufactures and sells innovative heating, domestic hot water, ventilation, and control technology solutions. Itho Daalderop is based in Schiedam, Netherlands.

Sell -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 121 of 225
Sector: Internet Software and Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 51 of 86
Country: Netherlands M&A 4 of 10
Year: 2011 M&A 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-27 Souriau-Sunbank Connection Technologies

Versailles, Pennsylvania, France

Souriau SAS is a provider in connector solutions for industrial, military aeronautics and aerospace applications. The company makes a wide range of interconnection systems for severe environments (high pressure, extreme temperature, marine environments, exposure to electromagnetic or nuclear radiation, etc.)

Sell $705M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 V.Group

London, United Kingdom

V.Group provides mission-critical services to its customers, such as technical ship management, crew management, crew welfare services (e.g. catering, travel, and digital wallets & payment cards), leveraged procurement, technical services, specialist insurance broking, and modern shipping-specific digital solutions. V.Group was founded in 1984 and is headquartered in London, United Kingdom.

Sell $520M