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11/2025

ZICHT Consultants acquired by WATERLAND

NETHERLANDS Professional Services / Consulting & Audit / Strategy & Management REV 1m EUR - 100m EUR

Context

Supported by a bespoke unitranche debt facility provided by Colesco Capital, Waterland Private Equity has finalized a definitive strategic partnership to acquire a stake in ZICHT Consultants. Officially announced in November 2025 from Amsterdam, this corporate transaction allocates fresh institutional capital to fuel the next phase of corporate expansion for the advisory firm. The financial architecture of this private equity transaction is explicitly designed to accelerate the execution of a comprehensive growth roadmap, focusing on targeted investments in human capital, specialized knowledge expansion, and the rollout of new commercial propositions. Crucially, the capitalization structure provides the necessary financial reserves to actively pursue a targeted buy-and-build strategy, enabling the newly backed entity to explore strategic bolt-on acquisitions that align with its overarching market ambitions. Under the negotiated terms of the partnership agreement, the target will continue to operate completely independently, maintaining its existing operational autonomy, internal culture, and executive direction without structural interference from the incoming financial sponsor. This governance model ensures strict continuity in client service while simultaneously providing the internal workforce with enhanced developmental pathways and participation in future external growth initiatives. The debt syndication process was managed by Jacco Rolvink, Co-Head of Origination at the direct lending platform, who structured the financing package to perfectly align with the shared environmental and strategic objectives of the involved parties. By securing this customized credit framework, the equity sponsor ensures a flexible capital structure capable of supporting aggressive regional expansion while avoiding immediate dilution. The integration of this institutional backing fundamentally transitions the firm into a highly capitalized platform, ready to consolidate fragmented segments of its sector. All participating stakeholders have publicly emphasized a strong alignment of core values, prioritizing long-term sustainable impact over short-term financial engineering. Precise equity splits and the exact quantum of the deployed unitranche facility remain strictly confidential between the transacting entities.

ZICHT Consultants, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.5x).

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Target

To accelerate the energy transition and the renewal of Dutch infrastructure, ZICHT Consultants specialises in strategy execution, transformation, digitalisation, and project management. Founded by Thijs van Hulst, the consultancy firm operates specifically within the complex energy and infrastructure market, supporting corporate clients in delivering impactful and sustainable industrial projects. The core business model relies on deploying expert consultants to help organizations optimize their operational processes, thereby directly enabling broader sustainability initiatives. Beyond traditional advisory frameworks, the corporate strategy incorporates the development of dedicated, highly specialized service lines. This strategic roadmap explicitly includes the rollout of new proprietary propositions, notably ZICHT Infra Services and ZICHT Digital Solutions, designed to address the evolving technical requirements of the sector. By structuring its service portfolio around these critical domains, the advisory group aims to establish a leading position in managing the intricate infrastructure requirements of the modern energy landscape. The organizational architecture ensures professionals maintain deep expertise across these specific segments, providing tailored guidance that directly addresses the logistical challenges inherent in large-scale infrastructural renewal. Through this focused operational lens, the firm maintains a rigorous commitment to high-impact project delivery without diluting its market positioning into generalized management consulting.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
2024

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REFERENCES

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

Press release: view release

Target: zicht consultants

Acquirer: waterland