Odin Groep awards exclusivity to Apax Partners

Fortino Capital-backed Odin Groep is being marketed based on annual EBITDA of EUR 30m-33m by sell-side adviser Raymond James, as previously reported by Mergermarket.

France-based Apax Partners tabled an offer based on a mid-teens EBITDA multiple, according to the first source. This suggests an enterprise value in the region of EUR 450m-495m. Raymond James had been targeting a minimum valuation of 13x EBITDA, as reported.

Apax Partners and Fortino are not strangers – the buyout firms co-own Efficy Group, a Belgium-based CRM software provider.

In the run-up to appointing Raymond James to explore an exit, Fortino expanded Odin Groep's footprint via acquisitions, including that of Netherlands-based IT company Primarox in June, as reported.

Odin Groep is a holding company that provides cloud hosting, security, managed services and consultancy. It has several subsidiaries, including cloud computing arm Previder, which operates two data centres; ICT, which develops and manages digital infrastructure for schools in the primary-education area; and Winvision, which provides IT services.

Founded 30 years ago, the company has 650 employees. It is headquartered in Hengelo, in the province of Overijssel.

Apax Partners declined to comment. Raymond James and Fortino Capital had not responded to requests for comment at the time of publication.

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