NPM Capital to sell Iddink to trade in €277m deal

The purchase price on a cash and debt-free basis amounts to €277m.

Iddink will remain a separate operational company within Sanoma Learning and continue to serve all educational publishers and content providers in its markets. Iddink's business is complementary to Sanoma's Dutch learning subsidiary Malmberg, an educational publisher for primary, secondary and vocational schools.

Nasdaq Helsinki-listed Sanoma is a consumer media and learning company with operations in Finland, the Netherlands, Poland, Belgium and Sweden. The company's net sales totalled €1.4bn in 2017. It employed around 4,400 professionals last year.

Previous funding
Nordian (then named Rabo Capital) invested in Iddink in April 2008. At the time of Nordian's investment, Iddink was a supplier of school books and other materials to the secondary market, serving around 200,000 students in the Netherlands. Nordian subsequently sold the business to NVP in 2014, which bought a 70% stake, investing alongside management.

Company
Founded in 1922 and headquartered in Ede, Iddink supplies learning materials and educational services for secondary schools, and vocational training in the Netherlands, Belgium and Spain. It posted net sales of €141m in 2017 and an operational EBITDA of €27m. The business employs approximately 300 people, and about half of the employees work in educational technology.

People
NPM Capital – Paul Bisseling (senior investment manager); Bart Coopmans (managing director).
Sanoma – Susan Duinhove (president, CEO).

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• Topics
• Exits
• Benelux
• Consumer
• Netherlands
• NPM Capital
• Trade sale