Mid-market Argos Index® 2nd quarter 2021

Mid-market Argos Index® 2nd quarter 2021

22/07/2021 – Press release

Acquisition prices of unlisted European SMEs continued to rise, reaching a new record high of 11.6x EBITDA, still supported by the prices paid by investment funds.

Paris (France) – 22 July 2021 – Argos Wityu, an independent European investment fund, and Epsilon Research, the online platform for the management of unlisted M&A transactions, today published the Mid-market Argos Index® for the second quarter of 2021. This index, launched in 2006, tracks the valuations of eurozone private, mid-market companies in which a majority stake has been acquired during the last six months.

Go to the Mid-market Argos Index® 2nd quarter 2021

Acquisition prices of unlisted European SMEs reached a new record high.

Median EV/EBITDA multiple, 6-mo. rolling basis – Source: Mid-market Argos Index® / Epsilon Research

At 11.6x EBITDA, the Argos Index® stood at a new record high for the third consecutive quarter. This steady rise came about because:

  • The multiples paid by investment funds continued to rise;
  • Transactions in the healthcare and technology sectors continued to account for 50% of those realised in the second quarter and were concluded at higher multiples than those of other sectors;
  • Macroeconomic conditions are favourable: the economic recovery, tied to increased vaccination in Europe, has been robust and rapid; governments, the European Union and the ECB have provided massive support to the economy.

 Multiples paid by investment funds reached a new high.

  • Multiples reached a new record high of 12.9x EBITDA, exceeding the highs of the two previous quarters and further widening the spread with multiples paid by strategic buyers, which stood at 10.7x EBITDA.
  • Four factors are driving this increase: i) rapid economic recovery, (ii) a record-high level of private-equity investment, iii) the low cost of acquisition debt, and (iv) stiff competition from strategic buyers on companies unaffected by the crisis.
  • As in the first quarter, funds showed more homogeneity than strategic buyers, in terms of both prices paid (standard deviation of 33% vs 48%) and the profiles of the companies acquired (high-quality companies relatively unaffected by the crisis).

Sharp first-half rise in number of transactions with multiples in excess of 15x EBITDA.

  • The share of transactions with multiples higher than 15x EBITDA rose again in H1 2021, to nearly one-fourth of analysed transactions.

Listed companies were particularly active during the first half.

  • They represented 80% of strategic buyers in the first half, the highest since the Argos index was created in 2004.
  • They benefited from the continued rise in equity markets.
 
  The eurozone’s mid-market M&A segment bounced back.
  • Compared with the previous quarter, the value of transactions increased by 18% and the number of transactions by 7%.
  • In value terms, while the market returned to its 2019 level in the first half, transaction volume remained one-third lower.

The Benelux was the eurozone region in which M&A activity increased the most.

  • In the first half, the M&A market recovered more in northern European countries, in particular Benelux, where the Covid-19 crisis was less disruptive than in southern Europe.
  • As such, Germany and Benelux represented 25% and 22% of European mid-cap M&A market volume, respectively.
 
  Contact – Antoinette Darpy – Agence toBnext – adarpy@tobnext.com          +33 (0)6 72 95 07 92
 

Argos Wityu (www.argos.wityu.fund) is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. 

  Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at M&A professionals. The Epsilon platform includes data, analysis reports, software and services essential for private company valuation / deal management: EMAT, the largest database of European private company transaction multiples, with detailed analysis of 8,000 M&A deals, ranging from €1m to €500m in value, covering all industry sectors; indices and studies published regularly by Epsilon, including the Argos Index; cloud-based software for managing M&A contacts and projects; valuation of comparables, private equity fund investments.
   The Argos Mid-market Index® tracks the valuation of unlisted mid-market companies in the eurozone. Carried out by Argos Wityu and Epsilon Research and published every three months, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of transactions meeting the following criteria: mid-market (equity value between €15m and €500m for 100%), target based in a eurozone country, acquisition of a majority stake, certain activities excluded (financial services, real estate, high-tech).

Thierry Oriez named President of Henri Selmer Paris.

The world’s leading saxophone maker recruits a specialist in premium brands to pursue its development.

20/07/2021 – Press release

Paris (France), 20 July 2021 – Thierry Oriez succeeds Jérôme Selmer as President of the Henri Selmer Paris group, the world’s leading manufacturer of premium-quality saxophones and a key player in the production of clarinets and mouthpieces.

Jérôme Selmer will remain a member of the Supervisory Board and thus stay in close contact with the company founded by his great-grandfather.

