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SET Ventures exits Sensorfact to ABB

SET Ventures

SET Ventures has exited Sensorfact to ABB. Acquiring Sensorfact, a fast-growing energy management company headquartered in Utrecht, Netherlands, will further expand ABB’s digital energy management offering. The deal is expected to close in Q1 2025. Financial terms were not disclosed.

Established in 2017, Sensorfact offers a scalable software-as-a-service (SaaS) solution that helps small and medium-sized enterprises use AI in their operations and energy management to lower costs and increase efficiency. The company has more than 250 full-time employees in Utrecht, Amsterdam, Barcelona and Berlin and serves more than 1,900 customers across Europe.

SET first invested in Sensorfact in 2022 after being impressed by the drive of the founding team to build a disruptively easy-to-use product and highly effective sales machine. SET then followed on in Sensorfact’s recent €25M fundraise which saw the company reach highly ambitious growth targets and end in a great exit to ABB. Julia Padberg, Partner at SET Ventures and board member at Sensorfact says:

“Sensorfact has established itself as the European market leader in AI-powered industrial energy efficiency solutions and they are on a mission to eliminate all industrial waste. Partnering with ABB’s expertise, strong brand and global customer base will further accelerate Sensorfact’s growth. It has been inspiring to work with a management team that is so much in control of their operations and forecasts and that continuously plays into new industry trends with its innovative solutions. I will follow their progress within ABB with great interest.”

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “ABB and Sensorfact are on a mission to help companies improve their energy efficiency, reduce maintenance costs and boost production. ABB is expanding its portfolio of energy management solutions that use big data and AI to make electrical distribution and energy management both efficient and intelligent. This acquisition advances our digital strategy and provides an innovative way for customers to digitalise their manufacturing operations – helping them to become leaner and cleaner.”

Sensorfact’s SaaS solution includes plug-and-play sensors that measure consumption on machine-level and connect to a smart software platform. The company uses algorithms to analyse the data, identify energy-saving opportunities and provide easy-to-implement advice that is unique to each customer’s operations.

Sensorfact CEO Pieter Broekema said: “Sensorfact provides a single smart factory platform that enables customers to easily collect utility and production data and to reduce costs and carbon emissions. We help customers achieve significant savings and continue to innovate to help customers further reduce their industrial waste. We are one of the market leaders in Europe, and together with ABB we will bring our solutions to new global markets, faster.”

The International Energy Agency (IEA) report, Energy Efficiency: The Decade for Action, states that the world must double energy efficiency progress in the next decade in order to minimise the environmental impact of growing global energy demand. The report highlights the importance of leveraging digital innovation to drive smarter energy management.

 

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haydenyoung@setventures.com

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3i invests in OMS Prüfservice, a tech-enabled service provider for testing electrical systems and equipment

3I

3i Group plc (“3i”) today announces it has agreed to invest in OMS Prüfservice (“OMS”), the largest specialised service provider in testing electrical systems and equipment for B2B customers in the DACH region.

OMS provides electrical testing and certification services for B2B customers, an attractive end-market underserved by generalist providers that focus on larger enterprise customers. OMS has a fully-tailored, proprietary software platform, INSPEKTRA. This enables OMS to digitalise and automate its testing processes, maximising efficiency and allowing OMS to optimise its services down to an individual customer level.

OMS operates from 43 locations across Germany, Austria and Switzerland. This strong local presence, combined with its technology-driven processes, allows OMS to deliver high-quality services with unparalleled customer proximity.

OMS’s market-leading operations, widespread branch network and data-driven processes have generated a c.30% sales CAGR since 2019. The company is well positioned for future growth due to its geographic footprint, the increasing digitalisation of workplaces and increased outsourcing due to the demand for skilled technicians.

3i is investing to drive further growth in OMS’s core business while exploring new opportunities, such as testing electric vehicle charging infrastructure and photovoltaic installations.

Micha Erz, CEO, OMS Prüfservice, said: “We are very pleased to be partnering with 3i. It has a strong track-record of scaling high-growth, international companies and its experience in the testing, inspection and certification sector will be invaluable. With its support, we look forward to broadening our service portfolio to deliver even greater value to our customers and to address evolving needs in areas such as e-mobility. In addition, this partnership will enable us to achieve sustainable growth, create exciting opportunities for our employees and foster a strong, innovative and collaborative workplace culture.”

