Vendis closes Vendis II fund on €180m hard-cap

The Belgium-based firm had already held a first close in February 2015, having secured commitments in excess of €125m and nearly reached the original €150m target.

The new buyout fund will likely pursue the investment strategy of Vendis I, focusing its efforts on partnering with small to mid-market consumer brand companies, though widening the scope in investment size and geographic span. Vendis I was launched in 2009, closed on €111.5m in 2010 ahead of its €110m target and has been fully invested through eight companies in France and the Benelux region.

Investors
For this new fund, Vendis has secured commitments from a mix of institutional investors, family offices and entrepreneurs from the consumer sector.

It has managed to regain commitments from existing LPs that had invested in Vendis I, such as the European Investment Fund and family office Korys. It also attracted new investors such as Morgan Stanley AIP.

Investments
Tickets will range from €5-40m per transaction, targeting companies with sales in the region of €10-120m. Targeted regions will include Vendis's historical markets – Belgium, the Netherlands and France – with a push towards the north of Europe in Germany and Scandinavia.

Vendis II has already deployed 20% of its capital, having kickstarted investments by acquiring a majority stake in Dutch fashion brand Petrol Industries back in January. In February, it made its first investment in the Nordic region by supporting an MBO for Danish furniture and accessories brand Ferm Living in a deal valued between €20-80m.

A third investment is likely to be announced very soon, Vendis said.

People
Vendis Capital – Cedric Olbechst, Michiel Deturck (partner).

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