mynth
07/2024MajorityLBO

IK Partners takes majority stake in Sansidor

NETHERLANDS Industrial Services / TIC (Testing, Inspection, Certification) EV €100–350M

Context

IK Partners, through its IK Small Cap III Fund, has signed an agreement to invest in Sansidor alongside existing shareholders HC Partners, the original founders, and the management team. This transaction marks a new phase of growth for the Group, which was originally created in 2018 through a series of acquisitions. The strategic rationale for the investment is to accelerate the Group’s active buy,and,build strategy within the highly fragmented European testing, inspection, and services market. Under the new ownership structure, the Group plans to further develop its internal M&A engine to drive market consolidation and increase cross,selling across its network of companies. A key component of the future strategy includes international expansion, with an initial geographic focus on entering the German market. The partnership seeks to build upon the resilient nature of the Group’s service offering, which benefits from strong regulatory tailwinds and a loyal customer base across more than nine thousand clients.

The acquisition of Sansidor is part of the growth strategy of IK Partners, which already has several external growth operations under its belt, notably Checkmate Fire in 2024.

Sansidor, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of Above 20x.

-> Deep-dive in Business Services market trends

Target

Sansidor is a fast,growing testing, inspection, and related services provider based in the Netherlands, specializing in the safety, health, and sustainability of the built environment. The Group operates as a "one,stop shop" for small, medium, and large enterprises, offering a broad suite of recurring, compliance,led services across four primary segments: Water Safety, Fire Protection, Electricity, and Building Integrity. Additionally, the Group maintains specialized niches in Infection Prevention and air measurements. Its business model is built on a decentralized network of high,performing specialist companies that maintain their entrepreneurial culture while benefiting from central support. This structure ensures a high level of customer stickiness, driven by stringent insurance, regulatory, and legal requirements that necessitate regular inspections of technical installations and building systems.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€50–100M
€5–25M
[members only]
2023
€50–100M
€5–25M
[members only]

Other operations with IK Partners

Other operations with IK Partners
DateAcquirerTargetCountrySector
12/2024NEXTSTAGE / IK PARTNERSEUROBIO SCIENTIFICFRANCEDiagnostic Equipment
08/2024IK PARTNERSOCTIME GROUPFRANCEERP, HR & Finance
03/2024IK PARTNERSCHECKMATE FIREUNITED KINGDOMSecurity & Guarding
02/2024IK PARTNERSEUROFEUFRANCESafety & Security
06/2023IK PARTNERSGOODLIFE FOODSNETHERLANDSFood Products
10/2022IK PARTNERSUNITHERFRANCECDMO
06/2022EQUISTONE / IK PARTNERS / SAGARD / EMZ PARTNERS / SOCIETE GENERALE CAPITAL PARTENAIRESSAFIC-ALCANFRANCESpecialty Chemicals
02/2022IK PARTNERSSOFIA DEVELOPPEMENTFRANCEHealthcare
01/2022IK PARTNERSRENTA GROUPFINLANDEquipment Rental
12/2021VIVALTO PARTNERS / IK PARTNERS / MACSF / ARKEA CAPITAL / BNP PARIBAS DEVELOPPEMENTVIVALTO SANTÉFRANCEClinics / Hospitals

Similar deals in Industrial Services

Similar deals in Industrial Services
DateAcquirerTargetCountrySector
09/2024LGT CAPITAL PARTNERSH&MV ENGINEERINGIRELANDMulti-technical Installation
09/2024DXP ENTERPRISESHARTWELL ENVIRONMENTAL CORPORATIONUNITED STATESIndustrial & Technical Distribution
07/2024UL SOLUTIONSTESTNET ENGINEERINGGERMANYTIC (Testing, Inspection, Certification)
07/2024ALLIANCE AUTOMOTIVE GROUPELDISBELGIUMIndustrial & Technical Distribution
07/2024ASTORGNORMECNETHERLANDSTIC (Testing, Inspection, Certification)
05/2024ADMIRAL ACQUISITION LIMITEDACUREN CORPORATIONUNITED STATESTIC (Testing, Inspection, Certification)
05/2024LATOUR CAPITALSYSTRAFRANCEEngineering & Consulting
05/2024TDR CAPITAL / I SQUARED CAPITALAPPLUS+ GROUPSPAINTIC (Testing, Inspection, Certification)
05/2024BPIFRANCE / MUBADALASOCOTECFRANCETIC (Testing, Inspection, Certification)
04/2024DELMAS INVESTISSEMENTS ET PARTICIPATIONSACCES INDUSTRIEFRANCEEquipment Rental

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 2x - 6x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Sansidor by IK Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Sansidor, a Dutch company specialised in TIC (Testing, Inspection, Certification), by IK Partners in 2024, structured as a leveraged buyout (LBO).

How was the acquisition of Sansidor by IK Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Sansidor’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Sansidor generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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