Mid-market in brief

  • ABN AMRO Capital has acquired holiday parks operator Roompot in a secondary buyout from fellow Dutch private equity firm Bencis Capital Partners. After the sale, management will remain an important shareholder in the company. Bencis bought Roompot in March 2003 and has subsequently pursued a growth strategy that doubled sales and profitability. This growth was achieved organically and through acquisitions of various holiday parks, including Weerterbergen, de Katjeskelder and Kijkduin.

Roompot is one of the three largest holiday parks operators in the Netherlands and will have a turnover of some €125m in 2005. ABN AMRO Capital believes the European holiday parks market offers consolidation potential and has already built a presence in the UK holiday parks market last year with the acquisitions of GB Holiday Parks and Park Resorts.

  • In a second move, ABN AMRO Capital also purchased specialty chemicals distributor IMCD in a secondary buyout from AlpInvest Partners. This is the firm’s third acquisition in the Netherlands this year. Since it was bought by AlpInvest in early 2001, IMCD has continued a successful pan-European growth strategy aimed at strengthening the product portfolio and the geographical coverage of the company.

Besides organic growth, various smaller add-on acquisitions have been made and start-ups were realised in Poland, Austria, Hungary, Turkey and Russia. IMCD is a provider of sales, marketing and distribution services to suppliers and users of specialty chemicals, pharma and food ingredients.

  • Funds managed by CapMan will acquire the majority of Swedish Inflight Service, a leading travel retail company in the Nordic countries. The total value of the transaction is between US$50m and US$100m. The transaction will be made by a new company, and is expected to close in September, subject to the approval of competition authorities. After the transaction, CapMan funds will own 68% of the company, co-founders Johan Bjarke and Johan Kullander will own 23% and the company’s other key employees will own the remaining 9%.
  • Listed German private equity house INDUS Holding has acquired a 70% stake in Selzer Fertigungstechnik, a German system supplier for the automotive industry. The vendors are members of the Selzer family, who retain a 30% stake in the business. The transaction is estimated to be worth in excess of US$50m based on turnover multiples. In the 2004 financial year, the company generated sales of approximately €80m. Hans-Joachim Selzer, who has been managing director of the company for more than 20 years, will retain responsibility for operational development.