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News and Insights

2024-02-13
Press Releases

IK Partners enters into exclusive negotiations with CAPZA for the acquisition of Eurofeu

IK Partners (“IK”) is pleased to announce that the IK X Fund has entered into exclusive negotiations to invest in Eurofeu Group (“Eurofeu” or “the Group”), a leading player in the French fire protection market. IK is acquiring a majority stake from CAPZA and the management team, who will both be reinvesting. Financial terms of the transaction are not disclosed.

Founded in 1972 in Senonches (Eure-et-Loir, France), Eurofeu installs and maintains fire protection equipment, as well as fire protection systems, for business-to-business (“B2B”) clients mainly. As one of the few market providers in possession of integrated manufacturing capabilities, Eurofeu has a highly differentiated offering. The Group also benefits from a high level of sales recurrence thanks to the maintenance side of the activity, as well as the associated sales of spare parts.

Today, Eurofeu has 1,850 employees, based across 42 agencies and two manufacturing sites, who serve roughly 160,000 B2B clients across France.

Under CEO Eric Hentgès and with the backing of CAPZA since July 2020, the Group has grown considerably; both organically and via an active buy-and-build strategy. In partnership with IK and with the continued support of CAPZA, Eurofeu has ambitions to leverage its network, salesforce and IT tools at its disposal to drive growth. In addition, the Group plans to expand into other European geographies and drive consolidation.

Completion of the transaction is subject to legal and regulatory approvals.

Eric Hentgès, CEO of Eurofeu, stated: “I have been extremely proud of the progress we have made towards becoming a leading player in the French fire protection market. With CAPZA’s backing since July 2020, we have been able to accelerate organic growth and lead an active M&A strategy, allowing us to expand geographically and broaden the Group’s offering to include equipment with more complex capabilities. We would like to thank CAPZA for their support thus far and look forward to partnering with IK and leveraging their pan-European platform to pursue further expansion.”

Diki Korniloff, Partner at IK and Advisor to the IK X Fund, said: “We have been impressed by Eurofeu’s journey to date and are convinced of the critical and resilient nature of their service offering to a wide base of B2B clients. We are excited to partner with Eric and his team, as well as CAPZA, to support the Group in its next phase of growth, where European expansion will be key. The Group will have access to the full breadth of IK resources and expertise, while also being able to leverage our network of European offices.”

Fabien Bernez, Partner at CAPZA, added: “It has been fantastic to work with Eric and the wider team at Eurofeu over the past few years. Since our investment in 2020, the Group has become a leading player in the French fire safety market; an achievement we are very proud of. We look forward to continuing to support Eurofeu and its management team in the next chapter of growth, alongside IK.”

For further questions, please contact:

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

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2024-02-1
Press Releases

IK Partners among TNFD Early Adopters

IK Partners (“IK”) is delighted to announce that it is one of 320 companies recognised as ‘Early Adopters’ of the Taskforce of Nature-related Financial Disclosures (“TNFD”) recommendations. These are companies that intend to start making disclosures aligned with the TNFD Recommendations in their corporate reporting by the financial year 2024 (or earlier) or 2025.

The TNFD announced that 320 organisations from over 46 countries have committed to start making nature-related disclosures based on the TNFD Recommendations published in September last year.

The suggested advice and instructions aim to facilitate the incorporation of nature considerations into the decision-making processes of businesses and finance. This, in turn, will promote a shift in global financial flows, encouraging businesses and finance entities to evaluate, disclose and address their dependencies, impacts, risks and opportunities related to nature. The overarching goal is to redirect global financial flows away from outcomes that harm nature and towards outcomes that benefit nature, in accordance with the objectives outlined in the Global Biodiversity Framework.

The initial group comprises prominent publicly traded companies from various regions and industry segments, amounting to a total market capitalisation of US$4 trillion. It also encompasses more than 100 financial institutions, including some of the world’s largest asset owners and managers, with a combined total of US$14 trillion in Assets under Management (AUM). Additionally, it includes banks, insurers, and other key market intermediaries like stock exchanges, audit firms, and accounting firms. The full list of Early Adopters is available here.

The early adoption of TNFD recommendations is the latest significant milestone for IK as it continues to fully integrate environmental, social and governance (“ESG”) matters into its investment process. This announcement follows the validation of IK’s greenhouse gas emissions reduction targets by the Science Based Targets Initiative in 2022.

