Waterland's Netgo bolts on CSM MeinSystemhaus

Waterland has supported the deal with an equity contribution. According to a German competition authority filing, the capital will come from Waterland Private Equity Fund VII, which held a final close in August 2017 on €2bn.

CSM managing director Martin Müller has sold his majority stake in the business and reinvested, according to a statement. He will remain in his role as managing director.

Netgo is currently pursuing a buy-and-build strategy. Waterland acquired a 60% stake in the business in October 2019 and has since supported several add-ons. Netgo's latest bolt-ons were the acquisitions of Commehr and Workbees, two Berlin-based market peers, in July 2020.

Company
CSM MeinSystemhaus provides IT services for medium-sized corporates, organising hardware and software projects, data management and web hosting. It also specialises in providing IT services for tax consultancies, including data compliance. Founded in 1977, the firm has 150 employees and is based in Warendorf, with seven additional offices in Germany.

People
Waterland Private Equity – Carsten Rahlfs (managing director).
Netgo – Benedikt Kisner (managing director, founder).
CSM MeinSystemhaus – Martin Müller (managing director).

Advisers
Company – Spieker & Jaeger (legal); KPMG (financial & tax due diligence).

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• Topics
• Expansion
• DACH
• Technology
• Build-up
• Acquisition finance