• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

Silver Lake invests in KKR-backed Exact

  • Harriet Matthews
  • Harriet Matthews
  • 01 June 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Silver Lake has acquired a minority stake in enterprise and accounting software platform Exact, a portfolio company of KKR.

Silver Lake is investing in partnership with Exact’s management, according to a statement, and the deal will see KKR retain its majority stake in the business.

The deal is expected to close in Q3 2021.

Exact

  • DEAL:

    Buyout

  • LOCATION:

    Delft

  • SECTOR:

    Software

  • FOUNDED:

    1984

  • STAFF:

    1,850

Silver Lake is currently deploying equity via Silver Lake Partners VI The fund held a final close in January 2021 on $20bn, surpassing its $18bn target. The fund makes investments of $400m-1.25bn.

A source close to the situation told Unquote that the rationale behind Silver Lake joining the investor base was based on previous successful cooperation between the two GPs on investments in high-growth technology companies. Joint deals include US-based web hosting business GoDaddy as well as Philips’ semiconductor division NXP, which was ultimately listed in 2010 at a $1bn market capitalisation.

Exact has made a series of add-ons since its acquisition by KKR in 2019, focusing on Benelux-based businesses. Executives for the company told Unquote sister publication Mergermarket in October 2020 that the company would be unlikely to make acquisitions valued at less than €15-20m, but that KKR would be able to contribute more equity for larger deals, meaning that there is no upper limit to the size of potential targets.

Previous funding
Apax Partners acquired Exact in 2015 in a take-private deal that valued the business at around €730m, based on 2014 EBITDA of around €43.5m and an offer price of €32 per share. Exact was subsequently delisted from the Amsterdam Euronext stock exchange.

KKR acquired a majority stake in Exact in February 2019, investing via its long-term Core Investments strategy, through which the GP can hold investments for 10-15 years. Unquote sister publication Debtwire reported at the time that the deal valued Exact at around €1.65bn, while Mergermarket reported that the company posted EBITDA of around €80m.

Company
Enterprise and accounting software company Exact was founded in 1984 and is headquartered in Delft in the Netherlands. The firm produces software to allow SMEs to automate their accounting and financial processes, as well as their human resource management, enterprise resource planning and customer relationship management activities. The company employs 1,850 staff. It posts revenues of €320m, according to press reports, which KKR intends to increase to €500m by 2023 or 2024.

People
Silver Lake – Christian Lucas (co-head, EMEA).
KKR – Daniel Knottenbelt (partner, head of Benelux); Jean-Pierre Saad (partner, head of EMEA technology).
Exact – Paul Ramakers (CEO).

Advisers
Equity (Silver Lake)
 – STB (legal); NautaDutilh (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Benelux
  • Technology
  • KKR
  • Silver Lake - London
  • Netherlands

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013