For more than 25 years, Thierry Oriez has been managing French, family-owned companies with prestigious brands. For the past seven years (2014-21), he has been President & CEO of J.M. Weston, a luxury shoe manufacturer founded in 1891 and based in Limoges, France. Before that, he was President & CEO of Christofle (2007-14).

Mr Oriez will leverage his experience and his fine-tuned knowledge of the sale of high-quality products worldwide to pursue the growth and development of Henri Selmer Paris. He will deploy his expertise in imparting value and transmitting artisanal know-how, crucial to preserving an artistic profession. As the company’s new president, he will strive to promote creativity and continue to be of service to musicians, while preserving the Selmer’s values and family-owned character. To do so, he will rely on a team of devoted, skilled artisans, heirs to a unique manufacturing tradition.

Jérôme Selmer said, “In the tradition of my ancestors, I have worked to ensure that the image of Henri Selmer Paris continues to shine throughout the world. I am confident that the new management will bring more success to our storied company. Let’s combine our talents to design the future and continue to nurture the company my great-grandfather founded in 1885.”

Thierry Oriez added, “I have spent my entire career serving highly-skilled manufacturing and family-owned companies. At Selmer, I see similar values of long-term commitment and determination to grow by blending tradition with modernity. I will seek to promote and accompany the development of Selmer’s exceptional, French savoir-faire.”

Louis Godron, founding partner of Argos Wityu, private equity fund and majority shareholder of Henri Selmer Paris since March 2018 alongside members of the family and management team, concluded, “I am very thankful to Jérôme Selmer for the 40 years he has devoted to promoting Selmer and its expertise. Innovation has always had a special place in Jérôme’s heart, and this has led to highly successful products, such as the recently launched Supreme saxophone. I am fully confident that Thierry Oriez will know how to carry on the tradition of Henri Selmer Paris. He will bring his visionary outlook, while preserving the company’s identity.”

***

Argos Wityu team: Louis Godron, François Becque and Antoine Forgeard.

Argos Wityu
Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

 

Henri Selmer Paris
Mathieu Dubois
Head of Communication and Marketing
mdubois@selmer.fr
+33 7 83 24 37 96

Press contact
Antoinette Darpy
Agence toBnext
adarpy@tobnext.com
+33 6 72 95 07 92

 

About Argos Wityu

http://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Henri Selmer Paris

https://www.selmer.fr/fr/

A clarinet manufacturer from its founding in 1885, Henri Selmer Paris started producing saxophones in 1921. Then, by acquiring Adolphe Sax’s workshop in 1929, Henri Selmer Paris became heir to the inventor of the saxophone. Today Henri Selmer Paris is the world’s leading manufacturer of premium-quality saxophones and a key player in the production of clarinets and mouthpieces. The company has nearly 500 employees, and 90% of its sales derive from outside France. Supported by Argos Wityu since 2018, Henri Selmer Paris recently opened its own distribution subsidiary in China, has developed a pre-owned instrument business and has launched several particularly innovative products, such as the Supreme saxophone.

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

23/06/2021 – Press release

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

This acquisition will enable the company to step up its development in the worldwide home fragrances market.

Bourgtheroulde (France), 21 June 2021 – After acquiring Sensorwake (Bescent) and the Devineau group in 2019, creating Emosia in 2020, Maison Berger Paris has now acquired a new start-up, Carmin Créations, specialised in premium candles. Supported by Argos Wityu since 2017, Emosia is an investment held by the Argos VII fund.

Carmin Créations is a recent start-up in the premium decorative candles market, serving a selective network of design boutiques and hotels. The brand works with artisans to offer unique, handmade products, manufactured in Normandy. Carmin Créations turns candles into high-end, decorative objects. In joining the Emosia group, Carmin Créations will contribute new expertise in the ultra-selective market segment.

“The home fragrances brands Maison Berger Paris and Carmin Créations have two things in common: we have unique expertise and our products are made in France. The objective of this acquisition is to enrich our product range by combining our respective skills. Carmin Créations, a start-up founded by Denis Bouleau, makes unique, handmade products and has the range of qualities expected of a Living Heritage brand,” said Olivier Sillion, CEO of Emosia.

“I’m very pleased that Carmin is joining a group recognised the world over for its values of quality and excellence. The new group will give Carmin’s products international visibility,” said Denis Bouleau, President and co-founder of Carmin Créations.

Emosia is aiming high, and its resources have been strengthened since the Argos Wityu fund invested in the company in July 2017. Among the group’s strategic development priorities is diversifying its product range through its various brands.

