Waterland Private Equity
Independent pan-European mid-market buyout / buy-and-build investor (founded 1999, HQ Bussum, Netherlands; offices across Benelux, DACH, Nordics, UK, Ireland, Poland and Iberia), backing market leaders in fragmented growing markets; over 1,300 companies supported since inception.
AUM
–
Funds
9
vintages 1999–2023
Portfolio
97
Exits
77
Waterland Private Equity is a Bussum buyout firm with 97 active companies and 77 exits.
Key takeaways
- ·30 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 77 realized deals: 5 years.
- ·Best return: 6.0x MOIC on Atos (clinics) (2021).
- ·Fund cadence: ~3Y between vintages · last raise 2023.
Sector breakdown
174 companiesBusiness Services
35 · 20%
Industrials
21 · 12%
Healthcare
17 · 10%
Consumer
16 · 9%
IT Services
11 · 6%
Construction
8 · 5%
Hospitality
8 · 5%
Logistics
7 · 4%
Geography breakdown
13 geographiesNetherlands
56 · 32%
Belgium
36 · 21%
Germany
31 · 18%
UK
14 · 8%
France
10 · 6%
Denmark
8 · 5%
Ireland
7 · 4%
Spain
3 · 2%
Key facts
Coverage notes
9 funds tracked, 174 portfolio companies (97 active · 77 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Waterland Private Equity has raised, with its portfolio companies. Hand-checked from public filings.
9 funds
Fund
Strategy
Vintage
Size
Assets
Exits
Waterland Private Equity Fund IX (WPEF IX)Buyout2023€3.5B47 assets1 exitsBuyout2023 · 3yr€3.5B471
Unrealized
47 held| Company | Entry |
|---|---|
| AFO Group AdTech · UK | 2023 |
| Albatross Projects Industrials · Germany | 2023 |
| Alphitan IT Services · France | 2024 |
| Alphitan Group Industrials · France | 2024 |
| Argona ClimateTech · Belgium | 2025 |
| Auren Business Services · Spain | 2025 |
| Bellew Electrical Business Services · Ireland | 2024 |
| Beyond Law Business Services · UK | 2024 |
| Black & White Business Services · UK | 2024 |
| Chemservice Business Services · Luxembourg | 2025 |
| CodiLime IT Services · Poland | 2023 |
| Cogep Business Services · France | 2023 |
| Cooper Turner Beck Industrials · UK | 2026 |
| Cruinn Diagnostics MedTech · Ireland | 2025 |
| dacoso Cybersecurity · Germany | 2024 |
| Daems Giovanni Consumer · Belgium | 2023 |
| Elk – geen gedoe Construction · Netherlands | 2023 |
| EMG Industrials · Spain | 2023 |
| Framna Software · Denmark | 2023 |
| Further Business Services · UK | 2024 |
| GoGift Business Services · Denmark | 2025 |
| Guinier 1823 Business Services · France | 2024 |
| Hélios Business Services · France | 2025 |
| IFS (International Food Services) Hospitality · Belgium | 2025 |
| Incosa Business Services · Spain | 2025 |
| Interalu Construction · Belgium | 2024 |
| Koole Industrials · Netherlands | 2025 |
| Kredyt Inkaso Financials · Poland | 2024 |
| Lebara Telecom · Netherlands | 2024 |
| LifeFit Group Consumer · Germany | 2024 |
| Locquet Industrials · Belgium | 2025 |
| Moore Kingston Smith Business Services · UK | 2023 |
| Nafinco Business Services · Netherlands | 2024 |
| Netconomy IT Services · Austria | 2025 |
| NetZero ClimateTech · Ireland | 2024 |
| NFP Group Business Services · Netherlands | 2024 |
| Palletways Logistics · UK | 2026 |
| pgb Industrials · Belgium | 2025 |
| QLS Logistics · Netherlands | 2024 |
| Saphir IT Services · France | 2024 |
| SIDG (Speciality Ingredients Distribution Group) Business Services · Netherlands | 2025 |
| TG Packaging Industrials · Netherlands | 2025 |
| Umami FoodTech · Belgium | 2024 |
