Waterland to acquire IT service Binary

The GP will invest via Waterland Private Equity Fund VII, which held a final close in August 2017 on €2bn. The fund was 30% deployed in November 2019, according to Unquote Data.

Waterland's most recent acquisition in Germany was the add-on acquisition of IT service company Mehrwerk. The GP is currently pursuing a buy-and-build strategy for IT service Netgo, and has so far made several add-on acquisitions in Germany, Spain and the UK, deploying equity to finance the deals in part.

Waterland declined to comment.

Company
Binary provides IT infrastructure, systems, Microsoft licensing and IT consulting services. The company was founded in 1992 and is based in Essen. It had a headcount of 39 in 2018, according to Northdata, and reported total assets of €5.52m in the same year.

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• Waterland Private Equity