“From the outset, we have supported Olivier Sillion and his team in implementing Emosia’s build-up strategy, so that the group can offer a rich and varied product range as well as premium-quality services throughout the world,” concluded Karel Kroupa, Managing Partner at Argos Wityu.

Argos Wityu team: Karel Kroupa, François Becque and Shiv Ipour 

Argos Wityu
Coralie Cornet Director of Communications ccc@argos.fund
+33 6 14 38 33 37

Emosia
Véronik Foucault
foucault@vianova-rp.com
+33 1 53 32 28 70

Chloé Lecorvec
lecorvec@vianova-rp.com
+33 1 53 32 28 58

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Maison Berger

www.maison-berger.fr

Leveraging its network of more than 7,000 points of sale in nearly 50 countries, Maison Berger generates annual sales of €100m, half of which derive from outside France. It is also a domestic success story, with 500 employees, five production facilities, two “Living Heritage” brands, an Ecocert certification and an Equovadis gold medal.

About Carmin

carmin-creations.com

Comprised of plant matter and developed in collaboration with partners who share similar notions of responsibility and sustainability, Carmin candles combine traditional and manual production techniques that make each piece unique.

Argos Wityu to divest Cohedron after a successful collaboration.

Argos Wityu to divest Cohedron after a successful collaboration.

21/06/2021 – Press release

Over the last three and a half years, Argos Wityu together with management changed the face of the company through a reinforcement of the organization, an active buy-and build strategy, a heavy investment in software, and a complete rebranding.

Utrecht (The Netherlands), June 21, 2021 – Argos Wityu, a European independent private equity group, today announced the signing of the divestment of Cohedron, service provider for municipalities in the Netherlands, to House of HR, a leading European HR service provider. Supported by Argos Wityu since 2017, Cohedron is an investment of the Argos VII fund.

In the framework of an MBI transaction in 2017, Argos Wityu invested in Cohedron alongside Jeroen Ekkel and the rest of the management team. Since then, revenues grew by 125% to €132 million, and employees almost doubled to reach 1,800. The company’s growth strategy has been focused on:

·         Organic growth thanks to a reinforcement of the organization – the internal organization has kept its entrepreneurial approach towards each of the business units while reinforcing the support functions that helped them to accelerate their organic growth.

·         Active buy & build strategy – 16 build-ups enabled the company to expand its service offering and transform into the leading service provider for municipalities in the Netherlands.

·         Software investments – A significant investment has been made in customized software to create a unique positioning for the company’s outsourcing services.

·         Rebranding – A complete rebranding was undertaken in 2020 for Cohedron to be identified as one coherent service provider for the public sector.

Jeroen Ekkel, Cohedron CEO “We are looking forward to our partnership with House of HR. The vision, expertise and enterprising business culture are a perfect fit with our own culture and ambitions. The integration as part of the House of HR group will enable us to take the next step on the national and international growth path of our company and deliver on our growth ambitions. Our focus will remain on technical innovation, autonomous growth and the quality of our service delivery. Pooling strengths only bolsters our position and enables us to be of even greater service to people and society. That is what drives us, every single day.”

Maarten Meijssen, Argos Wityu Partner “Jeroen Ekkel and the Cohedron teams have done a remarkable job managing the group’s significant growth and the integration of external teams and businesses, while continuing to develop new services. We are confident that the future under the umbrella of House of HR will allow Cohedron to continue its successful expansion in The Netherlands and abroad. We want to explicitly thank the management team for a pleasant and fertile collaboration and wish them all the best for the years to come.”

Argos Wityu team: Gilles Mougenot, Maarten Meijssen, and Roel van Ark

 

List of (sellside) advisors:

M&A: Quore Capital

Due Diligence: Deloitte, KPMG, EY, EY HVG, Boncode

Legal: Houthoff

Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 6 14 38 33 37

Cohedron
Dorine Kuitenbrouwer
Marketing Manager
dorine@cohedron.nl
030-2193900

 About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Cohedron

www.cohedron.com

A single group of strong companies, each with their own expertise. Together, we are Langhenkel-Talenter, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, PLANgroep and PLANgroep Financial Services. Working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron.

What binds us together? The drive to make a meaningful impact – on the lives and success of people, organisations, companies and society. That’s what we stand for and aim for.

With over 1,800 professionals and more than 30 years’ experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organisations, as a partner in HR, communication, administration and finance.

