IK Partners (“IK”) is pleased to announce that the IK Partnership III (“IK PF III”) Fund has signed an agreement to acquire a minority stake in Seventeen Group (“Seventeen” or “the Group”), a leading independent insurance and risk management organisation in the UK, from the founding shareholders and management team. This transaction represents IK’s first investment in the UK Insurance market, building on a well-established track record of supporting similar businesses across Europe. Financial terms are not disclosed and completion of the transaction is subject to customary regulatory approvals.

Founded in 1982 and headquartered in London, UK, Seventeen is a multi-disciplinary insurance group which provides a comprehensive range of services, including broking, underwriting, risk and claims management.

The Group comprises:

• James Hallam, a UK-wide brokerage platform focused on serving commercial, personal, specialty and high-net-worth clients domestically and globally.
• Touchstone, a specialist independent managing general agency servicing more than 550 brokers.
• London Re, a joint venture with MRH Trowe and domiciled in Düsseldorf, Germany.

At present, Seventeen operates from 25 offices across the UK, DACH and the Isle of Man, collectively managing around £400 million in premiums.

The investment represents a major milestone in Seventeen’s history. With the support of IK, the Group aims to further accelerate its growth, enhance innovation and leverage technology to capitalise on attractive opportunities in new and existing markets — all while staying true to the core values that have shaped the business to date.

Paul Turner, Executive Chairman and Paul Anscombe, CEO, said: “Seventeen Group is proud to be the UK’s longest-serving independent insurance distribution group of scale. As we enter this next phase of growth, we are delighted to welcome the team at IK who share the passion and belief that our independent model provides a differentiated proposition for our clients, acquisition partners and colleagues. This long-term investment reflects the conviction in our strategy, the opportunities ahead and most importantly, is testament to the hard work of our staff which has enabled a great business to be built.”

Adrian Tanski, Partner at IK and Advisor to the IK PF III Fund, added: “We have been very impressed by Seventeen’s journey to date and believe that the Group is well positioned to continue its strong development, off the back of its strong customer service focus, broad coverage of the value chain and longstanding expertise in the insurance brokerage and underwriting space. We are excited to work with both the Pauls and their team to further develop the Seventeen platform and pursue consolidation opportunities in the UK and beyond.”

For further questions, please contact:

Seventeen Group
Jackie Knight
Group Marketing and Events Director
Phone: +44 (0)7824 486319
jackie.knight@seventeengroup.co.uk

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

Beringen, Belgium – Plastiflex Group N.V. (“Plastiflex”, “Plastiflex Group” or “the Group”), a leading manufacturer of high-end tubing systems and custom components is pleased to announce that it has made two transformational acquisitions with the addition of both Smooth-Bor Plastics (“Smooth-Bor”) and TIK d.o.o. (“TIK”). These investments will further enhance the global growth and technological leadership profile of Plastiflex by consolidating the Group’s strong position in the fast-growing respiratory care market and by adding new end-markets with high growth potential to its fluid management segment (such as filters or bloodlines for dialysis patients).

A Strengthened Group

The acquisition of Smooth-Bor strengthens Plastiflex’s leading position in tubing systems for the rapidly- growing respiratory care market, while the acquisition of TIK provides Plastiflex entry to the catheter manufacturing market to complement its current healthcare fluid management offering. The Group will now have 12 manufacturing facilities globally, with 7 dedicated healthcare facilities in North America (USA and Mexico), EMEA (Germany, Slovenia and Turkey) and Asia (China and Malaysia).

Since IK Partners’ investment in 2021, Plastiflex Group has accelerated its buy-and-build strategy, making a total of four add-on acquisitions in the Healthcare sector. At present, the Group expects to generate approximately €200 million in sales and roughly €50 million in EBITDA in 2025, with the vast majority derived from customers in the sector. Plastiflex envisions a clear trajectory to continue its growth, aiming to double its sales in the coming years by leveraging its current footprint and client portfolio in these fast-growing end markets while continuing to execute on its buy-and-build strategy.

Smooth-Bor

Founded in 1971 and headquartered in California, USA, Smooth-Bor is a leading healthcare company, specialised in the production of corrugated heated tubes for continuous positive airway pressure (“CPAP”) devices, as well as other tubing systems and masks for the respiratory care market with a specialisation in sleep apnoea. The company employs over 100 people who are based across its manufacturing sites in North America and Malaysia.

