Main Capital exits Onventis in SBO to Keensight

Keensight will invest alongside Onventis' management.
Main Capital kicked off a sale process for the company in August 2022 advised by Houlihan Lokey, sister publication Mergermarket reported.

The all-in-one procurement platform supplier was marketed off EUR 20m in revenue and EUR 4m in EBITDA for 2022, as reported.

Main first invested in the company in 2019 via its fifth fund, which held a final close on its EUR 85m hard-cap in September 2015, according to Unquote Data. The fund has had "a couple" of exits thus far and is currently holding nine portfolio companies, a spokesperson from the firm told Unquote.

Over Main's investment period, Onventis expanded across Europe, with local presence in the Netherlands, Sweden and Austria, according to a press release. Its overall revenues increased by more than 2x. In addition, Onventis completed two strategic acquisitions in the spend analytics and invoice management space − namely Swedish firm Spendency and Netherlands-based WorkFlowWise.

Keensight has been interested in the spend management software space for years, according to the press release, and had identified Onventis early on as a target. The sponsor will support Onventis to further develop its positioning into the international mid-market SaaS space, it added.

The GP is currently deploying capital via Keensight Capital V, which held a final close on EUR 1bn in March 2019. It takes minority or majority stakes in businesses related to the information technology and healthcare sectors in western Europe, according to Unquote Data. It invests in companies generating revenues of EUR 15m-250m, providing equity tickets of EUR 20m-200m.

Main Capital is currently deploying equity via Main Capital VII, which held a final close in October 2021 on EUR 1bn, and Main Foundation I, which held a final close on its hard-cap of EUR 210m in October 2021.

Company
Founded in 2000 with its headquarters in Stuttgart, Onventis' offer steers source-to-pay processes of direct and indirect materials in strategic and operational procurement. The cloud-based software Onventis Buyer helps companies to manage their business spend to achieve financial control, efficiency, compliance and cost savings. It automates processes including network collaboration with suppliers. The Onventis Network connects business processes for buyers and suppliers. Worldwide, more than 1,000 companies with approximately 450,000 users in the network handle an annual business volume of more than EUR 10bn, with more than 50,000 suppliers. It operates across several industries, including in media and publishing, construction, traffic and logistics, and financial services.

People
Onventis − Frank Schmidt (CEO).
Keensight Capital − Yuri Mikhalev (partner).
Main Capital Partners − Sven van Berge Henegouwen (managing partner).

Advisers
Vendor – Houlihan Lokey (corporate finance).

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• Topics
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