THE NETHERLANDS - Advent opens shop in Amsterdam

John Singer, of Advent International, commented: 'We’re very excited to be opening an office in the Netherlands. We have been working and investing in the Netherlands for more than a decade, and still find that Dutch companies are amongst the most entrepreneurial in Europe and increasingly international in outlook – both characteristics that are a highly complementary fit with Advent’s long-established and differentiated investment strategy. Former Advent portfolio companies such as Radio 538 and Panta Electronics, for example, clearly demonstrate what can be achieved when successfully combining a uniquely operational partnership approach, international sector experience and a strong local perspective.'

Teartse Schaper, head of Advent’s Amsterdam office, commented: 'While there is no shortage of international private equity funding in the Netherlands, there is not as much of a local presence as one might expect. Although Advent has been active and successful in the market for many years, there is no doubt that a physical presence will enable us to do our job better. In particular, it will enable us to work more closely with our portfolio companies as we place an emphasis on partnership in achieving shared objectives.'

One of Advent’s most recent Dutch investments was in Radio 538, The Netherlands’ leading commercial radio station, which was sold to John de Mol’s Talpa Radio International in May last year. Advent has been active in the Dutch market for 11 years. During that time the firm has invested in 11 companies, both independently and previously through a joint venture relationship with the private equity arm of NIB. Advent has a number of Dutch investors in its current buyout funds, including AlpInvest, Robeco and the FMO.

Private equity is set to play an increasingly important role in the Dutch economy according to NVP (Nederlandse Vereniging van Participatiemaatschappijen), the local trade association. In 2004, investment by Dutch private equity firms increased to EUR 1.7bn, a rise of almost 60% on the previous year.

As well as Radio 538 and Panta (a group of nine industrial electronics businesses, which were acquired from Philips in 1997 and then underwent successful turnaround under Advent’s ownership), other Advent investments in the Netherlands include Colofon BV, the country’s largest independent niche publisher. During Advent’s ownership, the company doubled its EBITDA and was later acquired by Reed Elsevier BV (LSE: REL). Advent has also co-invested in Delft Instruments (2004), an international group of companies with leading positions in medical and industrial electronics, and RAET (2003) the country’s largest payroll services provider.

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