Mid-market Argos Index® First quarter 2021

Mid-market Argos Index® First quarter 2021

19/05/2021 – Press release

Acquisition prices of unlisted European SMEs reached a new high of 11.3x EBITDA, buoyed by the prices paid by investment funds

Paris (France) – 19 May 2021 – Argos Wityu, an independent European investment fund, and Epsilon Research, the online platform for the management of unlisted M&A transactions, today published the Argos Mid-market Index® for the first quarter of 2021. This index, launched in 2006, tracks the valuations of eurozone private, mid-market companies in which a majority stake has been acquired during the last six months.

Mid-market Argos Index® Q1 2021

Acquisition prices of unlisted European SMEs reached a new record high.

  • For the second consecutive quarter, the Argos Index® reached a record high, at 11.3x EBITDA. This came about because:

    · Investment funds paid significantly higher multiples, which reached a new high;

    · The eurozone looked set to return to growth, thanks to vaccination campaigns; 

    · Long-term interest rates remained low, while equity markets continued to rise;

    · The composition of the index is such that nearly 50% of the transactions referenced in the first quarter were in the non-cyclical healthcare and technology sectors, which have high multiples and have been spared or even favored by the crisis.

     Multiples paid by investment funds have risen very sharply.

    · They reached a new record high of 12.7x EBITDA, following the record set in the previous quarter and widening the spread with multiples paid by strategic buyers, which stood at 10.8x EBITDA.

    ·  Three factors are driving this increase: i) stiff competition from strategic buyers, ii) a continued rise in private equity investment, and iii) the low cost of acquisition debt (tied to central bank policy).

    · Compared with strategic buyers, the multiples paid by investment funds were more homogeneous (standard deviation of 25% vs 40%) as were the profiles of the companies acquired (high-quality companies relatively unaffected by the crisis vs opportunistic acquisitions at lower valuations).

    Nearly 16% of transactions were closed at multiples in excess of 15x EBITDA.

    Large listed companies remained very active

    ·They represented nearly 75% of strategic buyers in the mid-market.

    ·They benefited from the continued rise in equity markets.

    ·Their acquisition multiples reached a new record of 10.1x EBITDA.

     
     

    The eurozone’s mid-market M&A segment advanced in value but declined in volume.

    · Compared with the previous quarter, the value of transactions increased by 18% but the number of transactions declined by 20%.

    ·This contrast has been evident since mid-2020, when the average transaction size embarked on a continuous rise, reaching €138m in Q1 2021.

    The Benelux was the most active eurozone region for M&A activity

    ·The Benelux has become the most active eurozone region, with 26% of the number of SME acquisitions, surpassing Germany.

     
     

    Contact – Coralie Cornet – Head of Communications – ccc@argos.fund – + 33 6 14 38 33 37

     

    Argos Wityu (www.argos.wityu.fund) is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. 

     

    Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at M&A professionals. The Epsilon platform includes data, analysis reports, software and services essential for private company valuation / deal management: EMAT, the largest database of European private company transaction multiples, with detailed analysis of 8,000 M&A deals, ranging from €1m to €500m in value, covering all industry sectors; indices and studies published regularly by Epsilon, including the Argos Index; cloud-based software for managing M&A contacts and projects; valuation of comparables, private equity fund investments.

     

    The Mid-market Argos Index® tracks the valuation of unlisted mid-market companies in the eurozone. Carried out by Argos Wityu and Epsilon Research and published every three months, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of transactions meeting the following criteria: mid-market (equity value between €15m and €500m for 100%), target based in a eurozone country, acquisition of a majority stake, certain activities excluded (financial services, real estate, high-tech).

Cohedron, a company supported by Argos Wityu, acquires Newpublic.

Cohedron, a company supported by Argos Wityu, acquires Newpublic.

04/05/2021 – Press release

  • This acquisition strengthens Cohedron’s position as a full-service provider for municipalities, delivering services in the field of outsourcing, secondment, and consultancy.

Utrecht (The Netherlands), 4 May 2021 – Cohedron, full-service provider in the social domain for municipalities in the Netherlands, acquires Newpublic, specialist in young talent recruiting. Supported by Argos Wityu since 2017, Cohedron is an investment of the Argos VII fund.

Newpublic contributes to the development of a modern government by training young, highly educated talent to become professionals who can be deployed to provincial and local authorities across the country. Newpublic recruits, selects and trains the civil servants of tomorrow: young talents that are inquisitive, enterprising and results-driven, that are able to initiate changes and have what it takes to make the difference. Newpublic will work closely with Langhenkel-Talenter, another Cohedron entity, to increase the availability of specialist talent.