Peter Wirtz, Head of Private Equity, 3i, said: “As a value-added, tech-enabled outsourced service provider, OMS sits at the core of our Services and Software strategy. OMS combines an extensive footprint, best-in-class operations and a unique software platform to create a market-leading offering. We have been following their success for some time and are looking forward to partnering with Micha Erz and the team to capture the significant opportunities which lie ahead.”

 

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3i Group plc

Kathryn van der Kroft
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Silvia Santoro
Shareholder enquiries

  

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

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Kraaft – Why We Invested

Dawn

Construction is synonymous with low profitability – but at enormous scale. Worth $13 trillion globally in 2023 representing 7 percent of global gross output¹, the sector has seen productivity stagnate for decades with single digit profit margins permitting only modest investment in digitisation.  Companies typically invest 1 to 2 percent of their revenue in IT, compared with the 3 to 5 percent average across other industries². This has perpetuated the cycle of stagnation, but also presents an opportunity to transform the sector. A huge amount of value would be created with any innovation that delivers even a modest improvement in either revenue or operating costs – let alone one that could address both….

Enter Kraaft, which quickly and easily improves operations and helps construction companies make more money.

Founded by Thomas Reygagne (CEO), Marc Nègre (CPO) and Cédric Boidin (CTO) in Paris in 2020, Kraaft offers a one-stop mobile “super app” for managing construction projects. It solves the everyday problems with managing construction projects that eat away at profit margins: communication issues between HQ and site; safety hazards; complexity; lack of needed information; and lack of recording of change orders that can drive important additional revenue.

Kraaft centralises construction site activity with real-time group conversations, and features interactive project management tools for planning, photo geo-tagging, safety checks, and AI-powered workflows. With Kraaft, the head office knows exactly what is going on with projects on-site in real time, and has clear records thanks to easy report-generation and filing. Site managers automatically have their daily logs captured rather than having to re-key paper checklists or work through WhatsApps when they get home. And the tool allows firms to quickly prove they are hitting health and safety requirements and secure contracts – a key issue in the UK, one of Kraaft’s new markets. Finally, the tool allows for easy tracking and approval for change orders, avoiding disputes and delivering incremental revenue.

In short, Kraaft helps construction companies make more money. 

Construction is powered by people, so success in construction tech means success in making working lives easier. So it is crucial to the company’s success that as well as enhancing profit margins from day one, Kraaft is inexpensive to implement and construction workers actually like using the platform.

Kraaft is as accessible and easy to use as WhatsApp; it requires no user training and has already seen a very organic adoption on construction sites across Europe. It genuinely makes workers’ jobs smoother and brings joy in doing so: people have been using Kraaft for team-building as well as work purposes. Construction teams now use Kraaft to share beautiful mountain views from remote sites, celebrate birthdays, and organise after-work drinks. There are countless great, human stories with this product (not even including us on the deal team, sharing pictures from our Eurostar through to Paris for lunch with the Kraaft founders!)

This is just the beginning for Kraaft and its brilliant founding team.

Together, Thomas, Marc, and Cédric deliver tireless execution, empathic and successful customer acquisition, and the technological know-how to develop Kraaft even further and take it to the next level. They will use their Series A round to fund the development of new features – including API and Key Integrations to allow Kraaft to seamlessly connect with major US-based industry platforms like Procore – and accelerate growth across Europe, starting in the UK and Germany. Longer term, Kraaft plans to enter the US and Canadian markets. The company has already secured four North American clients without investing anything in marketing or promotion, and we are confident their success to date is just the start of a global journey.

We look forward to working alongside our friends Brick & Mortar, Chalfen Ventures, Stride VC and OSS Ventures as the Kraaft team takes on this enormous market, and urge everyone to look out for what is being Kraafted on the streets around you!

¹https://www.mckinsey.com/capabilities/operations/our-insights/delivering-on-construction-productivity-is-no-longer-optional
²“Gartner top strategic technology trends for 2022,” Gartner, October 2021.

