Main Capital buys majority stake in Denit

The takeover saw Main Capital acquire its majority interest from Denit co-founders Edwin Cornelissens and Dennis Bruin. The GP has yet to disclose its investment and which fund the equity was drawn from; however, its latest takeovers were all financed via its fourth fund, which closed on its €85m hard-cap in September 2015.

According to Main Capital, its interest in Denit stems from the company's specialisation in hosting solutions, which represent an "issue" for many of the GP's existing portfolio companies. As a majority shareholder, the firm will support Denit's growth plans in the segment. The strategy will heavily feature add-on acquisitions, an approach Main Capital has followed with previous investments.

Highlights of the GP's buy-and-build portfolio include licensing and planning software developer Roxit. Acquired in June 2015, the business represents Main Capital's largest foray since inception, and was subsequently merged with Delft-headquartered competitor Green Valley, acquired with the GP's support.

Bought by Main Capital in October 2015, application performance monitoring specialist Ymor is also working on a buy-and-build strategy, as is software-as-a-service specialist Regas. In December 2015, the latter joined forces with German peer Daarwin; the merger was supported with fresh equity from both Main and the management team.

Company
Founded in 1999, Denit provides managed hosting, cloud computing and infrastructure-as-a-service. Headquartered in Amsterdam, the company employs 35 staff and works with SME clients. The company's revenues were not disclosed but Main Capital's fourth fund targets assets with turnover in excess of €4m.

People
Main Capital – Pieter van Bodegraven, Charly Zwemstra (partners).
Denit Hosting Solutions – Edwin Cornelissens (co-founder, managing director); Dennis Bruin (co-founder).

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