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.

Blinqx, a provider of cloud software solutions for small and medium-sized enterprises, corporates and service organisations, today announced that it has signed an agreement to invest in GeoDynamics (“the Company”), a leading Belgian software provider specialised in the development of innovative, high-quality and user-friendly applications for Human Resources (“HR”), planning and Financial Managers. Blinqx is acquiring its stake in the Company from the IK Small Cap II (“IK SC II”) Fund, a fund owned and managed by European private equity firm IK Partners (“IK”). Financial details of the transaction are not disclosed.

This transaction will see GeoDynamics become part of Blinqx as it looks to strengthen its software as a service (“SaaS”) solution for HR and Finance Managers. This new partnership underlines the international growth ambitions of both parties in the Benelux. Following completion of the transaction^[1], GeoDynamics will continue to operate independently within Blinqx, under the leadership of existing Managing Directors and Co-Founders Stijn Stragier and Peter Vermeesch. Both Stijn and Peter will also become co-shareholders in Blinqx.

Founded in 2004 and headquartered in Kortrijk, Belgium, GeoDynamics is a leading SaaS platform that automates, digitises and innovates complex time and activity registration and payroll processing for over 3,500 customers, predominantly within the Construction, Service & Installation and Cleaning sectors. Typical GeoDynamics users are in planning, finance, fleet and HR and use this SaaS solution to save significant time on repetitive, manual tasks and easily comply with relevant regulations. Under the leadership of Stijn and Peter, in 20 years, the Company has grown into a professional team with a leading position in its home country Belgium and solid growth ambitions in the Netherlands.

Since the acquisition of GeoDynamics by IK in December 2020, the Company has delivered consistent year-on-year revenue and customer growth. With the support of IK’s experienced team in the Benelux region, GeoDynamics has expanded its leadership, middle management and commercial teams to support customer growth. The Company has also launched several new product features.

Peter Vermeesch, Co-Founder and Managing Director at GeoDynamics, said: “Blinqx is a SaaS player capable of transforming the markets in which it operates through a combination of sector expertise, new technologies and connecting the best software into a total solution. The entrepreneurship of the Blinqx team is evident in every interaction and has also proven itself successful in a short period of time. Bringing the progressive nature of both parties together now helps us both grow even further. For instance, in cooperation with Blinqx, we can bring new features to the market at an accelerated pace.”

Stijn Stragier, Co-Founder and Managing Director at GeoDynamics, added: “Together with Blinqx, we can further expand our footprint in the Netherlands. Additionally, we can start providing our existing customer base in Belgium with connecting software modules and solutions for HR and Finance Managers, which will allow our users to save even more time in their daily business operations. I’d also like to take this opportunity to thank Sander, Frances and their team at IK for all their support over the last four years.”

Sander van Vreumingen and Frances Houweling, Partners at IK Partners and Advisors to the IK SC II Fund, added: “Since investing in GeoDynamics over four years ago now, we remain impressed with the expertise and experience brought by Stijn, Peter and their high-calibre team. During our partnership with them, the Company has grown substantially and we are proud of all that we have achieved together. With its acquisition by Blinqx, GeoDynamics has found a new home where the entrepreneurial spirit of founder-led management serves as a strong unifying force. We wish Stijn, Peter and their new owners every success in the future.”

Ruud van der Kruk, CEO Blinqx, commented: “Welcoming GeoDynamics is a huge step forward in realising our international growth ambitions, as well as expanding our offering in the key sectors we serve. GeoDynamics’ solutions are a great addition to our existing products for HR and Finance Managers, in which we already offer strategic financial planning, workflow management, procurement and data intelligence for Business Services in particular. This expansion underlines our philosophy as a connector of progressive software into a total solution for the user.”

[1] Subject to approval by the Belgian authorities

For more information, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

Stockholm, December 20, 2024

Picture from left to right: Rolf Rosenvinge, CEO Foresights; Anna Averud, CEO Truesec Group; Marcus Murray, Founder Truesec.

Truesec announces the acquisition of Foresights, a company specializing in cyber advisory and intelligence.

The combination of Truesec and Foresights will provide decision-makers and organizations with unique insights and tools to manage business risks.