Christopher Masek, Chief Executive Officer at IK Partners, said: “I am pleased to see IK become an Early Adopter of the TNFD and committing to making nature-related disclosures in accordance with a globally recognised framework. This will allow us to develop a greater understanding of nature impacts and dependencies of our pan-European portfolio. We are confident that this will support the continued success of both our firm and the companies we work with, thereby benefitting our investors and other important stakeholders.”

Jovana Stopic, ESG Director at IK Partners, added: “This is a very exciting development for IK’s approach to sustainability, focused on enabling us to make the right investment decisions and futureproofing our portfolio companies. Biodiversity and nature are often overlooked; however, it is vital that these elements are given due consideration alongside those related to climate change. The TNFD recommendations are the essential first step in ensuring that this is the case.”

For further questions, please contact:

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

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2024-01-15
Portfolio Company News

Renta acquires Scaffolding Group

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Scaffolding Group
sp. z o.o. (“Scaffolding Group” or “the Company”). Scaffolding Group is a Polish scaffolding company
serving industrial customers in Southern Poland. On a project basis the Company also does work
outside Poland. The Company has more than 20 employees and annual revenues of approximately
PLN 16 million.

With the acquisition Renta makes an entry to the Polish industrial scaffolding market. Furthermore,
Renta strengthens its position in the industrial customer end-market. Scaffolding Group is a growing
company with strong profitability and a skilled staff. Renta’s objective, together with the
management of Scaffolding Group, is to continue to scale the operations geographically and to
further expand the customer base of the Company.

The acquisition is expected to be completed by February 2024.

Kari Aulasmaa, CEO of Renta Group, said: “We are excited to welcome Scaffolding Group to be part of Renta. The acquisition complements our offering and provides us improved access to industrial customers. I’m convinced that we will be able to further expand Scaffolding Group’s business together with the experienced management team of the Company. We warmly welcome the professionals of Scaffolding Group to join Renta.”

Michał Dzieciaszek, Co-founder of Scaffolding Group, said: “We are very happy to partner with Renta, a company sharing our ambition for continued development of the business. With the support of Renta, a larger company with a nationwide presence and advanced digital solutions, we will have a good foundation for continued growth and expansion of the business. We look forward to working with the Renta team in Poland and with Renta’s scaffolding professionals across the Renta Group.”

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2024-01-11
Press Releases

IK kicks off New Year with Partner promotions

IK Partners (“IK” or “the Firm”) is pleased to announce the promotion of Carl Jakobsson and Frederik Jacobs to Partner in the Mid Cap Investment teams in the Nordics and the Benelux respectively.

Carl joined the Stockholm office in 2013 and specialises in the Business Services sector. He has served on the Boards of numerous portfolio companies, including Aspia, Netel, Evac and Ramudden, since joining. Prior to IK, Carl worked within the Investment Banking department of SEB Enskilda. He holds an MSc and BSc in Finance from the Stockholm School of Economics.

Based in Amsterdam, Frederik joined IK in 2014. He has been involved in several notable transactions across the Benelux region and possesses specialist expertise in the Healthcare sector. Prior to joining IK, Frederik worked in Deutsche Bank’s Investment Banking Division focused on the Benelux region. He holds an MSc and BSc in Business Engineering from the University of Leuven.

Christopher Masek, CEO at IK, commented: “2023 was an exceptionally busy year for IK and we are incredibly proud of the contribution of our outstanding colleagues, especially Carl and Frederik whose hard work has been recognised with their promotions to the Partner Group. Both individuals have shown their ability to deliver results for investors and drive value creation across the portfolio, possessing the drive and level-headedness required in the current market.”

Carl Jakobsson, Partner at IK, added: “I feel privileged to have been given continuous opportunity to gain a wealth of experience over the past 11 years at IK. Since joining, I’ve worked locally in Sweden and across Europe with colleagues and portfolio companies to create growth opportunities.”

Frederik Jacobs, Partner at IK, commented: “I’m grateful to my colleagues for the support I’ve received over the past decade. This has enabled me to make significant progress within the Firm and I’ve had the good fortune of being involved in many interesting projects. I’ve worked alongside brilliant management teams to create excellent outcomes and value for all and I look forward to seeing what the future brings.”

