Waterland sells invoice business to GEM Benelux

This is the last deal from GEM Benelux II, a €200m 2010-vintage

Gilde Equity Management Benelux (GEM Benelux), a lower-mid market firm based in the Netherlands, has acquired a majority stake in Fa-med, a Dutch invoicing business from Waterland, another Benelux-based private equity firm.

Financial details of the transaction were undisclosed. GEM Benelux declined to comment on deal financials, while Waterland did not respond to a request for comment at press time.

Fa-med, founded in 1988, specialises in carrying out financial and administrative processes of care providers. Waterland acquired the business in 2004, according to a GEM Benelux statement.

Since then the business has grown both organically as well as through acquisitions. GEM Benelux will support the business strategically and financially in a bid to realise its growth ambitions, the firm said.

The acquisition marks GEM Benelux’s second deal in a week. It also bought EV Box, a European producer and supplier of charging stations for electric vehicles and related cloud-based services, for an undisclosed amount.

Both deals have been made from GEM Benelux II, a €200 million 2010-vintage. That fund is now fully invested, although there is capital left for add-on acquisitions, according to a spokesperson for the firm.

In July, the Utrecht-based firm held a first and final close on GEM Benelux III on its hard-cap of €275 million. GEM Benelux targets companies at the smaller end of the Benelux mid-market.

Waterland is currently investing its €1.1 billion Waterland Private Equity Fund V, which was raised in 2011 in just five months and exceeded its €900 million target.