Pan-European buyout firm IK Investment Partners has agreed to acquire a majority stake in Doedijns International, an engineering group which services the energy industry, from Friesland Bank Investments for an undisclosed amount.
The investment, which will be made from the €1.7 billion Industri Kapital 2007 Fund, marked IK’s fourth deal this year. The deal takes that fund to about 70 percent deployed, according to an investor source, a point at which most GPs begin raising their next fund. IK declined to comment on fundraising plans.
In March, IK firm purchased Hong Kong-based Offshore Incorporations Group (OIL) from The Carlyle Group, reportedly fighting off competition from private equity bidders Bain Capital and Affinity Equity Partners.
Last month, IK agreed to acquire a majority stake in French company Trigo from private equity firm AtriA Capital Partenaires. The transaction followed the acquisition of French food ingredient manufacturer Savena from Azulis Capital and Céréa Capital. Financial terms of both deals were not available.
Following the Doedijns acquisition, the company’s management team will remain in place and retain a significant minority stake in the company, according to a statement. IK was advised by Kempen & Co Corporate Finance, Clifford Chance and Deloitte, while ING Corporate Finance, CORP Advocaten and PwC Transaction Services advised Doedijns.
Founded in 1879 as a distributor of drive belts, the Netherlands-based Doedijns now provides engineered solutions in the area of hydraulics, instrumentation, pneumatics and control systems.
With offices in the Netherlands, Belgium, France, the UK, Dubai and Malaysia, the company planned to focus on international growth and expand its international market presence both organically and by add-on acquisitions with the support of IK, it said.
Remko Hilhorst, a deputy director at IK, said: “We are looking forward to working alongside the team to help grow the business, diversify it internationally and transform it into a global niche engineer in selected growth markets.”