Alpha Private Equity buys Ipcom from Waterland

The acquirer used Alpha Private Equity Fund 7, which closed on €903m earlier this year, to finance the transaction. Alpha typically invests €50-150m in companies valued between €100-500m.

Debt was provided by a pool of banks including ING, Belfius, Rabobank, Siemens and Barings.

The GP intends to support the company's growth through acquisitions. 

Previous Funding
Waterland invested in the company in 2010 via Waterland Private Equity Fund IV, closed in June 2008 on €800m.

Company
Founded in 2010 and headquartered in Merelbeke, Ipcom is an insulation products provider with sales of €285m.

The group serves installers, international contractors, wholesalers and original equipment manufactures. Ipcom delivers its products through a network of 50 outlets across Benelux, the DACH region, Ireland and Scandinavia.

People
Alpha Private Equity – Patrick Herman (partner).
Waterland Private Equity – Frank Vlayen (CEO).
Ipcom – Bernard Vercaemst (CEO).

Advisers
Acquirer – Alantra (M&A); Nielen Schuman (M&A); Cleary Gottlieb Steen & Hamilton (legal); BCG (commercial due diligence); KPMG (M&A, tax, IT due diligence); Cataly Partners (environmental due diligence).
Vendor – Rothschild (M&A); Allen & Overy (legal); McKinsey (commercial due diligence); Deloitte (M&A, financial due diligence, IT due diligence); ERM (environmental due diligence).

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• Topics
• Buyouts
• Benelux
• Industrials
• Exits
• Belgium
• Waterland Private Equity
• Alpha Private Equity