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Insights, updates, and articles from the Frontline

 
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ALBELLI AND PHOTOBOX MERGE TO COMPETE IN EUROPEAN PHOTO PRODUCTS MARKET

Jan 11, 2022

Shurman Tech M&A and Financing is pleased to announce that it has supported albelli's management team in the recent transaction with Photobox. 

Two of Europe’s biggest names in personalized photo products have combined. albelli (owned by Gilde Buy Out Partners) and Photobox (owned by Exponent), announced a merger creating what it calls a “leading player in the online European Photo Product and Gifting market.” Gilde and Exponent will retain ownership of the combined business together with the management teams of both businesses. 

The combined company will serve a pan-European customer base of more than 7 million customers, supported by 1,150 employees across the United Kingdom, Netherlands, France, Germany, Spain, Norway, and Sweden. albelli and Photobox enjoy complementary business strategies and a shared focus on customer satisfaction and employee engagement. Albelli, formerly known as Albumprinter, was purchased from Cimpress by Gilde Out Partners in 2017. The company bought France’s Monalbumphoto SAS from Métropole Télévision S.A. in 2018.

In a statement, the companies claimed the “combined business will benefit from sharing best practice knowledge, streamlining procurement and supply chain processes, and the scale of a larger group. In addition, the merger will allow both businesses to accelerate strategic initiatives to better serve customers, including its focus on mobile apps. The existing consumer brands, including Photobox and albelli, will remain, given their strength in their respective markets. Over time, customers will enjoy an increased product portfolio and improved customer experience.”

A new group management board has been established to govern the combined business and ensure a smooth integration process, comprising Tristan Money (CEO albelli), Dan Mucha (CEO Photobox), Leon Kerckhaert (CFO albelli), and Jon Mitchell (CFO Photobox).

For more information, please contact:


Mark van der Horst, Partner

mobile: +31 6 511 85 104

email: mark@shurman.com

website: www.shurman.com

Spaces Zuidas

Barbara Strozzilaan 201

1083 HN Amsterdam 

The Netherlands

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PAX8 ACQUIRED EUROPE-BASED TVG TO EXPAND ITS CLOUD SERVICES REACH AND PUT ITS FEET ON THE GROUND IN SEVERAL BALTIC COUNTRIES

Jan 6, 2022

Shurman Tech M&A and Financing is pleased to announce that it has supported Pax8's management in the recent transaction with TVG. 


Pax8 has acquired Europe-based TVG to expand its cloud services reach and put its feet on the ground in several Baltic countries. Headquartered in Riga, Latvia, TVG has more than 20 years of experience as a cloud service and software distributor and serves more than 1,000 partners. The company is an authorized Microsoft CSP Indirect Provider with a vast solutions portfolio including Adobe, Corel, Altaro, TeamViewer, ManageEngine and several other industry-leading global technologies.


“Europe is a continent with different cultures, languages, currencies, and all that. One of our dreams, and our vision, is to offer localized support to every IT service provider in Europe,” Harald Nuij, managing director of Pax8 Europe. Denver-based born-in-the-cloud distributor Pax8 has been operating as a central model in Europe with 17 spoken languages to serve its European customers, he said, but there’s been a growing demand from the Baltic region. “We do feel that this is the moment to step in with a local team and local support, bringing these MSPs to the next level,” Nuij said.


In July, Pax8 acquired Resello, a cloud services distributor specializing in making as-a-service easy to understand, sell, and manage, expanding to more than 40 European countries.

For more information, please contact:


Mark van der Horst, Partner

mobile: +31 6 511 85 104

email: mark@shurman.com

website: www.shurman.com

Spaces Zuidas

Barbara Strozzilaan 201

1083 HN Amsterdam 

The Netherlands

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ONE TWO CAPITAL ACQUIRES A MAJORITY STAKE IN WELTEN

May 31, 2021

Shurman Tech M&A and Financing is pleased to announce that it has exclusively supported Welten's shareholders and management in the recent transaction with One Two Capital. Last week, investor One Two Capital acquired a majority stake in Welten Group, the platform environment for the adaptive professional. The Welten Group includes:

  • Welten, a leading financial secondment company

  • Dukers & Baelemans, a financial training institute and 

  • Hubper, a digital learning platform.