Since Argos Wityu became a shareholder of Cohedron in 2017, the company has conducted an active buy-and-build strategy, with Newpublic counting for the 14th acquisition. Cohedron is now a company generating revenue of more than €120 million and employing more than 1,800 people.

Jeroen Ekkel, Cohedron CEO “Newpublic is a valuable addition to our group and contributes to our goal of delivering optimum service to municipalities in the field of outsourcing, secondment and consultancy. Investing in the quality of our services is a key pillar of our strategy and this acquisition is a perfect fit. By working closely with Langhenkel-Talenter we can widen our offering of highly trained professionals able to work in the specialist areas in which Langhenkel-Talenter operates. With tomorrow’s civil servants we can initiate changes and together make a genuine difference.”

Tiemen Storm, Newpublic Partner “We are delighted to be joining the Cohedron group and particularly pleased about the collaboration with Langhenkel-Talenter. During our initial discussions it was immediately clear that both organisations had similar missions. We have a shared drive to help authorities to innovate and continue developing the workforce. We’re looking forward to pioneering together and developing new traineeships.”

Maarten Meijssen, Argos Wityu Partner “With our continuing support Cohedron has conducted an active buy-and-build strategy in recent years. Our aim is to further consolidate Cohedron’s leading position and help Dutch municipalities to improve their services in the field of outsourcing, secondment and consultancy.”

 

– – –

 

Argos Wityu team: Gilles Mougenot, Maarten Meijssen and Roel van Ark.

List of advisors               

  • Legal: BOLT Advocaten (Bart Bendel, Louise de Gier, Régine de Wit)
  • M&A: Quore Capital (Chris Franken, Laurens de Ridder)
  • Due Diligence: Deloitte

Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 6 14 38 33 37

Contact Cohedron
Dorine Kuitenbrouwer
Marketing Manager
dorine@cohedron.nl
030-2193900

 

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Cohedron

www.cohedron.com

A single group of strong companies, each with their own expertise. Together, we are Langhenkel-Talenter, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, PLANgroep and PLANgroep Financial Services. Working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron.

What binds us together? The drive to make a meaningful impact – on the lives and success of people, organisations, companies and society. That’s what we stand for and aim for.

With over 1,800 professionals and more than 30 years’ experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organisations, as a partner in HR, communication, administration and finance.

Lineas, the largest private rail freight operator in Europe supported by Argos Wityu, acquires the Dutch operator Independent Rail Partner (IRP).

Lineas, the largest private rail freight operator in Europe supported by Argos Wityu, acquires the Dutch operator Independent Rail Partner (IRP).

03/05/2021 – Press release

  • IRP is the first acquisition performed by Lineas and constitutes an important step in its European growth strategy. The combination between Lineas’ European network and IRP’s strong expertise in the area of Rotterdam will offer a better solution for clients.
  • After the creation of The Signalling Company (2019) and the acquisition of IRP (2021), Lineas will pursue its European scale-up throughout Europe with partnerships and other consolidation moves to build the European rail freight backbone driving the modal shift.

Brussels (Belgium), 3 May 2021 – Lineas, the largest private rail freight company in Europe, is strengthening its presence in the Port of Rotterdam and The Netherlands with the acquisition of Independent Rail Partner (IRP). Over the past years, Lineas has grown its Green Xpress Network to 23 destinations throughout Europe, with recently new connections to Vorarlberg and Poland. The acquisition of IRP is an important next step in the company’s growth strategy to partner with or acquire other dynamic private players. Lineas’ goal is to build a true European rail freight backbone that drives the modal shift.

Lineas, the largest private rail freight company in Europe (€500m revenues and 2.000 employees), has acquired Dutch operator Independent Rail Partner (IRP). The acquisition strengthens Lineas’ presence in The Netherlands and especially in the Port of Rotterdam. A long-standing partner of Lineas, IRP is expert in first and last mile services in the Rotterdam region and a leading operator in the country connecting the largest port of Europe to the rest of The Netherlands.

For Lineas the Port of Rotterdam is of significant strategic importance in its Green Xpress Network. The Network uniquely connects many of the Western ports to the rest of Europe and sees the Rotterdam connection now reinforced. The acquisition will allow Lineas and IRP to extend their already good collaboration and further integrate their operations to offer even better solutions for customers: shorter transit times, new operational capabilities, and new Xpress connections from Rotterdam. The combination of IRP’s strong local expertise with Lineas’ European network will provide customers with a fast, easy, reliable and full end-to-end solution between the Western ports and the whole of Europe.

