IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Sansidor (“the Group”), a fast-growing testing, inspection and related services (“TIS”) provider. IK is investing in the Group alongside existing shareholders HC Partners, founders of the respective group companies and the management team. Financial terms of the transaction are not disclosed.
Sansidor was created in 2018 through the acquisition of several inspection companies by HC Partners. Since then, the Group has grown considerably and today, comprises 18 companies in the Netherlands. With a broad suite of products and services already on offer, Sansidor aims to provide a one-stop shop for small, medium-sized and larger enterprises across the entire built environment industry. To support the achievement of this, it pursues an active buy-and-build strategy which targets high-performing specialist companies with entrepreneurial mindsets that complement its existing offering.
Collectively, the Group has nearly 400 employees who serve over 9,000 clients across a diverse range of sectors. Operating across four key segments: Water Safety; Fire Protection; Electricity; and Building Integrity and two great niches of Infection Prevention and air measurements the Group benefits from a high level of sales recurrence due to insurance, regulatory and legal requirements, with significant customer lock-in and stickiness.
In partnership with IK and the continued support of HC Partners, Sansidor will further develop its in-house M&A capabilities to accelerate the pace of its buy-and-build strategy and drive consolidation in the market. In addition, the Group plans to increase cross-selling and pursue international expansion with an initial focus on Germany. The vision of central embedding, focus on internal corporation between entities as well as local entrepreneurship and culture remains key.
Udo Waltman, CEO of Sansidor, said: “I am extremely proud of the progress we have made over the last few years, particularly with our ‘Buy and Build together’ strategy. Our strong growth ambitions have seen us make several acquisitions of entrepreneurial TIS companies with well-established track records. This has enabled us to continuously evolve our offering and provide customers with access to a dynamic network of professionals from different disciplines. We would like to thank HC Partners for all their support thus far and we look forward to welcoming the team at IK on board for this next phase of our journey. We are extremely grateful to our strong and loyal customer base and every one of our colleagues who contribute to our shared success and help us advance towards our ambitious goals.”
Sander van Vreumingen, Partner at IK and Advisor to the IK SC III Fund, said: “This is another great investment for the IK Small Cap strategy in the Benelux region, with a fast-growing business that has significant potential to develop further. We have been impressed with Sansidor’s journey to date and are convinced of the critical and resilient nature of the services provided through its dedicated group of companies. We look forward to utilising our experience to support Udo, Dave and Frido and their teams in the next phase of the Group’s growth, working collaboratively with HC Partners also.”
Erik de Boer, Partner at HC Partners, said: “We are very proud of Sansidor’s journey over the past six years and are keen to continue our involvement with Sansidor via our second fund. With 18 acquisitions since the start in 2018, Sansidor is a great example of what we like to do: enter into partnerships with entrepreneurs and ambitious management teams and focus on accelerated growth via buy-and-build acquisitions. We are looking forward to entering into this new phase and continuing to support Sansidor’s growth, together with the IK team.”
For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com
