Waterland buys majority in IE Group

Francesca Veronesi
27 August 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Netherlands-based Waterland has acquired a controlling stake in radar technology company IE Group, which is composed of two Belgium-based businesses, Intersoft Electronics and Advionics.

Waterland has appointed Thorsten Oelgart as the new CEO for IE Group. The GP will help the business further develop its existing product lines and expand into new segments. According to Belgian daily De Tijd, the group could pursue a buy-and-build strategy.

The Dutch GP is currently investing via Waterland Private Equity Fund VII, closed on €2bn in 2017; the fund typically backs mid-market businesses from a range of sectors.

Some of the vehicle's most recent investments include UK-headquartered Cawood Scientific, a provider of analytical laboratory testing services, in July; and Netherlands-based holiday resorts operator EuroParcs in May.

Company
Intersoft and Advionics are both engaged in radar technology for the aviation industry. Customers include both radar operators, such as Eurocontrol, the US Federal Aviation Administration, and manufacturers like Hensoldt, Raytheon and Thales.

In 2016, Advionics was acquired by the owners of Intersoft; together, Intersoft and Avionics form the IE Group.

Intersoft, founded in 1983 and based in Olen, employs 50 people and posted a €11.5m turnover in 2018. Advionics, founded in 1960 and headquartered in Oostkamp, has a workforce of 150 people and generated a €21.6m turnover in 2018.

People
Waterland Private Equity Investments – Cedric Van Cauwenberghe (managing partner).
Advionics – Jan Bonte (CEO).
Intersoft Electronics – Marcel Vanuytven (founder).