Important step in European growth strategy

With its Green Xpress Network, Lineas has shown how rail freight can be done differently. Consisting of daily, fast and reliable rail connections between European hubs for all types of cargo, the Network reduces transport times up to 80% compared to traditional Single Wagon Load. Completed end-to-end with first and last mile services, it drastically lowers the threshold for companies to shift to rail. Especially over the past year, the Green Xpress Network has proven to be a very robust solution helping customers to keep their supply chains running during the pandemic.

Having grown the Green Xpress Network to 23 destinations throughout Europe, more recently adding Vorarlberg (Austria) and Poland, the acquisition of IRP sees Lineas take the next step in its European growth strategy. The aim is to gain speed through acquisitions and partnerships and build a true rail backbone for European freight transport that enables the modal shift.

Geert Pauwels, CEO of Lineas “Companies are asking for easy door-to-door transport solutions with a good stretch of rail in them. With our Green Xpress Network we have built a unique solution that really hits the mark. It has never been easier to shift to rail. Now we want to scale it up throughout Europe with other dynamic private players who also want to have a lasting positive impact on the European supply chain, mobility and climate.”

Gilles Mougenot, Managing Partner and Richard Reis, Partner at Argos Wityu “Our ambition is to position Lineas as the European freight leader, driving the modal shift. Over the past few years we have supported Geert and his team with internal and external growth routes, notably with the recent IRP acquisition and, beforehand, with the The Signalling Company disruptive joint venture creation. We will continue pursuing this growth strategy.”

 

 

– – –

 

Argos Wityu team: Gilles Mougenot, Richard Reis, Arne Louwagie

List of advisors                                                                                                                                  Financial due diligence: Eight Advisory (Philippe Fimmers)                                                                Legal due diligence & contracting: Deloitte Legal (Tim Baart, Yannick Van den broeke, Hans Vansweevelt, Elena Vromans                                                                                                                Corporate finance advisor: Navius (Stefaan Quinart)

Argos Wityu
Coralie Cornet
Communication Director
ccc@argos.fund
+33 6 14 38 33 37

Lineas
Raphaël de Visser                            Communication Director raphael.devisser@lineas.net                          +32 486 833 618

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Lineas

www.lineas.net

Lineas is the largest private rail freight operator in Europe with headquarters in Belgium and sites in France, Germany, the Netherlands, Italy and Spain.

The company’s mission is to offer end-to-end rail-based transport solutions that convince customers to shift the transport of their goods from road to rail, thereby improving their supply chain while having a positive impact on climate and mobility.

Lineas’ flagship product is the Green Xpress Network, which was launched in 2014 and now has 23 destinations across Europe. The Network provides daily, fast and reliable rail connections between major European hubs and is completed end-to-end with first and last mile services. It welcomes all types of cargo, starting from a single container or wagon.

Lineas employs over 2.000 people and owns a fleet of 250 locomotives and 7.000 wagons. The company’s majority shareholder is independent private equity group Argos Wityu together with Lineas management.

Zodiac Milpro, a company supported by Argos Wityu, acquires Vectis Marine Design.

Zodiac Milpro, a company supported by Argos Wityu, acquires Vectis Marine Design.

30/04/2021 – Press release

This acquisition enables Zodiac Milpro to strengthen its design and innovation capacities.

Paris (France), 30 April 2021 – Zodiac Milpro, the world leader in high-performance inflatable and rigid inflatable boats, has announced the acquisition of Vectis Marine Design, specialist in the engineering and design of specialist vessels. Supported by Argos Wityu since 2018, Zodiac Milpro is an investment of the Argos VII fund.

Created in 2008 by Andrew Humphries and John Fox-Robinson, two highly skilled naval architects, Vectis Marine Design has a strong reputation in the design of fast patrol boats, rigid-inflatable boats, special forces craft, rescue craft and other vessels to meet demanding operational requirements.

Zodiac Milpro is facing an ever-increasing demand from customers for more capable and efficient crafts. Through this acquisition, the company will strengthen its autonomy in design and innovation, its capacity for engineering and its ability to deliver the most complex tenders and projects.

Louis Godron, Argos Wityu Managing Partner “We are proud to support Zodiac Milpro’s dynamic team. The acquisition of Vectis Marine Design represents a significant additional step towards strengthening Zodiac Milpro’s position as a world leader.”

