Waterland's Netgo makes two bolt-ons

Timo Glaser and Sebastian Meyer co-founded both of the companies and will remain on board, according to a statement.

Unquote sister publication Mergermarket reported in April 2020 that the two founders had mandated IEG to manage the sale process. The founders were aiming to sell both companies together, but would also consider bids for them separately, according to the report.

The GP will back the deal with additional equity on closing.

Waterland bought a 60% stake in Netgo in October 2019 with the intention of pursuing a buy-and-build strategy. Idinvest provided a unitranche facility to back the buyout.

Netgo has closed a number of add-ons during Waterland's investment period, acquiring ComNet in November 2019 and Mehrwerk in December 2019. Netgo will now have 400 employees at 20 locations across Germany; it had 350 employees at 17 locations at the time of Waterland's initial investment.

Company
Berlin-based Commehr and Workbees have a total employee headcount of 60. Commehr was founded in 2009 and assists companies with IT, telecommunications, infrastructure and security projects. Founded in 2011, Workbees assists companies with similar IT projects. Both companies have a client base of growing companies that are aiming to establish smart work networks as part of digitalisation projects.

According to Mergermarket, Commehr reported revenues of €7.5m and had an EBITDA margin of 16.4% in 2019, while Workbees reported revenues of €3.4m and an EBITDA margin of 20% in the same period.

CoPeople
Netgo – Benedikt Kisner (managing director, founder).
Commehr, Workbees – Sebastian Meyer, Timo Glaser (co-founders).
Waterland Private Equity – Carsten Rahlfs (managing partner).

Advisers
Vendor – IEG Investment Banking (M&A).

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