 

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Coller Capital Expands Asia Pacific Presence with Singapore Office and Peter Wu joins Collers’s Private Wealth team

Coller Capital

Singapore, 21 January 2025 – Coller Capital, the world’s largest dedicated private market secondaries manager, has announced the establishment of its Singapore office, expanding the firm’s global footprint to serve its growing institutional and private wealth investor bases in Southeast Asia. Peter Wu, also joins the firm as Head of Product Management, Private Wealth, based in Singapore.

Jeremy Coller, Chief Investment Officer and Managing Partner of Coller Capital, commented: “The market for Asia Pacific private capital is rapidly maturing with rising market volumes, innovative transactions and a growing talent pool. Opening the Singapore office extends our commitment to the region and is another milestone in delivering our secondaries solutions to both institutional and private wealth investors in the Asia Pacific region.”

Coller Capital’s Singapore office is its fifth location in Asia Pacific alongside Hong Kong, Beijing, Seoul and Melbourne. Its Hong Kong office was opened in 2012 and serves as the firm’s hub for the region.

Peter Kim, Partner and Head of Asia and RMB, commented: “The Southeast Asian market presents significant opportunities for our business, with a growing appetite for secondaries among institutional LPs and private wealth investors. Our expansion into Singapore will allow us to meet this strong demand for investment solutions that offer enhanced liquidity, risk mitigation and diversification. We are delighted to welcome Peter to Coller Capital as his extensive experience in private wealth products will be invaluable.”

Mr Wu, who will be joined by two local investor relations colleagues, will work closely with Coller’s global Private Wealth Secondaries Solutions (PWSS) team to support the global expansion. Launched in 2023, PWSS provides private wealth investors access to the private equity and private credit secondaries market through a diversified, institutional-grade quality portfolio. In Singapore, Coller Capital will market funds to institutional and private wealth investors indirectly through licensed intermediaries such as private banks.

Mr Wu brings over 14 years of global industry experience and was previously the Global Head of Product Control at Partners Group, where he led product operations for private markets funds, with a focus on private wealth offerings. Prior to that, he spent seven years at BDO, managing audit and consulting engagements for global companies.

Coller Capital has offices in London, New York, Hong Kong, Beijing, Seoul, Luxembourg, Zurich, Melbourne, Montreal and Singapore. The firm has US$36 billion under management and 34 years of experience in the secondary private capital market.

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Bain Capital announces sale of co-living space in Spain to Greystar

BainCapital

  • Global Investment Manager adds circa 2,000 beds through transactions with Bain Capital to the Be Casa platform, representing €300m of Gross Asset Value.
  • Be Casa will now be available to customers in Barcelona and Bilbao with more new apartments added to well-established Madrid presence.

LONDON and MADRID – January 21, 2025 – Greystar, a global leader in the investment, development, and management of high-quality real state across the living sector, has expanded its flex living portfolio in Spain adding more apartments in Madrid and extending its Be Casa brand to customers in Barcelona and Bilbao.

Greystar has acquired three assets from Bain Capital, a leading global investment firm. The investment was made through Bain Capital’s Special Situations team in Europe and is part of the firm’s Spanish flexible living development strategy. The acquisition of the assets marks a significant milestone in the co-living Spanish market, showcasing Bain Capital’s pioneering efforts in this asset class. Be Casa has reinforced its position as the largest provider of flexible living in Spain with more than 4,800 fully furnished apartments (including pipeline).

The three BREEAM Outstanding new build assets are:

  • Alcobendas in Madrid with 888 beds, operational since July 2024 and demonstrating attractive rental growth.
  • Barakaldo in Bilbao with 639 beds, currently under construction and expected to be completed in March 2026.
  • Sant Cugat in Barcelona with 496 beds, also under construction and expected to be completed in July 2026.

Each building comprises studio, one, two and four-bedroom apartments with a range of resident amenities including co-working areas, restaurants, gym, pools, padel courts and large social areas enhancing the overall living experience.

