Egeria to exit Ilionx in SBO to FSN Capital

Sister publication Mergermarket reported in August that Egeria was preparing to launch a sale process for Ilionx in September, run by Raymond James. The B2B IT service provider was expected to be marketed off around EUR 25m in EBITDA, as reported.

Egeria acquired a 65% majority shareholding in Ilionx from its management in 2017, as reported, combining the business with local peer QNH the following year. The GP backed both the initial investment and the bolt-on by deploying capital from Egeria Private Equity Fund IV, which held a final close on EUR 600m in December 2012, according to Unquote Data.

FSN will aim to accelerate the company’s growth both organically and through selected add-on acquisitions in the large and highly fragmented Dutch IT-Services market, according to the press release.

FSN’s investment in Ilionx is part of FSN Capital VI’s strategy to support entrepreneurial businesses in industries that it has invested into before, according to the press release. The vehicle held a final close on EUR 1.8bn in June 2021 and will make 14-16 platform investments in companies across manufacturing, consumer and business services, according to Unquote Data.

The transaction will mark the GP’s eighth investment from the fund and sixth investment so far this year, according to Unquote Data. These include Norwegian sportswear and sports equipment supplier Active Brands and German B2B pharmaceuticals company Adragos Pharma.

The GP has previously partnered with a number of IT service companies, namely Netcompany, Fellowmind, Omegapoint, Nordlo and Epista Life Science.

FSN's acquisition of Ilionx is still subject to approval by the Authority for Consumers and Markets (ACM) and the Works Council (OR), according to the press release.

Company
Headquartered in Utrecht, Ilionx has more than 1,200 employees across thirteen locations in the Netherlands. It offers digital strategy, cloud-oriented application development, data amd AI solutions, hyperautomation services and managed services to Dutch organisations. It was founded 20 years ago and has partnered with healthcare institutions, semi-governmental organisations and commercial companies with more than 500 employees.

People
FSN Capital Partners − Marcus Egelstig (partner).
Ilionx − Jan Veltman (CEO).

Advisers
Vendor – Raymond James (corporate finance).

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