Bencis acquires PePe Parts from MKB

Harriet Matthews
11 February 2021

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Bencis Capital Partners has acquired Netherlands-based B2B scooter, motorcycle and moped parts wholesaler PePe Parts in an SBO from MKB Fonds.

Leon and Alexander van der Post will remain in their management roles, according to a statement.

Bencis intends to assist PePe with strengthening its position in the Netherlands, as well as with its international expansion.

Bencis is currently deploying equity via Bencis Buyout Fund VI, which held a final close in November 2020 on €575m. The fund invests in Benelux-based mid-market businesses and follows the same strategy as its predecessor funds.

Idinvest has provided unitranche financing to support the deal, a source close to the situation told Unquote.

MKB Fonds acquired a majority stake in PePe in October 2017. The GP invests in Dutch family-owned SMEs with enterprise values of €1-20m. The GP targets businesses with a turnover of at least €2m and EBITDA of at least €250,000.

During the investment period, PePe merged with AGM Scooters, in which MKB owned a stake. AGM had previously acquired BTC International in October 2016 and Hodi on Wheels in March 2017, according to MKB's website.

Unquote sister publication Mergermarket reported in September 2020 that PePe was being marketed to potential buyers based on EBITDA of around €5m, with KPMG acting as M&A adviser. Sources told Mergermarket that the coronavirus pandemic has seen demand for motorcycles increase due to consumers seeking alternatives to public transport.

Company
Founded in 1920 and headquartered in Heinenoord, PePe is a B2B technical scooter and moped parts wholesaler. The company has a network of around 1,500 dealers, garages, resellers and fleet owners. It sells parts from brands such as Yamaha and Vespa, as well as its own brand, DMP. According to a report from Het Financieele Dagblad, which cited MKB director Thomas Wals, the company reports revenues of around €30m and has grown by 40% since 2017.

People
Bencis Capital Partners – Zoran van Gessel (co-founder, managing partner).
PePe Parts – Leon van der Post, Alexander van der Post (managing directors).
MKB Fonds – Thomas Wals (director).

Advisers
Equity – DLA Piper (legal); Alvarez & Marsal (financial due diligence).
Vendor – KPMG (corporate finance); HerikVerhulst (legal).