Sovereign backs MBO of Xendo

On completion of the deal, Xendo will undertake a buy-and-build growth strategy with a focus on geographic expansion. The business has recruited Arjen Huijs, formerly head of accounting at coffee company Jacobs Douwe Egberts, as finance director.

Xendo has already made inroads into consolidating its presence in Europe, acquiring Brinker Pharmaconsulting in June 2015 to expand its operations in the German market.

The deal marks Sovereign's third investment in the support services sector in quick succession. In April the GP backed the BIMBO of logistics company Dalepak and supported portfolio company Kinderton in its acquisition of credit hire taxi business Sovereign Automotive.

The GP also has a track record of investing in the regulatory compliance market, having sold portfolio company Cordium to European Capital in December 2014 and exited risk management business Alcumus to Inflexion in October 2015.

European Capital provided a unitranche debt package to support the Xendo transaction.

Company
Founded in 1990 and headquartered in Leiden, south Holland, Xendo provides consultancy and project management services to the pharmaceutical, medical devices and healthcare sectors. It has a headcount of 140 with operations in the UK, Netherlands and Germany.

People
Sovereign – Dominic Dalli (partner).
Xendo – André van de Sande (CEO).

Advisers
Equity – BDO, Jamie Austin, Martin Gouldstone, Chris Grove, Alistair Kirkbright (corporate finance, financial due diligence, tax); Eversheds, James Trevis, Ben Jones (legal); Avos Consulting, Keith Ruark (commercial due diligence); Marsh, James White (insurance due diligence).

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• Topics
• Buyouts
• Benelux
• Support services
• Netherlands
• Sovereign Capital