| Van Vulpen Construction · Netherlands | 2023 |
| Ventura Systems Industrials · Netherlands | 2026 |
| WellNess Sport Club Consumer · France | 2025 |
| X2O Consumer · Belgium | 2024 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cumbria Waste Group Business Services · UK | 2023 | 2025 | Trade Sale | FCC Environment | – |
Waterland Private Equity Fund VIII (WPEF VIII)HarvestingBuyout2020€2.5B34 assets6 exitsBuyout2020 · 6yr€2.5B346
Unrealized
34 held| Company | Entry |
|---|---|
| Alliance Electronics Industrials · France | 2022 |
| Aspris Healthcare · UK | 2021 |
| Bano Industrials · Norway | 2021 |
| BontexGeo Construction · Belgium | 2021 |
| Carton Group Industrials · Ireland | 2020 |
| Celestia Aerospace & Defence · Netherlands | 2021 |
| Circular IT Group IT Services · Netherlands | 2022 |
| De Jong & Laan Business Services · Netherlands | 2022 |
| Dematra Logistics · Belgium | 2021 |
| Dhomus Construction · Netherlands | 2022 |
| Duvenbeck Logistics · Germany | 2022 |
| EQOM E-commerce · Netherlands | 2020 |
| Europarcs Hospitality · Netherlands | 2020 |
| Global Equestrian Group Consumer · Denmark | 2021 |
| Horn & Company Business Services · Germany | 2021 |
| HyPlus IT Services · Germany | 2021 |
| Ipsilon Business Services · France | 2022 |
| LionsHome E-commerce · Germany | 2022 |
| Modstrom Danmark Energy · Denmark | 2020 |
| Moore Belgium Business Services · Belgium | 2020 |
| MTM Engineering Construction · Ireland | 2022 |
| Nowocoat Industrials · Denmark | 2022 |
| Priory Group Healthcare · UK | 2021 |
| Rotom Logistics · Netherlands | 2021 |
| RUF Betten Consumer · Germany | 2022 |
| RUF Betten GmbH Consumer · Germany | 2022 |
| RVE Consumer · Netherlands | 2021 |
| Sciris Business Services · UK | 2020 |
| Sideshow Group AdTech · UK | 2021 |
| SleepCo Group Consumer · Germany | 2022 |
| T&A (Technics & Applications) Industrials · Belgium | 2021 |
| Team Farner Business Services · Switzerland | 2022 |
| The Cookware Company Consumer · Belgium | 2021 |
| Xebia IT Services · Netherlands | 2020 |
Realized
6 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Envidan Business Services · Denmark | 2021 | 2026 | Trade Sale | Ramboll | – |
| Global Transport Solutions Logistics · Netherlands | 2020 | 2024 | Trade Sale | The Jordan Company (TJC) | – |
| Onore FoodTech · France | 2022 | 2026 | Trade Sale | IDAK Food Group | – |
| Sandcastle Care Healthcare · UK | 2021 | 2022 | Trade Sale | Aspris Children's Services | – |
| Skaylink Cloud Infrastructure · Germany | 2021 | 2025 | Trade Sale | Vodafone | – |
| Writech Business Services · Ireland | 2021 | 2026 | Trade Sale | APi Group | – |
Waterland Private Equity Fund VII (WPEF VII)HarvestingBuyout2018€2.0B9 assets12 exitsBuyout2018 · 8yr€2.0B912
Unrealized
9 held| Company | Entry |
|---|---|
| 9altitudes IT Services · Belgium | 2019 |
| All Things Live Consumer · Denmark | 2018 |
| Asteria Labels Industrials · Netherlands | 2019 |
| Athera Healthcare · Germany | 2019 |
| iO Business Services · Netherlands | 2018 |
| netgo group IT Services · Germany | 2019 |
| Partou Education · Netherlands | 2019 |
| Restaurant Company Europe (RCE) Hospitality · Netherlands | 2018 |
| Silver Stream Healthcare Group Healthcare · Ireland | 2019 |
Realized
12 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cawood Scientific Business Services · UK | 2019 | 2021 | Trade Sale | Ensign-Bickford Industries | 3.7x |