Guillaume Laurin, Zodiac Milpro President “We are particularly pleased with this agreement. Vectis Marine Design and Zodiac Milpro have been working together for a long time. Thanks to Vectis Marine Design’s know-how, experience and professionalism, Zodiac Milpro will be able to handle more complex programs and further increase its innovation dynamic. This acquisition is completely in line with our strategy to strengthen our internal capacities.”

Andrew Humphries, Vectis Marine Design Managing Director “We have worked closely with Zodiac Milpro since 2009 and are delighted that Vectis is now becoming part of the Zodiac Milpro group. We have always enjoyed working with Zodiac Milpro and appreciated their professionalism and collaborative approach. We see this next exciting step as a great endorsement of the work that the whole Vectis team has put into the business since Vectis was established in 2008. We very much look forward to the closer partnership with Zodiac Milpro while at the same time continuing to support our other clients with innovative design, engineering, and technical supports.”

– – –

Argos Wityu team: Louis Godron, Simon Guichard and Yasmine Karger.

Contact Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan, and Paris.

About Zodiac Milpro

https://zodiacmilpro.com

World leader in high-performance boats, Zodiac Milpro has been designing innovative products for “those who work on the water”. Zodiac Milpro has originated most of the major concepts that have driven the development of the modern inflatable boat since the 1930s. As a French stand-alone group headquartered in Paris, Zodiac Milpro has more than 100 years of technical heritage and sets the standard for the most advanced inflatable and semi-rigid craft.

Cohedron, a company supported by Argos Wityu, acquires Even Werkt!

Cohedron, a company supported by Argos Wityu, acquires Even Werkt!

15/04/2021 – Press release

This acquisition enhances Cohedron’s position as a full-service provider for Dutch municipalities with stronger advising expertise in the transition to professional and innovative services.

Utrecht (The Netherlands), 15 April 2021 – Cohedron, full-service provider in the social domain for municipalities in the Netherlands, acquires Even Werkt!, the specialist in public affairs. Supported by Argos Wityu since 2017, Cohedron is an investment of the Argos VII fund.

Even Werkt! supports, motivates and advises Dutch municipalities on improving the quality of their service and providing the right people and knowhow. The company supports the implementation of development and related ancillary processes while boosting existing knowledge and skills. Even Werkt! offers related courses at its own Academy, as well as customised coaching and training programmes.

Since Argos Wityu became a shareholder of Cohedron in 2017, the company has conducted an active buy-and-build strategy, with Even Werkt! counting for the 11th acquisition. Cohedron is now a company generating revenue of more than €120 million and employing more than 1,800 people.

Jeroen Ekkel, CEO of Cohedron “We are delighted that Even Werkt! has joined us as they are the number one market provider when it comes to municipalities’ public affairs activities. Bringing in-house expertise will help us achieve our goal of providing municipalities with the best possible outsourcing, secondment and consultancy services. By creating intensive collaboration between Even Werkt! and Langhenkel-Talenter, we will expand the service portfolio offered to municipalities. Cohedron will become an even more valuable additional partner for our clients.”

Herwin Zwijgers, Director of Even Werkt! “I am proud to say that Cohedron’s acquisition of Even Werkt! gives our team the wings it deserves. Making Even Werkt! part of the Cohedron group improves the career advancement opportunities of its employees, expands the range of services offered to clients and ensures that the Even Werkt! Academy too can continue to develop and expand its portfolio.”

Maarten Meijssen, Argos Wityu partner: “Over the past years we have supported Cohedron in implementing the company’s active buy-and-build strategy. Our goal is to reinforce Cohedron’s leading position as a full-service provider in the social domain for the Dutch public sector.”

– – –


Argos Wityu team: Gilles Mougenot, Maarten Meijssen, and Roel van Ark

List of advisors
Legal: BOLT Advocaten (Bart Bendel, Louise de Gier, Régine de Wit)
M&A: Quore Capital (Chris Franken, Laurens de Ridder)
Due Diligence Specialist (Ron Numan)

Contact Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

Contact Cohedron
Dorine Kuitenbrouwer
Marketing Manager
dorine@cohedron.nl
030-2193900

About Argos Wityu
argos.wityu.fund

Argos Wityu is an independent private-equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has invested in more than 75 mid-sized companies (Enterprise Value ranging from €25m to €200m). Its majority ownership investments range between €10m and €100m. With €1Bn under management, the group develops a unique investment strategy focusing on business transformation and growth, instead of financial leverage, and on bringing solutions to complex business and shareholding situations. Its entrepreneurial approach is characterised by a close relationship with management teams and strong support to help them implement their strategic plans.

