Fortino Capital exits IT & cloud services firm Odin Groep with sale to Apax Partners – Tech.eu

Belgian investment firm Fortino Capital has transferred its majority ownership stake in managed IT & cloud services provider Odin Groep to Parisian private equity house Apax Partners for an undisclosed figure.
The Odin Groep was acquired by Fortino in 2019, and since this time, the organisation has undergone a number of changes, beginning with its go to market strategy. Analysing the fragmented Dutch cloud-based infrastructures services providers landscape, Odin Groep made a number of strategic acquisitions, resulting in not only an expanded portfolio of services but a significantly strengthened position in the Dutch market.
The Odin Groep counts some 4,000 customers and predominantly services the education, healthcare, and housing associations verticals, and its 650+ employee team has generated approximately €140 million in revenue in 2021.
The Fortino Captial exit from Odin Groep is the second successful play from the Fortino Capital Growth PE I fund, with the Sigma Conso sale announced last October.
The sale should come as no surprise, as rumours started to fly just a few weeks prior as Unquote’s Josh O’Neill reported, “Apax Partners has entered exclusive talks to acquire Dutch IT services provider Odin Groep, pre-empting an auction that had reached its second round, according to three sources familiar with the situation.”
“We are delighted to become the next shareholder of the Odin Groep, along with its experienced management team. The group is uniquely positioned as one of the market leaders in the Netherlands and has a strong track record of organic and inorganic growth,” commented Apax partner Damien de Bettignies. “We will be able to mobilise financial and human resources to support their future growth and strengthen their leadership position in the market, in particular through mergers and acquisitions.”
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