Vincere Groep and ABN AMRO Participaties have sold Vincere Groep to Dustin

by / Tuesday, 24 July 2018 / Published in Press Release

Lincoln International represents Vincere Groep and ABN AMRO Participaties on the sale of Vincere Groep to Dustin

Lincoln International is pleased to announce the successful sale of Vincere Groep based in the Netherlands, to Dustin, a publicly listed Swedish reseller of IT products with associated services. The selling shareholders of Vincere Groep include management and ABN AMRO Participaties.

Founded in 2013, Vincere Groep offers end-to-end managed services consisting of IT, security and communication solutions with associated value added hardware reselling. The company combines its nationwide coverage and scale in the Netherlands with strong expertise in serving the public sector (primarily education and healthcare) and small and medium sized businesses. Vincere Groep operates from 8 strategically located offices in the Netherlands and has approximately 370 employees.

The acquisition of Vincere Groep supports Dustin’s strategic ambition to grow its managed services proposition. The acquisition also marks the next step in Dustin’s geographic expansion, increasing its addressable market in a region similar to the Nordics in terms of customer needs and market structure.

The sale of Vincere Groep illustrates Lincoln International’s strong momentum in IT managed services. Our track record in the past twelve months alone includes amongst others the sale of Nexinto (a German managed hybrid cloud solutions provider) to PlusServer, the sale of Ocean Intelligent Communications (UK based digital transformation and managed services provider) to Cancom, and the sale of Synaix (German based managed cloud hosting provider) to Cancom.

Henk Makaske, CEO of Vincere Groep, said, “The sale to Dustin confirms exactly why we decided to work with Lincoln International at the start of this project. Lincoln could deliver us an integrated combination of deep IT services expertise, global reach to buyers and local execution capabilities. The Lincoln team did an outstanding job in articulating our story and running an intense yet well-orchestrated process, resulting in this great outcome and exciting next chapter for our company as part of Dustin.”

Chris Brooks, Managing Director and senior member ofLincoln's TMT group, added, “Vincere Groep attracted strong interest from both international trade and private equity, as it managed to establish a unique competitive position by executing a disciplined buy & build strategy, showing double-digit acquisitive as well as organic growth. As national champions are starting to surface in various European countries, we see increased cross-border consolidation activity by trade buyers to establish pan-European platform businesses. We are delighted to be one of the most active advisers in European cross border IT managed services, leveraging our international reach and sector expertise.”

Lincoln International acted as exclusive financial advisor to the sellers, leading a broad auction process with interest from both strategic investors as well as private equity. The final enterprise value of EUR 65m (multiple of 11.6x 2017 EBITDA / 10.5x LTM EBITDA) reflects the unique strategic fit between Vincere Groep and Dustin and represents an optimal outcome for all parties involved.

About Lincoln International

Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and joint ventures and partnering advisory services on a wide range of transaction sizes. With twenty offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.

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