Rafael Fernandez-Villaverde, Managing Director – Spain, Greystar, said: “Madrid, Bilbao and Barcelona are experiencing robust economic growth supported by thriving industry and a steadily increasing population. This has led to significant demand for high-quality rental solutions that offers short-, mid-, and longer-term options catering to the diverse needs of professionals, families, and international students. By pairing an already proven brand concept that is ready for expansion with Greystar’s global expertise, we are accelerating our growth in Spain while creating operational synergies that will deliver an even better living experience for residents.”

Rafael Coste Campos, a Partner at Bain Capital, commented: “The shortage of high-quality, affordable housing is a high conviction theme for the firm, one that we are poised to effectively address through our extensive research and local expertise. As demand for rental properties surges in gateway cities—areas that are persistently undersupplied—we see a significant opportunity to develop affordable, premium housing that surpasses conventional standards. These new developments will boast superior amenities and strong environmental credentials.”

David Cullen, a Partner at Bain Capital, added: “The collaboration between our deal and asset management teams, and the flexibility to create a specific capital solution, has been instrumental in delivering these important housing assets to the Spanish market.”

Launched in 2022 and owned by Greystar, Be Casa offers hybrid and accessible accommodation focused on the customer and their needs, bringing all the comforts of home with the convenience of a hotel. Be Casa currently provides a range of studio, one and two-bed apartments across three locations in Madrid totaling more than 2,500 fully -furnished apartments. Residents and guests can enjoy flexible stay options and adaptable living spaces, all with access to a wide range of modern amenities.
Advisors
Eastdil Secured and Cuatrecasas advised Bain Capital.
Jones Day, EY and CBRE advised Greystar as Legal, Financial and Tax advisors and technical advisors, respectively.

About Bain Capital
Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. For more information, visit www.baincapital.com

About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates nearly $315 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. With a focus on doing things the right way, Greystar is driven by the vision of delivering world-class results with integrity. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including approximately $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com

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Jason Lobo

Bain Capital Private Equity

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Bain Capital and Evergreen Medical Properties Expand Joint Venture into Washington, DC Area with Acquisition of Medical Outpatient Facility

BainCapital

2440 M Street, D.C.

BOSTON and ATLANTA — January 21, 2025 — Bain Capital’s real estate team and Evergreen Medical Properties (“Evergreen”), a company that invests in, leases and manages healthcare facilities, today announced the acquisition of an approximately 122,000 square-foot medical outpatient facility in the Washington, DC metropolitan area. The private transaction marks the entrance into the DC market for Bain Capital and Evergreen’s joint venture, which focuses on acquiring, renovating, and operating mission-critical medical outpatient facilities.

Located at 2440 M Street in the West End of downtown Washington, DC, the modern, best-in-class facility attracts patients from Georgetown and the surrounding metropolitan area, Virginia, and Maryland.  The 2024 renovated property is currently 83% leased to a diverse mix of clinical tenants.

“Our expansion into the D.C. market represents a natural extension of our thematic investing approach and partnership with Evergreen, which seeks to identify and add value to high-quality medical outpatient facilities,” said Joe Marconi a Partner at Bain Capital.  “Strategically located in the attractive West End submarket benefiting from its close proximity to George Washington University Hospital, we believe the facility is well-positioned to capture high-end, highly sought after providers while continuing to serve as a top destination for patients.”

“Evergreen Medical Properties is excited to enter the D.C. market through this destination medical outpatient building,” said Josh Richmond, President of Evergreen Medical Properties.  “As we earn the trust of local health systems and providers, we hope to expand our investments to others throughout the region.”

Bain Capital and Evergreen have curated a portfolio of institutional quality medical outpatient buildings in select markets throughout the U.S.  The joint venture is actively seeking to grow its portfolio of 34 facilities totaling 1.5 million square feet.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About Evergreen Medical Properties  
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers.  Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.

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Ardian secures record €3.2bn for sixth-generation Expansion fund

Ardian

Despite challenging fundraising environment, fundraise marked a 60% uptick in fund size compared to its predecessor and 10% above initial hardcap
• Diverse investor base with 120 new investors
• Fund will continue to invest in mission-critical, high-growth SMEs in Europe to create international champions

Ardian, a world-leading private investment house, today announced the successful raise of €3.2 billion for its sixth-generation Expansion Fund, Ardian Expansion Fund VI (AEF VI). The successful close highlights the strong support and confidence of Ardian’s global investor base. Of the 200 limited partners (LPs) participating in the fund, approximately 80 were returning investors from AEF V, contributing nearly half of the capital raised with an average 13% increase in their commitments. At the same time, AEF VI welcomed nearly 120 new investors, including more than 50 first-time Ardian clients, demonstrating the broad appeal and trust in Ardian’s Expansion investment strategy and track record.

