Apax Partners announces the acquisition of Odin Groep, alongside its Founder and Management, from Fortino Capital, to create the leading cloud Managed Service Provider in the Netherlands
Hengelo, February 9, 2022 - Apax Partners, one of the leaders in private equity in Europe, announces the acquisition of a majority stake in Odin Groep, a leading Managed IT & cloud Service Provider, from Fortino Capital, a Benelux-based B2B software and IT investor. Together, their ambition is to create the leading Managed Service Provider for SMEs, Education, Healthcare and Housing Associations in the Netherlands, both organically and through buy-&-build, within a fast-growing and fragmented market.
Founded in 1990 by Hans Lesscher, Odin Groep has grown into a leading Managed IT Service Provider in the Netherlands. Headquartered in Hengelo and with offices in Vianen and Utrecht, Odin Groep addresses the IT needs of more than 4,000 customers in a reliable, flexible and secure way. The company has developed strong positions in selected verticals (Education, Healthcare, Housing Associations) where its customers can count on the trusted expertise of more than 650 employees. Reported revenue has grown double-digit over the past few years, with the Group generating around €140 million in revenue over 2021.
Odin Groep operates in the large, fast-growing and fragmented IT services market in the Netherlands, through three business units: 1/ Previder: cloud infrastructure and managed services offering to Housing Associations, Healthcare and SME verticals, 2/ Heutink ICT: dedicated business unit for the Education vertical delivering integrated IT solutions to Dutch primary and secondary schools, 3/ Winvision: Microsoft-focused consulting partner providing expertise in data-related consulting, Microsoft 365 solutions and change management.
Fortino Capital, partnered with Hans Lesscher and the Odin management team in 2019 with a shared ambition to further grow and professionalize the company. Since the entry of Fortino, Odin Groep has refined its long-term strategy, which led to updating its go-to-market, combined with selective acquisitions to boost its service offering and visibility in the Dutch market. This resulted in a Group which has almost doubled in size, while the team has achieved strong organic growth and demonstrated success at integrating acquisitions.
As a new partner, Apax will help the company to accelerate its growth strategy and further consolidate its market leadership as a Managed Service Provider in the Netherlands, through major projects including:
- Geographical expansion to increase its reach in the South and West of the Netherlands;
- Grow the company’s presence in existing verticals, and the development of new verticals to service those clients with a tailored value proposition;
- Expand the service offering and leverage expertise, while continuing to operate as a one-stop-shop for clients;
- Conduct transformational M&A.
Apax Partners is investing out of its latest Midmarket X fund, closed at €1.6 billion.
Hans Lesscher, CEO - Odin Groep, commented: “I am extremely grateful for the drive and can-do mentality of my team and all employees active within the Odin Groep. Whilst working environments have changed and IT complexity continues to increase, their expertise and customer-focus are the foundation of our success. As we have grown with the support of Fortino, we have welcomed many new colleagues, and as a team with a strong company culture, we have enjoyed multiple achievements together. A new chapter is about to begin, and with the backing of Apax, I believe we have a partner that can help us in further realizing our growth ambitions in the years ahead.”
Damien de Bettignies, Partner at Apax, added: “We are pleased to become the next shareholder of Odin Groep alongside its experienced management team. The Group is uniquely positioned among the market leaders in the Netherlands and has a proven track record of organic and inorganic growth. We will be able to mobilize financial and human resources to support their future growth and cement their leadership position in the market, notably via M&A.”
Duco Sickinghe, Managing Partner at Fortino Capital, added: “We have been impressed with the achievements of the Odin Groep in recent years. Throughout our time as a shareholder, we have had the pleasure of working with an experienced team who has a clear strategic focus, and who knows how to put this in practice. We want to thank everyone for the fantastic journey we had together and for helping the Odin Groep to scale its current heights as regards positioning. We wish the Odin Groep and the Apax team the very best in stepping up their growth ambitions.”
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About Odin Groep
Every day millions of people use online IT services developed, managed or hosted by Odin Groep. Our strong focus on managed services, cloud and data center solutions, security and advisory services creates a solid foundation to deliver reliable and innovative solutions to our clients. Odin Groep offers a home for IT companies and talented professionals, whereby we offer the possibility to work from different locations throughout the Netherlands. We are known in the market by our Previder, Heutink ICT and Winvision brands, whereby Odin Groep provides the required support, to allow them to focus on what they do best, delivering outstanding service to our clients.
For more information, please visit: www.odin-groep.nl.
About Apax Partners
Apax Partners is a leading European private equity firm based in Paris. With over 45 years of experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies. Funds managed and advised by Apax Partners exceed €4.5 billion. These funds invest in fast growing mid-market companies across four sectors of specialization: Tech & Telecom, Consumer, Healthcare and Services.
For more information, please visit: www.apax.fr or @ApaxPartners_Fr
Paris-headquartered Apax Partners (www.apax.fr) and London-headquartered Apax Partners (www.apax.com) have a shared history but are separate, independent private equity firms.
About Fortino Capital
Fortino Capital is an investment company with a focus on B2B software and technology. Our mission is to support ambitious management teams in realizing their growth plans. We invest in young companies (venture capital) and established companies (growth capital) where growth is an integral part of the strategy. Fortino has offices in Belgium and the Netherlands, and invests throughout North-West Europe. Fortino's investment portfolio includes, amongst others, Efficy CRM, Hospitality Cloud Solutions, Cenosco, Mobilexpense, Teamleader, iObeya, Salonkee and SimplyDelivery.
For more information, please visit: www.fortinocapital.com