35% of European enterprises will have dedicated budgets for cyber risk mitigation for the first time this year. This trend is driven by increased cyber threats and the need to protect against revenue loss, operational disruption, and reputational damage caused by these threats

Organizations are facing rapidly increased risks due to the current geopolitical landscape, digitization, and maturing cyber threats.

Decision makers are in urgent need of efficient solutions to navigate and mitigate cyber risks. The acquisition of Foresights is a key component in Truesec’s strategy to provide sustainability and resilience to organizations.

Foresights has an impressive track record and unique expertise in the industry. Together, Truesec and Foresights will provide unparalleled insights, advisory, and intelligence to the market.

“The market is seeking executive advisory and intelligence solutions within cyber. Everyone deserves maximum value for their cyber investments. We are very pleased to welcome Foresights to Truesec,” says Anna Averud, CEO Truesec Group.

Foresights’ founder and CEO, Rolf Rosenvinge, adds, “By becoming part of Truesec, we can combine our strategic insights and understanding of business risk with Truesec’s deep technical expertise and extensive knowledge of the cyber threat landscape. This mix will give our customers a true advantage against adversaries”.

The acquisition means that Foresights employees will be integrated into Truesec’s organization, and collaboration between the two companies will begin immediately.

Contacts

Anna Averud 
CEO, Truesec Group
Email: anna.averud@truesec.com 
Phone: +46-70 918 30 48

Jennie Mattar 
CMO, Truesec Group
Email: jennie.mattar@truesec.com 
Phone: +46-72 858 88 78 

IK Partners (“IK”) is pleased to announce that the IK Small Cap II (“IK SC II”) Fund has signed an agreement to sell its stake in Mecenat Group AB (“Mecenat” or “the Group”), a leading marketing and brand awareness platform, to Inflexion. Financial terms of the transaction are not disclosed.

Founded in 1998 and headquartered in Gothenburg, Sweden, Mecenat is a digital marketing platform which connects students, young professionals/alumni and seniors with well-known brands by providing access to exclusive offerings, career services and relevant events. Operating across five main business areas in Sweden and Finland, the Group takes pride in connecting almost three million members with more than 700 local and global brands, creating synergetic exchanges in the areas of brand building, unique discount offerings and marketing. Mecenat’s platform spans diverse industries, including Technology, Fashion, Travel and Entertainment and includes key partners such as Apple, Zalando, Hotels.com and Viaplay.

Mecenat’s services are primarily digital, allowing for a two-way exchange between brands and members through its app and website. In recent years, the Group has expanded through the acquisitions of Seniordays in 2021, Frank Students in 2022, and Traineeguiden in 2023. The development of the platform in this way has enabled Mecenat to leverage a unique member acquisition approach which sees students entering organically before automatically progressing to alumni, while retaining members throughout their life by leveraging the top-of-mind habit developed when they were students.

Since IK first invested in the business in September 2021, Mecenat has more than doubled its revenue, proving its resilience in the face of challenging global economic conditions. The Group has also: expanded its product offering to attract a more diverse range of members, including alumni and seniors; achieved meaningful geographic expansion beyond the Swedish market; delivered significant technological developments; and executed strategic acquisitions to support the expansion of the product range. 

Jonas Odéhn, CEO of Mecenat Group, said: “We would like to thank IK for their support during the past three years. This period has seen Mecenat develop into an even stronger business thanks to the hard work and dedication of our employees. The Group has experienced tremendous growth and transformed into a leading marketing technology and brand awareness platform with a unique business model and digital-first approach to fostering brand loyalty. With this solid foundation in place, we look forward to the next chapter which will see us partner with the team at Inflexion.”

Carl Jakobsson, Partner at IK Partners and Advisor to the IK SC II Fund, added: “Since investing in Mecenat in 2021, we have been extremely impressed with the professionalism and expertise displayed by Jonas and his team. During our partnership with them, the Group has gone from strength-to-strength, nearly doubling its member base and pursuing geographic expansion through a range of value creation initiatives. We wish Jonas, his team and Inflexion the very best of luck for the next stage in Mecenat’s growth journey.”

For further questions, please contact:

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