Geographically, the fund has attracted a highly diversified group of investors, with LPs from 28 countries across the world, with notable growth in commitments from LPs in MENA, the Americas, Asia, the UK, the Nordics and the Netherlands. Ardian saw an uptick in commitments from pension funds and private wealth investors, with private wealth clients accounting for 25% of the fund’s LP base, compared to 16% for AEF V. This group includes 33 CEOs and members of senior management from previous Ardian Expansion portfolio companies.

Aligned with Expansion’s strategy, AEF VI aims to support high-growth industry leaders through equity investments ranging from €50 million to €300 million, targeting private mid-sized businesses led by committed and visionary entrepreneurs. Already 33% deployed, the fund has completed eight transactions in category-leading companies.

As a pioneer in the concept of sharing value, Ardian distributes a portion of its capital gains to employees of its portfolio companies at exit. To date, 81% of Expansion portfolio companies have benefited from this initiative, with 8,000 employees across 20 exits since AEF III receiving a share of the activity’s capital gains. Under AEF VI, an average of 250 employee shareholders per investment will benefit from this mechanism.

Ardian has also continued to strengthen its Expansion team, with 36 professionals across Paris, Frankfurt, and Milan, including 13 Managing Directors who have worked together for over 15 years, ensuring a strong culture. Their deep connections in local markets and multi-local presence allow them to support portfolio companies with cross-border opportunities, operational growth, and new customer acquisition. In 2024, the Expansion portfolio has demonstrated again an average double digit organic EBITDA growth. The team also has a proven track record of helping mid-sized companies scale through strategic acquisitions, with an average of five build-ups per portfolio company.

Additionally, the team is instrumental in sustainability transformations, with 95% of portfolio companies having conducted carbon footprint assessments by the end of 2024, 55% implementing GHG reduction plans, and all AEF VI sustainability-linked financings including carbon KPIs.

The fundraise announcement follows the recent close of Ardian’s first private equity Continuation Fund for Syclef, a leading European firm specializing in the installation and maintenance of refrigeration and air conditioning systems. Ardian’s Expansion team first invested in Syclef in 2020 and helped it consolidate its market position, including through M&A to expand internationally, and will now support it in its next stage of growth.

“If you build it they will come. Not just an inspirational quote from a great film, but the story of our record fundraise for Expansion. Against a challenging macro context, our swiftly secured fund size is down to the close and trusting relationships we have built with our investors; the strength of our track record and investment strategy; and the operational support we bring, across digital, AI, pricing and talent management, that helps our entrepreneurs grow their businesses.
The other story of this fundraise is the positive proof that Europe does still represent a Field of Dreams when it comes to direct private equity investment opportunities. We’re privileged to support just some of the many midcap companies that have the vision, energy and capability to grow into European and international champions. And the demand shown for our latest fund shows there is global appetite to play a part in that dream.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France and Head of Expansion, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

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ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Equistone portfolio company TIMETOACT GROUP acquires beBOLD and further strengthens its position in cloud consulting

Equistone

TIMETOACT GROUP, a leading provider of IT services for upper medium-sized companies, corporations and public institutions, is acquiring beBOLD, an independent consulting boutique for cloud-transformation projects. This acquisition marks TIMETOACT GROUP’s first acquisition of 2025 and eleventh overall since the Equistone funds acquired a majority stake in the business.

TIMETOACT GROUP, headquartered in Cologne, comprises specialised IT companies across 30 locations in Germany, Austria and Switzerland, as well as in Latvia, Malaysia, Singapore, Spain, Ukraine, Hungary and the USA. With over 1,350 employees and a comprehensive portfolio of software and consulting services, the digitalisation expert primarily concentrates on medium-sized and large companies from the industrial, financial and service sectors, as well as public institutions.

