Holland Capital buys business applications provider Appronto

Wahida Ahmed
04 February 2022

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Netherlands-based investment firm Holland Capital has acquired low-code applications and integrator provider Appronto in a primary buyout.

The GP told Unquote that the acquisition will enable close collaboration with three complementary companies currently in its portfolio: Magnus Digital, Dimensys and Cards PLM Solutions. "Together, these companies are addressing the digital transformation needs of customers, mostly in the industry 4.0 market, based on the technologies of SAP, Siemens, Mendix and Boomi."

According to a press release, the companies will continue to operate under their own brand. Holland Capital said the company was sold through a limited auction and the deal was structured via a newco. Financial terms of the deal were not disclosed.

The acquisition of Appronto was made through Holland Capital Growth And Buyout Fund IV. The vehicle targets lower-mid-market technology and healthcare companies in the Netherlands. The fund held a first and final close on EUR 117m in December 2019, according to the GP.

Appronto seeks to support professionalisation, and to help portfolio companies to grow autonomously and through buy-and-build. Current portfolio companies include Cards PLM Solutions, in which the GP acquired a majority stake in January 2021.

Company
Appronto was established in 2013 and is headquartered in Breda, the Netherlands. The company delivers software systems to companies, based on the low-code Mendix platform. Appronto offers its digitalisation services to the supply chain industry and the financial services industry, according to its website.

The GP told Unquote that Appronto had approximately EUR 10m in revenues in 2021. Combined with the GP's related portfolio companies – Magnus, Dimensys and Cards PLM – its turnover reached EUR 50m in 2021. Holland Capital added that the four companies combined are seeking to have an autonomous growth of 15-20% annually and further growth will be realised through buy-and-build.

People
Appronto – Bas van der Horst (managing director).
Holland Capital – Ewout Prins (managing director).

Advisers
Equity – HSA Advocaten (legal); JSA Tax (tax); Kröller Boom (insurance due diligence).