Avedon Capital Partners has sold its stake in Robidus, a provider of social security services and software in the Netherlands, to The Hague-based corporate Aegon, a life insurance, pensions and asset management company.
Under Avedon's ownership, Robidus almost doubled its revenues, through organic growth and by developing a tech-enabled operating platform.
Aegon's products and services include long-term savings and investments, mortgages, pensions, annuities, and life, critical illness, disability, car, household and travel insurance. In the US, the firm is known as Transamerica. The business employs 29,000 people.
Netherlands-based De Hoge Dennen Capital acquired a 50% stake Robius in 2007.
Subsequently, Avedon took over, acquiring a stake in the business in 2015, investing alongside management. The founders exited the investment at this stage. At the time, the GP was investing via the fund NIBC Growth Capital II, closed on €190m in 2013.
Founded in 2003, Robidus helps large Dutch corporates in regards to employee absence and disability, and the managing of inherent financial risk and costs. The business capitalises on changes in social security legislation and regulation, corporates' increasing focus on productivity, and the ageing of the workforce.
The business is specialised in servicing large companies in the healthcare and semi-governmental sectors. Based in Zaandam with facilities in Breukelen, Robidus employs 300 people.
Avedon Capital Partners – Alfred Tulp (partner); Ronald Kolk (investment manager).
Robidus – Sven Kelder (CEO).
Fund, which has already been invested in at least one transaction, has a €1bn target
Pechel, via Pechel IV, and the co-investment team of Omnes back the French IT services firm
Connection Capital provided £6.7m to support the buyout of the business in 2017
Temasek previously led a £7m investment for the technology developer in 2016