Funds advised by Equistone Partners Europe acquired a majority stake in the business in June 2021. Since then, TIMETOACT GROUP has successfully pursued a targeted buy-and-build strategy focused on strengthening the group’s service portfolio and accessing new market segments. In December 2024, the group completed the acquisition of Hungarian-based EverIT through its portfolio company catworkx, a transaction that will further strengthen its global Atlassian service portfolio. In the same month, the group also announced the acquisition of German business intelligence specialist JOIN(+) to expand its expertise in Big Data & AI. The integration of beBold now adds another high-growth player to the TIMETOACT GROUP, significantly enriches its group-wide expertise in holistic and independent cloud consulting and marks another important step in its successful expansion strategy.

Hamburg-based beBOLD GmbH is a fast-growing consulting firm specialising in cloud transformation and digital innovation. The company offers independent advice at every stage of its clients’ cloud journey, taking a holistic approach that combines strategic thinking with technical expertise. The two founders and CEOs, Joris Schoor and Marcel Böttcher, will continue to lead the company and, in partnership with the wider consulting portfolio, work to continuously enhance TIMETOACT GROUP’s offering to its customers.

“Our longstanding partnership with TIMETOACT GROUP has been an outstanding success, not only on a professional level but also in terms of culture and human connection, and we are therefore in no doubt that joining the group represents a win-win. This is a huge milestone for us, and in addition to giving us access to expertise and valuable business relationships, it will enrich our company’s services and enable us to serve all areas of the cloud journey from a single source,” said Joris Schoor and Marcel Böttcher, founders and CEOs of beBOLD.

“Acquiring beBOLD significantly strengthens our IT strategy consulting business and, in combination with our wider portfolio, means we can offer our customers comprehensive support on cloud-transformation projects from conception right through to implementation – regardless of whether they want to migrate to the AWS cloud, Azure, Google Cloud or a private cloud,” says Frank Fuchs, co-managing director of the TIMETOACT GROUP.

“The acquisition of beBOLD marks another significant milestone for TIMETOACT GROUP, further consolidating its position as a leading international player in independent cloud and digitalisation consulting. This acquisition is the latest step of an ambitious growth strategy, which focuses primarily on consistently expanding the group’s service portfolio and building long-term partnerships,” comments Moritz Treude, Partner at Equistone Partners Europe’s Munich Office.

Frank Fuchs, Christian Koch and Christian Reifenhäuser are responsible for the transaction on behalf of TIMETOACT GROUP. TIMETOACT GROUP was advised on the transaction by AC CHRISTES & PARTNER (Financial & Tax), de Angelis Rechtsanwälte (Legal) and McDermott Will & Emery Rechtsanwälte Steuerberater (Legal, antitrust law). The beBOLD shareholders were advised on the transaction by GÖRG (Legal) and Mertens Schabow Steuerberatungsgesellschaft Hamburg (Tax).

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Four leading audit firms join forces to establish a group focused on audit and advisory. Adelis becomes minority owner to support strategic investments and growth

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Adelis Equity

The group is formed by Crowe Osborne, Frejs Revisorer, RSM Göteborg and Qrev – four reputable audit firms recognized for their long-term customer relationships, highly qualified employees and leading positions within their respective markets. While maintaining their local brands and leadership, the firms will jointly invest in digitalization, quality assurance and employee development. The group aims to become the leading advisor for entrepreneur-led companies and other customers in non-regulated markets in Sweden.

The demand for audit and advisory services is growing rapidly, driven by an increasingly complex regulatory environment and the rising need for tailored and qualified advisory services. At the same time, audit firms increasingly need to invest in key areas such as digitalization and employee development. In order to address these trends, four leading audit firms have formed a group focused exclusively on audit and advisory for customers in non-regulated markets.

The strategic goal is to become the most attractive employer in the audit industry, while delivering the highest levels of customer satisfaction. Emphasizing entrepreneurship and long-term customer relationships, the group will continue to operate under local brands and leadership, while leveraging joint resources to invest in critical areas such as digitalization, quality assurance, employee development and recruitment.

