GMT and Veronis buy IT-Ernity from Nedvest

The management team also committed capital to the company. The transaction was supported by debt financing from ING and ABN-Amro.

GMT began a strategic review of managed services within the data and cloud space for a couple of years, partner Stefan Franssen told unquote". The GP then identified targets within the sector before overlaying them with the available opportunities.

Real preparation for the IT-Ernity deal began earlier this year. Veronis entered the transaction at a later stage. 

GMT invested through the GMT III vehicle, which closed in 2007 and holds just short of €350m. The GP intends to follow an organic and acquisitive growth strategy for the company, with initial acquisition targets in the Netherlands.  

GMT is focused on the European media and communications sectors. Veronis backs companies in the information, education, media, marketing and business services industries in the US and Europe.

Company
Founded in 2002, IT-Ernity provides a range of fully-managed IT solutions, including system administration, protection, security, application management and outsourcing to SMEs in the Netherlands. The firm offers shared hosting, domain registration and secure infrastructure connectivity through xDSL and fibre optics.

The company has completed 14 acquisitions since 2008. IT-Ernity has a customer base of more than 40,000 and is based in Zwolle. The firm employs around 60 members of staff. 

People
Stefan Franssen is a partner at GMT and joined the company's board as part of the deal. Morgan Callagy, managing director at Veronis, also joined the board.

Advisers
Equity - CMS Cameron Mckenna, Paul Stallebrass (Legal).
Debt - Clifford Chance, Titus De Vries, Mirjam van der Kaay (Legal); Van Campen Liem, Judith Hartings, Tom Mitchell (Legal); Weil, Mark Soundy (Legal); KPMG, Robert Hunt, Neil Davies (Financial due diligence).
Management - Corp, Paul van den Belt (Legal).
Vendor - Janssen Broekhuysen Advocaten, Joroen Bleeker (Legal); Van Campen Liem, Judith Hartings (Legal); Arma Partners, Tom Wells (Corporate finance); PwC, Maarten van de Pol, Bas Spelbos (Financial due diligence); Van Campen Liem, Marc Van Campen, Paul Kraan (Tax); Marsh, Alasdair Stuart (Insurance due diligence); BroadGroup, Steve Wallage, Stuart Bonell (Commercial due diligence).

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