Through the partnership with Smooth-Bor, Plastiflex will be able to further consolidate its leading position in the market and utilise additional production capacity in USA and Southeast Asia, in line with the Group’s operational strategy of regional self-sufficiency.

Smooth-Bor will continue to be led by CEO Eric Carlson as well as President and CFO Steve Caiozzo.

TIK

Established in 1971 and headquartered in Kobarid, Slovenia, TIK is a leading manufacturer of disposable medical devices, specialised in the production of coated urethral catheters and follicle aspiration needles. The company also produces a wide range of tubing systems for other applications in the field of respiratory care, gynaecology and gastroenterology. At present, TIK employs over 90 people.

By joining forces with TIK, Plastiflex will be able to further extend its product portfolio in the fluid management market space and utilise additional production capacity in Europe, in line with the Group’s operational strategy of regional self-sufficiency.

TIK will continue to be led by Managing Director Petra Borovinšek, who has been in place since 2018.

Piet Gruwez, CEO of Plastiflex, said: “We’re delighted to announce the acquisitions of Smooth-Bor and TIK as we continue to strengthen Plastiflex’s as a leading medical device manufacturer of tubing systems. The acquisition of Smooth-Bor will further strengthen our leadership position in the fast-growing respiratory care market, while the acquisition of TIK provides us with access to the catheter manufacturing market, a market with huge growth potential for the group. We look forward to working closely with the employees of both companies to integrate them fully within the ever-evolving Plastiflex Group.”

Eric Carlson, CEO of Smooth-Bor Plastics, commented: We are very happy about the further development of Smooth-Bor within this strategic partnership with the Plastiflex Group and we are convinced that, together, we will be able to offer a further enhanced product portfolio to all our customers across the globe.”

Petra Borovinšek, Managing Director of TIK, added: “We are thrilled to be joining forces with Plastiflex, leveraging our shared experience to continue sales growth in Europe, further enhance our product portfolio and reinforce the Group’s position as an indispensable partner to distributors.”

For further questions, please contact:

Plastiflex Group
Piet Gruwez
Chief Executive Officer
Phone: +32 11 45 03 99
piet.gruwez@plastiflex.com

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Tecomatic (“the Company”), a leading Swedish provider of water treatment and erosion control solutions, from PEQ Invest (“PEQ”). IK will invest from the fund’s dedicated pool of Development Capital, alongside the management team who will be reinvesting. Financial terms of the transaction are not disclosed and the completion of the transaction is subject to regulatory approval.

Founded in 1985 and headquartered in Kalmar, Sweden, Tecomatic is a specialist in protecting critical infrastructure and purifying marine environments, with end-to-end solutions for water treatment and erosion control. The Company’s comprehensive water purification solutions include sediment removal, floating walls and silt screens, which remove pollutants from storm-, process-, leachate- and waste-water before discharging them into waterways. Tecomatic’s erosion protection segment extends across land and water, providing customisable concrete mattresses and rock bags which prevent the spread of hazardous sediment as well as protect bridges, wind turbines and underwater cables.

Tecomatic operates throughout Sweden, mainly serving cities and municipalities as well as recycling, construction and infrastructure companies. The Company plays an important role in building awareness around the importance of water treatment, which drives demand throughout the value chain.

Emil Eriksson, Head of Water Treatment at Tecomatic, said: “Since merging with Järven Ecotech in 2022, Tecomatic has successfully integrated operations and broadened its product offering, executing numerous projects and establishing a recurring customer base. As we enter the next phase of growth, we are delighted to welcome the IK team, who brings both significant experience and expertise in the Nordics and beyond.”

Patrik Stockhaus, Director at IK and Advisor to the IK SC III Fund, added: “We are excited to be partnering with Tecomatic, which has demonstrated strong growth and an attractive pipeline in Sweden and the rest of the Nordics. The Company also provides essential flood control, water protection and soil erosion solutions, all of which are helping to strengthen resilience against growing environmental challenges. IK has a long history of supporting Industrials businesses and we aim to leverage our expertise to further consolidate Tecomatic’s position in the market.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

Leading accountancy and advisory services provider to the SME market, Dains Group (“Dains”), announces that it has made its first acquisition since securing private equity backing from IK Partners (“IK”) in a move that reinforces a growing intention to build the leading SME advisory business in Scotland.