| coeo Business Services · Germany | 2018 | 2025 | Trade Sale | doValue | – |
| Enreach Telecom · Netherlands | 2018 | 2026 | Trade Sale | – | – |
| Exercite (Hansefit) HealthTech · Germany | 2018 | 2024 | Trade Sale | Epassi Group | – |
| Hansefit / Exercite Business Services · Germany | 2018 | 2023 | Trade Sale | Epassi | – |
| Heliox Mobility · Netherlands | 2018 | 2024 | Trade Sale | Siemens | – |
| Intersoft Electronics Aerospace & Defence · Belgium | 2019 | 2025 | Secondary | IDI | – |
| Netrics IT Services · Switzerland | 2019 | 2023 | Secondary | Bregal Unternehmerkapital | – |
| Optisport Hospitality · Netherlands | 2018 | 2023 | Secondary | O2 Capital Partners | – |
| Swyx Telecom · Germany | 2018 | 2026 | – | – | – |
| The Rent Company EdTech · Netherlands | 2019 | 2024 | Secondary | Ambienta | – |
| Valcon IT Services · Denmark | 2019 | 2023 | Secondary | Rivean Capital | – |
Waterland Private Equity Fund VI (WPEF VI)HarvestingBuyout20155 assets21 exitsBuyout2015 · 11yr–521
Unrealized
5 held| Company | Entry |
|---|---|
| compassio Healthcare · Germany | 2017 |
| Median Kliniken Healthcare · Germany | 2014 |
| Nuts Groep Energy · Netherlands | 2017 |
| Scholt Energy Energy · Netherlands | 2016 |
| United Petfood FoodTech · Belgium | 2016 |
Realized
21 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Atos (clinics) Healthcare · Germany | 2016 | 2021 | Secondary | Intermediate Capital Group | 6.0x |
| Attero Industrials · Netherlands | 2014 | 2018 | Trade Sale | 3i Infrastructure and DWS | – |
| Base Logistics Logistics · Netherlands | 2016 | 2021 | Trade Sale | Staci Group (Ardian) | – |
| Blue Phoenix Group Industrials · Netherlands | 2015 | 2022 | Trade Sale | InfraVia Capital Partners | – |
| Brouwerij Bosteels Consumer · Belgium | 2014 | 2016 | Trade Sale | Anheuser-Busch InBev | – |
| Dept Business Services · Netherlands | 2015 | 2019 | Secondary | The Carlyle Group | – |
| Diversi Foods Consumer · Belgium | 2014 | 2018 | Trade Sale | Dr. Oetker | – |
| Dutch Glycerin Refinery Industrials · Netherlands | 2014 | 2016 | Trade Sale | Musim Mas | – |
| EMPWR (Vitamin Well Group) FoodTech · Belgium | 2017 | 2026 | Trade Sale | Vitamin Well Group | – |
| EMPWR Nutrition Group FoodTech · Belgium | 2017 | 2026 | Trade Sale | Vitamin Well Group | – |
| Enhesa LegalTech · Belgium | 2017 | 2020 | Secondary | CGE Partners | – |
| Fagron Pharma · Belgium | 2016 | 2019 | Secondary | – | – |
| HistoGeneX Healthcare · Belgium | 2016 | 2019 | Trade Sale | Caprion Biosciences | – |
| Infradata Cybersecurity · Netherlands | 2015 | 2018 | Secondary | IK Investment Partners | – |
| L'biotica Consumer · Poland | 2016 | 2019 | Trade Sale | Oceanic S.A. | – |
| Napoleon Games Gaming · Belgium | 2015 | 2021 | Trade Sale | Superbet Group | – |
| Otravo E-commerce · Netherlands | 2016 | 2021 | Trade Sale | Travelgenio | – |
| Premium (PREMIUM Group) Business Services · Germany | 2014 | 2018 | Trade Sale | Clarion Events | – |
| Sentia Construction · Netherlands | 2015 | 2022 | Trade Sale | Accenture | – |
| Serrala Fintech · Germany | 2016 | 2021 | Secondary | Hg | – |
| Zentrum der Gesundheit HealthTech · Germany | 2017 | 2019 | Secondary | NORD Holding | – |
Waterland Private Equity Fund V (WPEF V)HarvestingBuyout20111 assets13 exitsBuyout2011 · 15yr–113
Unrealized
1 held| Company | Entry |
|---|---|
