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Portfolio Company News

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 –,
Rigo Verffabriek: Toon Van Westerhoven –

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.

Primary Capital Partners
Tel: +44 (0) 20 7920 4800

Skill and You

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.

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.”

Portfolio Company News

Renta acquires Utleiesenteret

Renta Group Oy (“Renta Group”, “the Company” or “Renta”) is strengthening its position in Norway through the acquisition of Utleiesenteret, one of the largest machinery and equipment rental companies in Eastern Norway. Utleiesenteret has over 80 employees across Drammen, Oslo, Kongsberg and Gardermoen, with an annual turnover of approximately NOK 300 million.

With the acquisition, Renta is taking a decisive step to become a truly Nordic player, building upon its established positions in neighbouring regions; the latter of which were achieved via the acquisitions of Flexleie and Byggesystemer in 2018 and 2021 respectively.

Through this latest addition, Renta will have more than 350 employees across 19 plants in Norway, with turnover for this region expected to surpass NOK 900 million.

A Local Foundation
Expanding its presence in Norway is a natural next step for Renta as it looks to further solidify its position itself for continued growth in new and existing markets. Utleiesenteret’s offering is complementary to Renta as it is a leading player in the region with a strong and successful track record. With customers receiving a broader offering, the Company will be able to realise its ambition and wider business objectives.

The acquisition secures access to the best technological and digital solutions and Utleiesenteret will continue to provide the same high level of service with a strong local foundation.

Kari Aulasmaa, CEO of Renta Group, said: “Utleiesenteret has shown solid growth and good profitability over time. It has a very strong market position in Eastern Norway with a formidable reputation, a clear green profile, updated machinery and offers high-quality service greatly appreciated by its customers. The emphasis on securing its local foundation suits us perfectly as this is central to our business strategy.”

Future Growth
Per Christian Voss, Chairman of the Board at Utleiesenteret, said: “This is fully in line with developments seen in the Machinery and Equipment industry. We are observing facilities increasing in size, rising specialisation with a growing demand advanced digital and technological solutions. In terms of future growth, being part of an international player will help us to achieve this. Utleiesenteret’s owners, who will continue to work for Renta, will also be reinvesting. I am convinced that this acquisition will ensure further successful development and we are looking forward to continuing our journey on an international scale.

For more information, please contact:
Renta Group Oy:
Kari Aulasmaa, CEO
+358 40 511 6445

Renta Norway:
Leif-Martin Drange, Managing Director
+47 951 08 070

Per Christian Voss, Chairman of the Board
+47 908 74 590

Portfolio Company News

Mecenat expands its platform into Finland through the acquisition of Frank

With more than 2 million students, alumni and seniors as its members, Mecenat AB (“the Company”) prides itself as a leading marketing technology platform and channel for vendors looking to reach specific affinity groups in Sweden. This is achieved through the provision of unique and relevant discounts.

Through the acquisition of Frank Students, known in Finland for its leading student identification and discount app Frank, Mecenat broadens its offering, taking the first step to become a truly international platform. The acquisition adds 160,000 students to the Company’s existing member base, further solidifying its position as a leading marketing technology platform.

Expanding into Finland, through the acquisition of Frank, is a natural next step for Mecenat as it looks to position itself for continued growth using its well-known brand and high user satisfaction as a firm foundation. Frank is a household name in the student community and complementary to Mecenat’s offering, which will help in the realisation of the Company’s ambitions and wider business objectives.

“While students keep on using the same Frank mobile app they’ve grown accustomed to, there’ll be plenty of new things we can now start building and offering for the Finnish student community together”, said Antti Eronen, CEO at Frank Students.

“We have demonstrated the scalability of our business model in Sweden and look forward to joining forces with Antti and his team at Frank as we continue our journey on an international scale”, said Jonas Odéhn, CEO at Mecenat AB.

For more information contact:

Jonas Odéhn, CEO at Mecenat AB

Tel: 073 922 01 11


Portfolio Company News

Exxelia invests in Alcon Electronics, expanding its offering in Film & Aluminum electrolytic capacitors and extending its footprint into India

PARIS, France and NASHIK, India, January 18th, 2022 – Exxelia, a leading designer and manufacturer of high-performance passive components and sub-systems, announces that it has completed the majority acquisition of Alcon Electronics on December 29th, 2021. Alcon is a leading Indian designer and manufacturer of catalog and custom-designed film & aluminum electrolytic capacitors, specifically serving the renewable energy, induction heating equipment, medical imaging, power generation, and railways end markets.

Established in 1977 in Nashik, India, Alcon Electronics offers a wide range of film and screw terminal aluminum electrolytic capacitors for power electronic applications. Through continuous innovation and a focus on R&D, Alcon meets the evolving customized requirements and high-quality standards of its products and enjoys long-standing relationships with both Indian and international clients.

Since inception, Alcon has heavily invested in its state-of-the art facility in Nashik, India, becoming a niche-market leader in the country and competing with large international players.

With this partnership, Exxelia will benefit from the unique engineering capabilities of Alcon centered around testing & instrumentation equipment, leveraging it extensively within the group.

Paul Maisonnier, Chief Executive Officer of Exxelia, said: “We are excited to have Alcon join the Exxelia family! Alcon is an established, niche-market leader with great technology, very talented and committed teams and deep business and technical knowledge. Thanks to Alcon, we significantly strengthen our film and electrolytic product portfolio, and we gain a foothold in India which will allow us to better seize opportunities in this booming region and support our French customers with regards to their offset obligations”.

Siddharth Sachdev, Managing Director and Chief Executive Officer of Alcon Electronics, added: “Alcon is delighted to be a part of Exxelia, a people-centric passive component group focused on high reliability products for professional markets. We found ourselves sharing common values and vision and we believe that this combination enhances the capabilities of both groups to serve our combined customer base in film & aluminum electrolytic capacitors both in India and globally.”

KPMG India acted as the exclusive financial advisor to the shareholders of Alcon Electronics and Lincoln International acted as the exclusive financial advisor to Exxelia, for this transaction. On the legal side, Pioneer Legal, India acted as the legal advisors to Alcon Electronics and BTG Legal, India acted as the legal advisors to Exxelia.

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