THCP backs Borealis Hotel Group

The deal was sourced via a very limited process, with THCP working on the deal with management over most of 2019, on a one-on-one basis, Unquote has learned. 

The GP bought a minority stake in the company drawing equity from its third fund, Three Hills Capital Solutions III, which closed on €540m in Q1 2019. The fund backs mid-market businesses, providing equity for minority stakes, as well as debt securities.

The GP provides tickets in the €30-100m range, according to its website.

THCP will help the business expand in the Benelux region and elsewhere in Europe. 

The deal represents THCP's second investment in the Netherlands, having backed ACT Commodities, a market maker in environmental energy products and certificates, in 2018.

THCP declined to comment further on the transaction. 

Company
Founded in 1997 and based in Amsterdam, Borealis invests in, develops and manages hotels across the Netherlands and Belgium, in capital cities or close to airports. It operates its hotels under the brands of IHG, Marriott, Hilton and Accor. Depending on the nature of a project, it can act either as a real estate investor or long-term leasee. The business employs more than 100 people and is expected to generate a €100m turnover in 2020, Unquote understands. 

People
Borealis Hotel Group – Bart van de Kamp (CEO, founder); Lodewijk van der Meulen (co-founder).
THCP - Leks de Boer (partner); Arjan Blok (investment manager).

Advisers
Equity – Horwath HTL (commercial due diligence); Graph Consulting (commercial due diligence); Vriman M&A Lawyers (legal); Hogan Lovells (legal); PwC (financial due diligence).
Company – ABN Amro (corporate finance); BarentsKrans (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Benelux
• Consumer
• Netherlands
• Three Hills Capital Partners