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Portfolio Company News

2022-06-15
Portfolio Company News

Renta acquires L&E Maskin

Renta Group Oy (“Renta Group” or “Renta”) is strengthening its position in Sweden through the acquisition of Lars & Erik Maskin AB (“L&E Maskin” or “the Company”), one of the leading regional equipment rental companies in Northern Sweden. L&E Maskin has three depots located in Umeå, Lycksele and Sundsvall. The Company has more than 30 employees and generates revenues of approximately SEK 100 million annually.

With the acquisition, Renta will further strengthen its number three market position in Sweden and enter the northern region where it previously had no presence.

Network expansion in an attractive region

The acquisition is a step forward for Renta’s plan to build a nationwide rental network and following the acquisition Renta will have 50 depots across Sweden. L&E Maskin operates in fast-growing mid-sized cities which have a strong base of recurring demand. In addition, the region is attracting a significant amount of long-term infrastructure and industrial investments. Together with Renta, the Company is ideally positioned to benefit from growth opportunities in the region.

L&E Maskin’s local, entrepreneurial and customer-centric business model fits well with Renta. The Company has a good standing in the local market with a strong reputation within the industry and among customers. L&E Maskin will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s digital solutions.

Kari Aulasmaa, CEO of Renta Group, said:

“The acquisition extends our presence to the attractive northern region and furthers our ambition to build a nationwide network in Sweden. We are pleased to join forces with a profitable and growing company that shares our aspiration to provide excellent customer service locally. We are very happy to welcome the talented people of L&E Maskin to Renta.”

Lars Grehn, Co-founder of L&E Maskin, said:

“We are excited about the possibility to join Renta, a company that shares our values and vision. I am convinced that together with Renta and by continuing to operate our depots in the same spirit as before, we will become even stronger in our region.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.



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2022-06-9
Portfolio Company News

Renta acquires Lohke

Renta Group Oy (“Renta Group” or “Renta”) is significantly strengthening its position in Denmark through the acquisition of Lohke Materieludlejning A/S (“Lohke” or “the Company”). Lohke is a general rental company, with five depots located in the capital region, Esbjerg and Aarhus. The Company has more than 90 employees and annual revenues of approximately DKK 200 million.

Renta entered Denmark organically in 2021 and with this acquisition, Renta will become the fourth largest general rental company in the Danish market.

Continued strategy execution – an excellent fit for Renta

The acquisition is a natural step in Renta’s strategy to strengthen its position and grow in Northern Europe. Following the acquisition Denmark will become a sizeable segment further diversifying operations and making Renta truly pan-Nordic.

Lohke’s local and lean business model as well as its strong track record of profitable growth makes it an excellent fit for Renta. Lohke will continue to serve its customers with the same local approach and high-quality services as before, while further benefitting from implementing Renta’s cutting edge digital solutions. The strong market position and experienced management team create a solid foundation for continued growth in Denmark.

Kari Aulasmaa, CEO of Renta Group, said: “Lohke is an excellent fit for us as it has grown profitably while maintaining a local touch to business. It’s a platform with a strong market position, a presence in attractive parts of the country and a reputation of providing high-quality services appreciated by its customers. We are thrilled to join forces with the Lohke -team and look forward to the journey ahead.”

Carsten Lohmann, CEO of Lohke, said: “We have been looking for a partner to help us further develop our business and we are happy to say that Renta is the perfect match for us. Renta entered Denmark recently but the management and most of the employees are very experienced rental professionals. Renta has access to capital and products which we previously didn’t have and importantly, Renta shares the same values that we have followed for the past 16 years. We have been working hard on digitalizing Lohke for the past years and are thrilled to get access to Renta’s top-notch digital solutions. With the digital capabilities we will be able to further develop our business helping both employees and customers in terms of “work smarter not harder”. Lohke has a solid customer base, a good reputation and deep knowledge of the Danish rental market. I’m certain that together with Renta we will become even stronger and with time become the preferred partner for customers on the Danish rental market.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

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2022-06-2
Portfolio Company News

Renta acquires Uprent

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire SIA Uprent Group (“Uprent” or “the Company”), a leading specialised pumping company providing dewatering and bypass solutions in the Baltics and Poland. The Company has 13 depots across Latvia, Lithuania, Estonia and Poland. Headquartered in Latvia, Uprent has more than 100 employees and annual revenues of approximately EUR 11 million.

The acquisition marks a continuation in Renta’s strategy to be a leading equipment rental company in Northern Europe. Renta will enter specialised pumping, which is an attractive and sizeable rental niche, especially in Poland and the Baltics, where pumping is typically required on construction sites due to wet soil conditions. Geographically, Renta will strengthen its position in Poland and gain entry to the Baltics, further broadening its presence in Northern Europe.