Consilium Chartered Accountants, based in Glasgow, has joined Dains Group, which significantly strengthens the client proposition in corporate tax, audit, and corporate finance. The team in Scotland is now almost 200 people strong, with offices across the central belt.

Consilium has a strong reputation as being a highly customer-centric, personable, and progressive business that has built a highly talented team since its establishment in 2013. “We were attracted to Consilium because of their advisory mindset and strong cultural values,” said Graeme Bryson, Scotland Managing Partner at Dains Group. “It is our ambition to collaborate with our clients, to provide timely and well thought through advice based on a detailed understanding of what they are trying to achieve, and this has been the cornerstone for Consilium’s rapid growth, making them obvious strategic partners.”

David Holt, Partner at Consilium, commented: “Dains approached us with a clear vision for delivering a market-leading advisory proposition for our clients, in a group that believes in providing great careers for its team. Upon joining the group, we enhance the range of services open to our clients and look forward to building the business in Scotland for the benefit of all our stakeholders.”

“We are delighted to welcome Consilium to the Dains Group,” said Richard McNeilly, CEO of Dains Group. “It is rare that we meet such an enterprising and client-focused leadership team and the opportunities we can create together in Scotland and across the UK and Ireland are substantial. We are building a very compelling proposition in Scotland, having previously partnered with William Duncan & Co., and Condies. Our group comprises over 850 people and we are determined to continue improving the proposition for our clients and the career opportunities for our talented team.”

Pete Wilson, Partner at IK, added: “It is fantastic to welcome Consilium to Dains, which represents the 11th acquisition by the group since 2021. Dains has a clear ambition to differentiate itself, through offering a high-quality, value-adding, comprehensive suite of services for its customers, whilst engaging with the best delivery team in the SME market – I know the team cannot wait to get started.”

Dains were advised by DSW (financial and tax due diligence), Forward Corporate Finance (Financial Modelling), Deloitte (Tax Structuring) and CMS (Legal). Consilium were advised by Vialex (Legal).

London, United Kingdom – IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in HSL Compliance (“HSL” or “the Company”), a leading provider of environmental compliance services in the UK, alongside the management team who are re-investing as part of the transaction. This follows HSL’s successful six-year partnership with LDC, the private equity investor which is part of Lloyds Banking Group. LDC is also reinvesting in HSL for a minority stake alongside IK as the majority owner to support the continued growth of the business. Financial terms of the transaction are not disclosed and completion is subject to customary regulatory approvals.

Headquartered in Herefordshire and founded in 1976, HSL is a leading UK environmental testing, inspection, certification and compliance (“TICC”) company which provides a range of services across water hygiene, water treatment and other compliance activities. The Company boasts extensive national coverage with 19 offices across the UK and Ireland and employs approximately 650 people who serve a diversified base of more than 370 customers across a variety of private and public sectors, including Food and Beverage, Manufacturing, Facilities Management, Healthcare and Education.

Since LDC’s investment in 2019, HSL has quadrupled pro-forma revenues to £77 million and doubled headcount to 650 employees, establishing itself as a high-quality business capable of meeting the needs of nationally or regionally complex estates seeking a full-service provider for water hygiene and treatment services, alongside fire and air compliance services. With LDC’s support and follow-on funding, HSL has delivered a successful M&A programme and completed 11 bolt-on acquisitions, significantly increasing the breadth of its UK coverage and client base.

In partnership with IK, HSL will aim to lead the market in delivering solutions that keep its clients’ people protected, their businesses compliant and their environments safe. Through its extensive experience of investing in TICC platforms, IK will work closely with the HSL management team to accelerate growth both organically and through further consolidation of its target markets.

Gavin Hartley, CEO of HSL, said: “HSL has grown tremendously since inception and with the recent add-on acquisitions, I believe we have built an extremely solid foundation for the future. With the support of LDC, we have established HSL as a market-leading TICC service provider in the UK. The new partnership with IK will allow us to continue executing a targeted buy-and-build strategy and explore new opportunities to broaden our service offering. I’d like to take this opportunity to thank the LDC team for their unwavering support over the last few years and look forward to working with them alongside the team at IK.”