About Cohedron
www.cohedron.com

A single group of strong companies, each with their own expertise. Together, we are Langhenkel-Talenter, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, PLANgroep and PLANgroep Financial Services. Working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron.

What binds us together? The drive to make a meaningful impact – on the lives and success of people, organisations, companies and society. That’s what we stand for and aim for.

With over 1,800 professionals and more than 30 years’ experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organisations, as a partner in HR, communication, administration and finance.

Cohedron, a company supported by Argos Wityu, acquires Oreon.

Cohedron, a company supported by Argos Wityu, acquires Oreon.

08/03/2021 – Press release

This acquisition enhances Cohedron’s position as a full-service provider for Dutch municipalities with stronger market position and optimising the quality of the social medical consultancy services.


Utrecht (The Netherlands), 8 March 2021 – Cohedron, full-service provider in the social domain for municipalities in the Netherlands, acquires Oreon, a specialist in social medical consultancy. Supported by Argos Wityu since 2017, Cohedron is an investment of the Argos VII fund.

Oreon is the definitive leader when it comes to matters of public and social support in its segment. By pooling resources and areas of expertise, they help local government authorities take expert action within the social domain. These efforts are based on the vision that each person in the Netherlands can live as independently as possible. Municipalities can turn to Oreon as an independent organisation for social-medical expertise with a specialisation in healthcare, housing and welfare. In addition to these regular services, Oreon also provides advice on rules of access, conducts audits and quality reviews, and offers training programmes. Oreon will be collaborating closely with Argonaut Advies, specialist in the field of social medical consultancy, acquired by Cohedron 6 months ago.

With this acquisition, Cohedron enhances its position as a full-service provider for Dutch municipalities, with a stronger market position while optimising the quality of the social medical consultancy services.

Since Argos Wityu became a shareholder of Cohedron in 2017, the company has conducted an active buy-and-build strategy with Oreon counting for the 10th acquisition. Cohedron is now a company generating revenue of more than €120 million and employing more than 1,800 people.

Jeroen Ekkel, Cohedron CEO: “By joining forces between Oreon’s activities with our operating company Argonaut, we are further expanding our portfolio within specific markets in Dutch municipalities. We will also be able to perform our work more efficiently, do more within our own regions and improve our services. Cohedron is a result-oriented social enterprise and this acquisition is in line with our buy-and-build strategy. Our central focus is on innovation, quality service delivery and partnership with our clients. Making a difference together, within society and for our companies. We are supported and assisted in these efforts by majority shareholder Argos Wityu, as a collaborating and enterprising private equity group.”

Karin van Markus, Oreon Managing Director: ‘Oreon is in the best possible hands with Cohedron. This acquisition is an exciting step forward that will enable us to ensure continuity and deliver even more quality, knowledge and expertise to our clients and employees.’

Maarten Meijssen, Argos Wityu partner: “For the past years we have supported Cohedron in implementing the company’s buy-and-build strategy. Our goal is to reinforce Cohedron’s leading position as a full-service provider in the social domain for the Dutch public sector.”

– – –

Argos Wityu team: Gilles Mougenot, Maarten Meijssen, and Roel van Ark

List of advisors
Legal: BOLT Advocaten (Bart Bendel, Louise de Gier, Régine de Wit)
M&A: Quore Capital (Chris Franken, Laurens de Ridder)
Finance and Tax: Deloitte (Lennart Veldhuizen, Rieuwert Hammerstein)

Contact Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

Contact Cohedron
Dorine Kuitenbrouwer
Marketing Manager
dorine@cohedron.nl
030-2193900

About Argos Wityu
argos.wityu.fund

Argos Wityu is an independent private-equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has invested in more than 75 mid-sized companies (Enterprise Value ranging from €25m to €200m). Its majority ownership investments range between €10m and €100m. With €1Bn under management, the group develops a unique investment strategy focusing on business transformation and growth, instead of financial leverage, and on bringing solutions to complex business and shareholding situations. Its entrepreneurial approach is characterised by a close relationship with management teams and strong support to help them implement their strategic plans.

About Cohedron
www.cohedron.com

A single group of strong companies, each with their own expertise. Together, we are Langhenkel-Talenter, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, PLANgroep and PLANgroep Financial Services. Working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron.What binds us together? The drive to make a meaningful impact – on the lives and success of people, organisations, companies and society. That’s what we stand for and aim for.
With over 1,800 professionals and more than 30 years’ experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organisations, as a partner in HR, communication, administration and finance.