Svante Forsberg, with extensive experience in the audit industry, will assume the role of Chairman. He comments: ”The group will be a unique market player, targeting a segment with significant customer demand. The firms will retain their long-term customer relationships and a strong entrepreneurial culture, while benefitting from being part of a larger group – truly the best of both worlds”.

The group will have combined revenues of SEK c. 400m and more than 200 employees and is well-positioned for growth. Adelis becomes minority owner to support strategic investments and growth through acquisitions of similar audit firms.

”Adelis has followed the audit industry closely over many years and sees an interesting shift in the market with new regulations and a continuing trend towards digitalization, creating attractive opportunities for a group with greater resources. We see significant growth potential and will seek like-minded entrepreneurs to join us on this journey”, say Erik Hallert and Jakob Wedenborn at Adelis Equity Partners

The transaction is expected to close in February 2025, subject to receiving all customary regulatory approvals.

For further information:

Svante Forsberg, Chairman

Phone: +46 733 972 210

E-mail: svante@kungskroka.se

Erik Hallert, Adelis Equity Partners

Phone: +46 709 36 80 41

E-mail: erik.hallert@adelisequity.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 44 platform investments and more than 250 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

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AnaCap signs agreement to acquire majority stake in DK Accountants & Adviseurs, a leading founder-led Dutch accountancy services provider

Anacap

AnaCap, a market-leading private equity investor specialised in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has signed an agreement for the acquisition of a majority stake in DK Accountants & Adviseurs (“DK” or the “Company”), a leading founder-led Dutch accountancy services
provider.

This acquisition marks AnaCap’s first investment in the Netherlands. It is also one of the first investments for AnaCap’s latest flagship vintage fund.

Founded in 1989, DK is an independent, full-service accountancy and advisory platform focused on providing accounting, tax, payroll, advisory and audit services to SMEs. The Company has grown from a single office to support clients across the Netherlands through its 12 offices. The business is led by a talented and experienced management team with a proven track record of delivering both organic and inorganic growth.

The accounting and audit market in the Netherlands has been experiencing steady growth, driven by longterm trends. The market is highly fragmented in nature, providing significant opportunities for further consolidation and enhancing operating leverage through scale.

Since 2019, DK has completed 8 acquisitions independently and has successfully integrated these businesses supported by significant investment in its IT platform, thereby enabling future scalability. Following AnaCap’s investment, DK aims to consolidate the fragmented Dutch accountancy market and continue to achieve above-market organic growth.

The Company’s seasoned management team, led by Founder and CEO Alber De Koning, will continue to steer the Company, ensuring important continuity as well as leveraging their deep industry expertise. AnaCap’s investment will enable the DK leadership team to significantly accelerate its M&A plans, supported by AnaCap’s extensive experience in executing successful buy-and-build strategies across the financial ecosystem in Europe. The partnership will also focus on driving operational efficiencies, expanding service offerings and enhancing client value with technology and innovation as the cornerstones of business excellence.

The transaction is subject to the information and consultation of DK’s employee representative bodies and to other customary closing conditions, including regulatory approval with respect to the audit arm of the Company. AnaCap received financial advice from KPMG and legal advice from  Linklaters.

Nassim Cherchali, Managing Partner at AnaCap, commented:

“We are thrilled to announce the signing of this majority investment into DK. This represents one of the first investments in our latest flagship fund with a number of other transactions already under exclusivity and progressing well towards the signing stage. DK presents as an appealing opportunity to invest in a fastgrowing market with a significant runway for future M&A activity. DK closely aligns with AnaCap’s core investment philosophy with an impressive and highly recurring revenue profile, strong client loyalty and a clear roadmap to margin expansion through both scale and productivity gains over time.”

Nicholas Montoute, Investment Director at AnaCap, added:

“We are delighted to announce our inaugural investment in the Netherlands with a leading accountancy platform. AnaCap’s investment in DK demonstrates our commitment to partnering with ambitious management teams to support and accelerate their growth ambitions. We are excited to work with the entire team at DK and are thrilled to welcome them to the AnaCap platform.”

Alber De Koning, CEO of DK, concluded:

“We are excited to partner with AnaCap, whose strategic vision and operational expertise align perfectly with our growth ambitions. This partnership will provide us with the resources and support to grow as well as deliver exceptional value to our client base.”

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