Apax acquires Destiny in SBO

Apax is currently investing from Apax France IX, which closed on €1bn in 2017.

The deal valued the company at around €150m, according to Dutch publication De Tijd. The investor is said to be contributing a funding package of €100-150m for acquisitions. Targets will primarily be from France, but also Germany and Spain.

The founders of Destiny, brothers Daan and Samuel De Wever have retained almost 30% of shares in the company in the transaction.

This is Mentha's second realisation from its fourth-generation fund, which has already sold industrial supplier Etiket Nederland. The fund held its final close on €107m.

Previous funding
Mentha acquired a majority stake in Destiny in May 2016, using Mentha Capital IV. The firm backed the company to acquire Netherlands-based cloud service provider Motto in March 2018.

Company
Established in 2008, Destiny is a B2B company that provides telecommunications services to mid-sized businesses and organisations. It offers the integration of traditional telecoms services (voice over internet protocol, mobile, internet) and cloud applications. Based in Zaventem, Belgium, the company employs 140 people.

Destiny currently generates revenues of €65m.

People
Destiny – Daan De Wever (CEO, co-founder).

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• Topics
• Buyouts
• Exits
• Benelux
• Technology
• Belgium
• Secondary buyout
• Mentha Capital
• Apax France SA