Chris Baelemans (CEO of the Welten Group) is very enthusiastic about Shurman's role as corporate finance advisor: "I worked with many corporate finance firms in the past, but the Shurman team is in a league on its own. They are extremely knowledgeable, have years of experience in M&A, and have an extensive industry network. But above all, Shurman is different because of its out-of-the-box approach to the market, a creative vision on positioning, and a sharp eye for the company's opportunities. Moreover, they are better equipped than others in aligning all stakeholders' interests while maintaining the human dimension and outperform expectations." 


Welten, with the support of Shurman, was looking for a partner to accelerate growth. This growth ambition is focused on further developing the platform environment for adaptive professionals and expanding its services. Erik Leus (managing partner at Shurman) is convinced that Welten can realize this ambition with the support of One Two Capital.

One Two Capital was founded by entrepreneur Casper Bannet, former CEO and founder of secondment agency Aethon, and experienced hands-on private equity investor Arthur Wolff. "One Two Capital's approach as an entrepreneurial private equity investor is unique. The combination of Chris Baelemans' inspirational leadership and One Two Capital’s active support offers Welten great opportunities for accelerated growth, both organically and through targeted acquisitions. This makes One Two Capital the perfect partner for Welten to fulfill its ambitions," says Erik Leus.

For more information, please contact:


Mark van der Horst, Partner

mobile: +31 6 511 85 104

email: mark@shurman.com

website: www.shurman.com

Spaces Zuidas

Barbara Strozzilaan 201

1083 HN Amsterdam 

The Netherlands

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TECH M&A UPDATE – POST-COVID SITUATION DWARFS PRE-COVID

by i5 Invest, March 2021

The Tech M&A market has been extremely vibrant over the last 6 – 9 months, driven by investment capital pouring into the Tech market, and an increasing customer demand for Tech solutions. The juxtaposition of pre-Covid versus post-Covid times shows the exceptionally strong performance of the Tech M&A market.
The number of M&A transactions has climbed by 20% quarterly in contrast to pre-Covid with an accompanied 100% rise in average deal value. This confirms that due to Covid an ever-increasing amount of investment capital is chasing Tech investment opportunities.
Sales Multiples (Enterprise Value divided by Recurring Sales) for Tech companies have soared with the US leading the path. Sales Multiples are up by 23% globally compared with pre-Covid multiples, with sales multiples of European companies growing by 15%. Consequently, Covid drove an even bigger wedge into the already existing valuation gap between Europe and the US. The spread now stands at almost 50%.

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THE NEXT SOFTWARE DISRUPTION: HOW VENDORS MUST ADAPT TO A NEW ERA

by McKinsey, Jun 2020

Over the turbulent past decade, many legacy software players proved to be remarkably resilient. Now they must adopt a new strategic playbook to weather the different challenges ahead.

For the past ten years, the rise of software as a service (SaaS) has reshaped the enterprise-software industry. Yet that growth came with a cost: industry profitability tumbled, falling by half over the decade.

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STATE OF THE TECH M&A MARKET IN THE NETHERLANDS AND BELGIUM

by PWC, June 2020

An analysis of the tech M&A trends in the Netherlands and Belgium: 2015-2019 review and 2020+ outlook.


The Netherlands and Belgium tech M&A markets provide various attractive investment opportunities. Over the past five years, we have witnessed a sharp increase in the number of technology deals in the Netherlands and Belgium.

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PRACTICE MAKES PERFECT: WHAT SETS PROGRAMMATIC ACQUIRERS APART

by McKinsey, Nov 2019

A new survey finds that expert acquirers take a different approach to strategy, deal execution, and integration.

Past McKinsey research has found that companies completing many small deals regularly over time create more value than those completing the occasional large transaction. But what do these companies actually do that differentiates them from the rest of the pack?

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DEMYSTIFYING DEAL MAKING: LESSONS FROM M&A VETERANS AND PROGRAMMATIC DEAL MAKING

by McKinsey, Aug 2019

In mergers and acquisitions (M&A), nothing quite beats experience.


This is particularly true of so-called programmatic M&A, a systematic approach to finding and transacting a steady stream of deals over time along a common theme. To help demystify the deal-making process—including what works and what doesn’t—we asked two seasoned M&A veterans.