Synergia plans EUR 200m Fund VI final close by end of 2022

Synergia expects to hold a first close for the fund on EUR 150m by the end of June, he said.

The firm is targeting existing and new LPs including Dutch family offices and entrepreneurs. The GP has worked with around 50 LPs to date since the firm’s foundation in 1999, he noted.

The sponsor actively involves its investors in both dealmaking and networks that support portfolio companies, Legro said. While the fund does participate in M&A auctions, it also sources target companies via other channels, including reaching out to companies directly and via its investor network, he said.

Synergia focuses on investments in Dutch companies for its portfolio, yet it actively supports their international expansion. The fund invests in both majority and large minority stakes, with the latter likely in the case of family-owned companies that seek to retain control over the business, Legro said.

Acquisition strategy
Synergia Capital Fund VI will follow the strategy of the firm’s previous funds, focusing on targets with EBITDA of EUR 2m-EUR 15m, with a sweet spot of EUR 5- EUR 10m. In terms of sectors, the focus is broad as the sponsor considers targets in food and agriculture, industrials, B2B software, as well as healthcare and professional services sectors, Legro said.

Synergia deploys equity tickets of EUR 2.5m-EUR 25m and plans to conduct around eight deals from the new fund, he added.

Apart from internationalisation strategy, the sponsor actively supports target companies’ succession strategy by bringing partners on board in order to minimize the companies’ succession risk. The sponsor focuses not just on net IRR, but also – and primarily - on cash multiple, he said declining to disclose them. It does not charge a management fee.

Portfolio plans
Synergia’s current portfolio has 13 investments, the most recent ones being Dutch industrial supplier AIC and Dutch indoor climate solutions provider Pronk Groep.

The GP has a flexible holding period, which typically ranges between five and eight years, without pre-specified cut-off dates. It tends to exit investments when a company is ready for the next phase of its execution plan, Legro said. The GP’s oldest investments include speech recognition provider G2 Speech and industrial machinery provider Ploeger Axbo both acquired in 2010.

While no exits are scheduled for this year, a few of them are likely to take place next year, he noted. The firm’s most recent exits include insulated doors supplier Condoor Group, business services provider the Human Network, and management consultancy Quint, he said.

Synergia Capital Partners - Portfolio

Deal name	Deal date	Deal value (€m)	Stake acquired	Advanced deal type	Advanced sector	Fund invested from	Legal Advisor	Corporate Finance Advisor
AIC / DC Materieel	Jun-22	n/d(25-50m)	Majority	Buyout	Industrial Suppliers	Synergia Capital Fund V	Lexence, Maverick Advocaten (Equity), Vriman (Company)	KPMG (Company)
PronkGroep	Apr-22	n/d(25-50m)	Majority	Buyout	Installation Services	Synergia Capital Fund V	Lexence (Equity)	Arpentus (Company)
LOA Full Surface Group	May-22	n/d( < 25m)	Majority	Buyout	Diversified Industrials	Synergia Capital Fund V	DLA Piper LLP  (Equity)	Lingedael (Company)
Plant World	Apr-21	n/d(25-50m)	Majority	Buyout	Agriculture/Genetics	Synergia Capital Fund V	Lexence (Equity)	IRIS (Company)
Viscon Group	Dec-20	n/d(>50m)	Minority	Expansion	Industrial Machinery	Synergia Capital Fund V	DLA Piper LLP  (Equity)	n/d
For Ever Bulbs	May-20	n/d(< 25m)	Majority	Buyout	Agriculture/Genetics	Synergia Capital Fund V	DLA Piper LLP  (Company), Lexence (Equity)	Oaklins (Company)
Van Wamel	Jun-17	n/d(< 25m)	Majority	Buyout	Industrial Machinery	Synergia Capital Fund IV	DLA Piper LLP  (Equity)	Crowe Foederer (Company)
Life & Mobility	Jul-16	n/d(< 25m)	Majority	Secondary buyout	Medical Equipment	Synergia Capital Fund IV	Corp. Advocaten (Vendor), Lexence (Equity)	Oaklins (Vendor), Holland Corporate Finance (Vendor)
Peridot Food	Mar-16	n/d(< 25m)	Majority	Buyout	Food Products	Synergia Capital Fund IV	DLA Piper LLP  (Equity)	Kruger (Company)
Res2	Jun-13	n/d(< 25m)	Minority	Expansion	Software	Synergia Capital Fund III	DLA Piper LLP  (Equity)	Shurman (Company)
Ploeger Oxbo Group	Jul-10	n/d(>50m)	Minority	Buyout	Industrial Machinery	Synergia Capital Fund IV	DLA Piper LLP  (Equity)	MBCF (Vendor)
G2 Speech	Jun-10	n/d(< 25m)	Minority	Buyout	Software	Synergia Capital Fund III	DLA Piper LLP  (Equity)	n/d

Source: UnquoteData

[Editor's Note: The portfolio has been updated with additional information.]

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