Tom Salmon, Partner at IK and Advisor to the IK SC III Fund, added: “We have been closely following the progress made by HSL in recent years and have been impressed by its unwavering commitment to quality and service delivery. We are looking forward to working with Gavin and his experienced team in their efforts to drive continued growth, by utilising our experience and expertise in executing successful buy-and-build strategies, while also supporting growth across a range of operational initiatives.”

Jonathan Bell, Managing Partner at LDC, added: “This has been a truly transformational period for HSL following the carve-out from global testing, inspection and certification group Kiwa in 2019. Since then, Gavin and the team have delivered on an ambitious growth strategy, underpinned by investment in its proposition and a series of successful strategic acquisitions. We’re excited to support HSL alongside IK as it continues to capitalise on high demand for its market-leading services in an attractive sector.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

LDC
Jamie Williamson
Citypress on behalf of LDC
Phone: +44 7908 536 423
Jamie.Williamson@citypress.co.uk

IK Partners (“IK” or “the Firm”), a leading European private equity firm, is pleased to announce that it has opened a new office in Munich, Germany as part of its ongoing commitment to investing in the DACH region.

The Munich office will be led by Joachim Dettmar, Partner within IK’s Operations Team and Adrian Tanski, who has been promoted to Partner and sits within the Partnership Fund team. Previously based in IK’s Hamburg office, Adrian joined the Firm as an Associate Director in the DACH Mid Cap team in 2018, where he was involved in a range of transactions, including the exit of KLINGEL Medical Metal in 2023 as well as the acquisitions of MÜPRO in 2022 and CONET in 2021.

IK’s Partnership Fund strategy was launched in 2019 and targets larger, more established businesses at the higher end of the mid-market. IK invests alongside existing owners or new partners through minority positions.

In addition, IK is delighted to announce two further promotions to Partner across the Firm’s Hamburg and London offices:

• Ingmar Bär – Development Capital Investment Team, Hamburg
• Alexandra Kazi – Finance and Administration Team, London

Christopher Masek, Chief Executive Officer at IK, commented: “After what has been another very successful year for IK, we are delighted to celebrate the contributions of Adrian, Ingmar and Alexandra, whose commitment and efforts have been recognised through their promotions to the Partner Group. Furthermore, we are reinforcing our well-established base in the DACH region with the opening of a new office in Munich, helping to cement our position as one of the leading partners to European small and medium-sized enterprises.”

Adrian Tanski, Partner at IK, commented: “I am thrilled to be heading up IK’s new Munich office, together with Joachim, to strengthen our presence in the dynamic and attractive DACH market. Munich’s thriving economy, strong industrial base and access to high-calibre talent make it an ideal location for expanding our reach and originating exciting investment opportunities.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

ENDS

Adrian Tanski

• Adrian Tanski joined IK in 2018 and is the Partner responsible for the DACH Partnership Fund Investment team, based in Munich.
• He specialises in the Industrials sector and has been involved in several Mid Cap and Partnership Fund transactions across the DACH region.
• Prior to joining IK, Adrian worked at Emeram Capital Partners, having gained an MBA from London Business School as well as a BA in Business Administration from the University of St. Gallen.
• In addition to his professional skills, Adrian is an accomplished concert pianist.

Ingmar Bär

• Ingmar Bär joined IK in 2018 and is the Partner responsible for the DACH Development Capital Investment team, based in Hamburg.
• He has been involved in several Small Cap and Development Capital transactions across the DACH region.
• Prior to joining IK, Ingmar worked at Triton Partners, having gained an MBA from INSEAD, a MSc in Finance from Bocconi University and a MSc in Accounting from Rotterdam School of Management.

Alexandra Kazi

• Alexandra Kazi joined IK in 2017 and is the Partner responsible for Tax, Legal and Corporate Operations at IK.
• She has responsibility for structuring matters across IK, its funds and transactions, as well as oversight of tax reporting, governance and various operational initiatives.
• Prior to joining IK, Alexandra was employed at PwC, having qualified as an ACA Accountant and gained a BSc in Economics and Chinese Studies from the University of Nottingham.