For further questions, please contact:

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

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2024-01-10
Portfolio Company News

Renta acquires Jelle-Bo

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Jelle-Bo ApS
(“Jelle-Bo” or “the Company”). Jelle-Bo is a Danish general rental company with one depot located
in Svendborg on the island of Fyn. The Company has 9 employees and annual revenues of approximately DKK 20 million.

With the acquisition Renta grows its network of rental depots in Denmark and further strengthens
its presence on Fyn. Jelle-Bo is an excellent addition to Renta’s Danish operations with its strong
profitability and skilled staff. We will strive to continue to serve Jelle-Bo’s customers with the same
high-quality service approach as before, while further benefitting from Renta’s broad product
offering and digital solutions. The strong local market position and experienced management team
of Jelle-Bo creates a solid foundation for continued growth in the region.

The acquisition is expected to be completed latest in February 2024.

Kari Aulasmaa, CEO of Renta Group, said: “We are pleased to join forces with Jelle-Bo, a highly profitable company with a strong position in the local market. The acquisition complements our geographic coverage and is a natural continuation of our strategy of building a nationwide rental network in our core markets. We warmly welcome the skilled professionals of Jelle-Bo to join Renta.”

Hans Ove Jelle, CEO and founder of Jelle-Bo, said: “We are thrilled to partner with Renta and foresee great possibilities to continue to develop the business together. As part of Renta, our ambition is to continue to provide our customers with excellent customer service, like we have been doing before. Renta is a great partner for us to continue to develop sustainability and digital solutions in our operations. We look forward to working together with the Renta team.”

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2024-01-9
Portfolio Company News

Renta acquires YIT Kalausto Oy and signs a cooperation agreement with YIT

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement with YIT Corporation (“YIT”)
to acquire the entire share capital of YIT Kalusto Oy (“Kalusto Oy” or “the Company”), a subsidiary
of YIT providing in-house equipment services for YIT. As part of the arrangement, Renta and YIT will
sign a long-term cooperation agreement on the delivery of equipment and related services to YIT in
Finland. In connection with the transaction, Renta also purchases the property used by Kalusto Oy,
located in Urjala, Finland.

Prior to completing the share purchase of Kalusto Oy, the specialised equipment related to YIT’s
Infrastructure business and the personnel working with the specialised Infrastructure business, will
be carved-out from Kalusto Oy and transferred to YIT Infra Oy in an intra-group business transaction.

YIT Kalusto Oy is an in-house equipment service company, providing services solely to YIT. The
Company has a broad general rental offering, and following the carve-out of the specialised
Infrastructure business it has operations at two depots located in Urjala and Veikkola, in Southern
Finland. In connection with the share transaction, 67 employees of YIT Kalusto Oy will transfer to
Renta.

The enterprise value is EUR 37 million in total, and the purchase price will be paid at the closing of
the transaction. The acquisition of YIT Kalusto Oy is conditional to the approval by the Finnish
Competition and Consumer Authority, and it is estimated to be completed by 30 June 2024.

Kari Aulasmaa, CEO of Renta Group, said: “The acquisition of YIT Kalusto Oy and the long-term cooperation agreement with YIT significantly strengthens Renta’s operations in Finland. Renta and YIT have already had a successful cooperation for several years and through the acquisition the partnership is further broadened to cover entire Finland. YIT is an excellent partner for Renta for continued development of high-quality and sustainable services by leveraging digital solutions. YIT’s equipment rental company is known for high-quality services and we warmly welcome the transferring professionals to Renta.“

Tuomas Mäkipeska, CFO of YIT Corporation, said: “With the sale of our equipment services and the cooperation agreement, we can more strongly focus on our core business and ensure that we have access to a comprehensive range of equipment and the latest digital services. Already for several years, Renta Group has been YIT’s primary partner in delivering equipment in Finland outside of Southern Finland. The transaction will further deepen the partnership with Renta. The goal of the cooperation is to increase the efficiency in using equipment, optimise resources and progress sustainability using low-emission equipment. Our team working with equipment services will have better opportunities to develop their skills as part of a larger expert team. With the transaction, YIT improves its capital efficiency”

Enquiries: ir@renta.com

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