Uprent is an excellent fit with Renta as it is a professionally managed, high-quality company, with strong profitability and leading market positions. Similar to Renta, the Company has a lean structure and country-driven organisation. Uprent will continue to operate and provide services with the same well-functioning local business model as before. Renta sees significant potential in growing the business in Uprent’s current markets and further scaling operations by expanding specialised pumping into the Nordics, benefitting from Renta’s existing presence.

Kari Aulasmaa, CEO of Renta Group, said:
“We consider specialised pumping a highly attractive niche rental segment, where Uprent is the clear market leader in the Baltics and Poland. We are very delighted to join forces with this high-quality company where we see a talented team and significant further growth potential.”

Martins Egle, CEO at Uprent, said:
”We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious future plans. We consider this transaction as a high evaluation of our success until today. Being aligned with Renta Group in the future provides us with excellent opportunities to expand geographically and to further develop our product range, technical capabilities and professional expertise.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

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2022-04-20
Portfolio Company News

Blanchon, a leading European player in protective and decoration coatings and paints for the home improvement market, accelerates its international growth with the acquisition of RIGO in the Netherlands

Lyon, April 20th 2022. Blanchon Group announces the acquisition of Rigo Verffabriek and Rigo Verfcentrum, a Dutch family-owned business (“the Company”, “the Group” or “RIGO”), specialising in the design and manufacturing of finishing products for wood and paints for heritage buildings, dedicated to professional customers.

This acquisition is part of the Blanchon Group strategy to accelerate its international growth and become a European leader in protection, maintenance, renovation and decoration of indoor and outdoor wood surfaces and vinyl flooring. With very strong product brands, including Skylt, Step, Royl, Toplin and Skyn combined with significant sales growth over the last decade, RIGO has become the market leader in the wooden floor segment in the Netherlands. The Company operates from Ijmuiden, Netherlands and this site will be added to the well-established European subsidiaries of Blanchon, to accelerate the group international business growth.

Leveraging on the complementary combination of the Blanchon and RIGO product lines and strong brands awareness, as well as on their respective client portfolios, this acquisition allows Blanchon Group to become the wooden floor market leader in The Netherlands for professionals. Further to the acquisition of Ciranova in June 2021, the Blanchon Group is fully established as the market leader in the Belgium, Netherlands and Luxembourg area, representing the largest region, next to France.

RIGO’s previous owners and top management will remain fully involved in the company and takes over the overall responsibility for the Benelux region, and have invested into the Blanchon group alongside with current shareholders.

Guillaume Clément, President and CEO of the Blanchon Group, said: “We are very pleased to welcome the talented RIGO team to Blanchon Group. The acquisition of RIGO is a perfect match. RIGO has family roots like Blanchon and a deep entrepreneurial spirit forged by three generations since 1938. RIGO’s product quality and brand reputation, combined with its strong expertise in flooring and furniture, are key success factors. Furthermore, RIGO has invested substantially in developing a sustainable product offering, which includes the iconic Toplin product range. We are now in a position to offer the largest wood care product offering, both for indoor and outdoor applications, under three complementary and highly recognised brands: RIGO, Blanchon and Ciranova. All products will be locally available in the Netherlands with the ambition to fully support our Dutch professional customers’ business growth.”

Toon Van Westerhoven, Co-owner of RIGO, said: “We are very pleased to join Blanchon Group as we share the same DNA and values. It is for this reason that myself and my brother, Machiel Van Westerhoven, decided to sell our shares to Blanchon. We have succeeded in building a strong brand in the Netherlands to date and it is now time to build a stronger company. By joining Blanchon Group, we can benefit from the combined knowledge, techniques and assets.”

Michael Van Westerhoven, Co-Owner of RIGO, added: “The acquisition will allow RIGO to expand into new market segments and countries while leveraging the Blanchon Group organisation and indeed, it will further strengthen RIGO’s position in the Benelux region. This is a great journey to embark on and a promising new chapter for our company.”

Contact Details:
Blanchon Group: Alexia Fleury – afleury@blanchon.com,
Rigo Verffabriek: Toon Van Westerhoven – toon@rigoverffabriek.nl

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2022-03-21
Portfolio Company News

Primary sells ICS Learn to Skill and You

Primary Capital Partners (“Primary”) is pleased to announce the sale of leading online professional education platform ICS Learn (“the Business”) to Skill and You, a vocational e-learning provider, backed by IK Partners since 2021. The transaction value is undisclosed.

ICS Learn provides online professional training, accredited by industry-leading awarding bodies in sectors including Human Resources, Accounting and Leadership and Management. The Business employs a highly scalable digital-only business model, using best-in-class technology to deliver its training across B2B and B2C markets. The deal enables Skill and You to expand further across Europe’s professional and vocational training markets. ICS Learn will maintain its market-leading brand and the management team will remain in place.

