Fortino exits Odin to Apax

Apax secured exclusivity on the auction in mid-January, preempting an auction process that was in its second round, Unquote reported. 

First-round bids were held in late December, Mergermarket reported. 

Odin Groep is a Dutch provider of IT services. Apax said that the ambition is to create the biggest managed services provider in the Netherlands for SMEs, education, healthcare and housing through a mix of organic and buy-and-build growth. 

The company reported revenues of EUR 140m in 2021. It was marketed based on EBITDA of EUR 30m-33m and was sold at a mid-teen multiple, putting the price tag at EUR 450m-495m. 

Apax is investing out of its latest Midmarket X fund, which closed on EUR 1.6bn in July 2021. 

Odin has doubled in size under Fortino's ownership, the company said in a statement. The GP bought the asset in July 2019 under its Growth Capital PE I fund. 

In 2018, Odin achieved a turnover of EUR 82m and an EBITDA of EUR 15m, Fortino said at the time. 

Company
Odin focuses on managed services, cloud and data centre infrastructure, and security and advisory services for 4,000 customers in the Netherlands. Its brands are known locally as Previder, Heutink ICT and Winvision. 

Advisers
Fortino – Raymond James (M&A).

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