Waterland-backed Netgo acquires Mehrwerk

Ralf Feulner, Claus Litz and Clemens Schmidt will continue to manage the company and will acquire a minority stake in Netgo.

Waterland bought a 60% stake in Netgo in October 2019 with the intention of pursuing a buy-and-build strategy in the business optimisation software sector, as reported by Unquote. The GP hopes to broaden the company's product and service offering.

The acquisition of Mehrwerk is the second add-on in Waterland's buy-and-build strategy. Netgo acquired ComNet in November 2019.

The GP is currently drawing equity from Waterland Private Equity VII, which is around 30% deployed.

Company
Mehrwerk has a customer base of 250 companies in the industrial, commercial and service sectors. It counts a number of German banks among its clients, including Postbank. The company produces software designed to analyse business processes and make them more efficient.

The Karlsruhe-based company reported total assets of more than €2.37m in 2018, according to Northdata. Unquote understands that the company's current revenues are close to €10m. It was founded in 2008 and employs 30 staff.

People
Mehrwerk – Frank Hippen (founder, managing director).
Netgo – Benedikt Kisner (co-founder, managing director).
Waterland Private Equity – Carsten Rahlfs (managing partner).

Advisers
Equity – Hengeler Mueller, Alexander Nolte (legal); EY (financial due diligence).

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• Topics
• Expansion
• DACH
• Technology
• Build-up
• Acquisition finance
• Germany
• Waterland Private Equity