Mentha enters Denmark with EUR 250m Fund VII ready to deploy

The new market entry will be supported by the recently raised Mentha Fund VII, which has official final close of EUR 250m in Q3 2022. The new fund is not solely earmarked for Denmark, but commitments in the new market will come from the new fund, Pfennings said.

Mentha is ready to make investments in Denmark from Q3, and the Danish is team already monitoring interesting opportunities in the expanded pipeline. Focusing on the Danish market for now, Mentha plans to do one acquisition a year to initially test out whether its strategies can be applied.

The fund’s ticket size can vary between EUR 5m and EUR 50m per transaction, typically in companies with EBITDA ranging from EUR 2m to EUR 15m.

The Danish team joining Mentha from BWBP will employ the same strategy that Mentha has used in its home market in the Benelux region, targeting assets in the lower mid-market and focusing on buy-and-build, international expansion and management transition cases, the founding partner said.

Mentha targets primary, founder- and entrepreneur-led businesses within sectors such as business services, technology, consumer, healthcare, and advanced manufacturing industries.

Drilling down, Mentha has a track record in areas such as technology-enabled business services, especially assets built around a specific tech stack, including third-party business solution providers and also IT consultancy businesses. Mentha has previously done well in the space that caters to SAP and Microsoft service channels, but retail and consumer assets also fit its profile, the founding partner said, highlighting current portfolio asset Epplejeck, an omnichannel equestrian retailer active in the Benelux as particularly successful.

The GP’s current investments in the technology services space include Netherlands-headquartered businesses such as mid-market SAP partner Aiden, Microsoft partner and ICT integrator Rapid Circle, international visual content solutions provider Bright River, and computer software and security testing service Computest.

Ahead of the partnership with Mentha, BWBP reduced its portfolio from 12 assets to five, and the Danish GP will continue to manage and realise the assets in the existing BWBP portfolios, managing director at BWBP Jacob Bergenholtz said.

Mentha was originally founded in 2006 and is headquartered in Amsterdam. The firm has realised over 120 transactions over the last decade, according to its website.

BWB Partners is an independent owner-led Danish investment firm that invested in small and medium-size companies with a turnover of up to DKK 750 million (EUR 100m). BWB Partners was founded in 2015 in connection with the reorganisation of the former Odin Equity Partners funds.

 

[Editor's note: Subsequent to publication, the first paragraph has been updated to clarify that Mentha has onboarded the team from PE firm BWBP and is ready to enter the Danish lower mid-market.]

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