Waterland’s Nuts Groep bolts on NLE

The acquisition was funded with the support of Waterland, which provided half of the equity, according to Dutch daily Het Financieele Dagblad.

Waterland bought Nuts Groep in March 2017 and currently owns half of the company, according to Dutch daily M&A. In 2016, the GP acquired a majority stake in Dutch gas and electricity supplier Scholt Energy Control.

Waterland’s most recently closed fund is Waterland Private Equity Fund VII (WPEF VII), closed on €1.79bn in August 2017. The fund focuses on buyout opportunities in mid-market businesses in Europe.

Nuts Groep was founded in 2010 and is headquartered in Amsterdam. Through its subsidiaries Budget Energie and Elegant, the company supplies electricity and gas at approximately 800.000 connection points in the Netherlands and Belgium. The group focuses on the administrative part of the energy value chain, rather than the generation of energy itself. It predicted to generate a turnover of €360m in 2017. The company employs 160 staff.

Company 
NLE, founded in 2005 and headquartered in Rotterdam, is an independent energy supplier. The company does not generate energy itself but buys gas and electricity in the wholesale market, to then sell energy to customers. In addition to energy it also provides telephone, TV and internet services.

People
Nuts Groep - Sjef Peeraer (founder, CEO).
NLE - Harald Swinkels (founder, CEO).

Advisers
Equity - PwC (M&A); Accuracy (financial due diligence); Clifford Chance (legal); Lexence (legal).
Company - ING (M&A); Allen & Overy (legal).

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• Topics
• Expansion
• Benelux
• Netherlands
• Waterland Private Equity
• Build-up
• PwC
• Accuracy
• Clifford Chance
• Allen & Overy