Primary acquired ICS Learn in 2018. Since then, the Business has seen significant international growth, establishing operations in the Middle East. It has also made two highly successful acquisitions, both in the HR Training sector, DPG in October 2020 and Acacia Learning in January 2021.

Oliver Melliss, Partner at Primary, commented: “It has been a pleasure to support ICS Learn and its management team as the Business went from strength to strength in the delivery of market-leading online professional training. It has remained focused on ensuring the highest quality of training to its students, whilst implementing an ambitious plan which has included significant overseas expansion and two very meaningful acquisitions. We are proud to have been involved during this period of growth and wish everyone at ICS Learn all the best for the future.”

Colin Kennedy, CEO of ICS Learn, added: “We selected Primary as our investment partner because we liked and trusted the people and our faith has proven to be well placed. They have bought into our strategy and supported us when we introduced new elements to our growth plan throughout the cycle. We are grateful for their support and wish them all the best for the future.”

Eric Petco and Sonia-Levy Odier, Managing Directors of Skill and You, said: “We are very pleased to welcome ICS Learn to the Skill and You team and are excited to see what our combination will bring. Acquiring the Business is the natural next step for us as it will help us to realise our ambitious growth plans and enable entry into the UK market. We have been very impressed with ICS Learn’s growth to date and look forward to the years ahead.”

Houlihan Lokey (Simon Gluckstein, James Local and Tom Mendham) advised and led the process for the shareholders.

Financière de Courcelles (Martine Depas) and 8 Advisory (Justin Welstead) advised and led the process for Skill and You.

Contacts:
Primary Capital Partners
Tel: +44 (0) 20 7920 4800
Email: oliver@primaryeurope.com

Skill and You
Email: e.petco@skillandyou.com
s.levy@skillandyou.com

Primary Capital Partners LLP is authorised and regulated by the Financial Conduct Authority. The material in this press release is for information purposes only and has been issued by Primary Capital Partners LLP.

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2022-03-9
Portfolio Company News

Sofia Développement invests in Comptasanté

Sofia Développement (“Sofia” or “the Group”), a major e-health player is pleased to announce that it has invested in Comptasanté, one of the leading online accounting players dedicated to independent healthcare professionals.

Founded in 2014 in Nantes by Yvan Bosser, Comptasanté is one of the leading players in online accounting dedicated to independent medical and paramedical professionals. Recognised by practitioners for the quality of its service and level of support, Comptasanté successfully combines a human and digital approach to best meet the specific needs of its clients.

Based on cutting-edge technology, the solution combines a digital accounting application, an artificial intelligence module and a personalised support service. Each client benefits from the expertise of a dedicated and available chartered accountant. With more than 5,000 clients, including 1,400 physiotherapists, 1,300 independent nurses, 1,000 doctors, as well as speech therapists, osteopaths, dentists and midwives, Comptasanté ‘s turnover has tripled over the past three years, with an annual growth of more than 40%. It now employs nearly 55 people and plans to double its workforce within three years.

After finalising its own fundraise with IK Partners, Extens, Capital Croissance and Bpifrance, Sofia’s investment in Comptasanté marks the Group’s ambition and realises a new strategic step in the extension of its offering. Sofia intends to leverage the complementary nature of the solutions, Sofia (Albus, Topaze and Télévitale) and Comptasanté brands’ reputation, as well as the respective customer portfolios. This association should generate several commercial and operational synergies between the two companies, which will be brought together in common offices in Nantes, where Sofia’s mobile development team is already present. The newly formed Group has a turnover of more than 20 million euros.

As a guarantee of stability, Comptasanté’s management team will remain highly involved in the combined entity through its investment. This will allow for further strengthening of the current dynamic, maintenance of the level of expertise and ensure continuity in the ongoing and future growth projects.

Jean-Marc Salvan, Founder of IDEA, Chairman of Strategic Committee and Managing Director of Sofia: “We are delighted to join forces with such an innovative player that is Comptasanté and take the next step in Sofia’s development. The strong complementary nature of our offerings comes with a common approach centered around client satisfaction and understanding of their needs.”

Geoffroy Lapointe, CEO of Sofia: “We are very pleased to welcome the Comptasanté team to Sofia and are excited by the upcoming development and synergy opportunities for the Group. Thanks to this acquisition, we are strengthening our unique positioning in the market allowing us to offer our community of healthcare professional clients a complete, differentiated and innovative service offering. This operation confirms our willingness to pursue an ambitious build-up plan.”

Yvan Bosser, Founder of Comptasanté: “The synergies between Comptasanté and Sofia are a true opportunity for Comptasanté to pursue its growth plan alongside a leading e-health player in France. We are excited to bring our tech-enabled service expertise to the Sofia Group.”

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