| MEDIAN Group Healthcare · Germany | 2011 |
Realized
13 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Atos Kliniken Healthcare · Germany | 2013 | 2017 | Secondary | Intermediate Capital Group (ICG) | – |
| Combell Cloud Infrastructure · Belgium | 2013 | 2018 | Secondary | Hg | – |
| Didix Consumer · Netherlands | 2013 | 2015 | Trade Sale | Blackhawk Network | – |
| FleetPro Business Services · Switzerland | 2012 | 2015 | MBO | Management (River Advice team) | – |
| Keylane InsurTech · Netherlands | 2012 | 2024 | Secondary | Pollen Street Capital | – |
| Omega Pharma Pharma · Belgium | 2011 | 2015 | Trade Sale | Perrigo | – |
| Pierre Lemmens Company Industrials · Belgium | 2011 | 2014 | Trade Sale | Swegon (Investment AB Latour) | – |
| RHM Kliniken Healthcare · Germany | 2011 | 2015 | – | – | – |
| Sarens Group Industrials · Belgium | 2011 | 2021 | Secondary | Begoos (Group Luc Tack) | – |
| U-Center Healthcare · Netherlands | 2011 | 2016 | – | – | – |
| Van Lente & De Vos Business Services · Netherlands | 2011 | 2013 | – | – | – |
| Veluwse Bron Hospitality · Netherlands | 2011 | 2016 | Trade Sale | Aspro Parks | – |
| VivaNeo Healthcare · Germany | 2011 | 2019 | Trade Sale | The Fertility Partnership | – |
Waterland Private Equity Fund IV (WPEF IV)HarvestingBuyout20081 assets11 exitsBuyout2008 · 18yr–111
Unrealized
1 held| Company | Entry |
|---|---|
| Jack's Casino (JVH Gaming) Gaming · Netherlands | 2008 |
Realized
11 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| A-Rosa Hospitality · Germany | 2009 | 2018 | Trade Sale | Duke Street | – |
| A-ROSA River Cruises Hospitality · Germany | 2009 | 2018 | Trade Sale | Duke Street | – |
| Aevitae InsurTech · Netherlands | 2008 | 2018 | MBO | Management (Harry Laeven) | – |
| BioMCN Energy · Netherlands | 2009 | 2015 | Trade Sale | OCI N.V. | – |
| Enfinity Energy · Belgium | 2009 | 2013 | – | – | – |
| Intertrust Business Services · Netherlands | 2009 | 2013 | Secondary | Blackstone | – |
| Ipcom Industrials · Belgium | 2010 | 2017 | Secondary | Alpha Private Equity | – |
| Mauritskliniek Healthcare · Netherlands | 2010 | 2017 | Secondary | Holland Capital | – |
| Ranger Marketing Business Services · Germany | 2010 | 2017 | Trade Sale | Stroeer | – |
| Verbraeken-Infra Construction · Belgium | 2010 | 2019 | Secondary | Andera Partners | – |
| Windrose Hospitality · Belgium | 2008 | 2012 | Trade Sale | RV Touristik | – |
Waterland Private Equity Fund III (WPEF III)RealizedBuyout20050 assets9 exitsBuyout2005 · 21yr–09
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| AML-Riatol Healthcare · Belgium | 2007 | 2010 | Trade Sale | Sonic Healthcare | – |
| Excent Tandtechniek MedTech · Netherlands | 2005 | 2008 | Secondary | De Hoge Dennen Capital and Rabo Private Equity | – |
| Global Collect Fintech · Netherlands | 2006 | 2007 | Secondary | General Atlantic | – |
| Healthcity International Consumer · Netherlands | 2005 | 2012 | MBO | HealthCity International shareholders | – |
| Indicator Business Services · Belgium | 2007 | 2011 | Trade Sale | Editions Lefebvre Sarrut | – |
| Interbest AdTech · Netherlands | 2007 | 2019 | Trade Sale | Ocean Outdoor | – |
| Lowen Play Gaming · Germany | 2006 | 2008 | Secondary | AXA Private Equity | – |
| Senior Living Group Healthcare · Belgium | 2005 | 2013 | Trade Sale | Medica | – |
| V!go MedTech · Belgium | 2007 | 2011 | Secondary | Pentahold | – |
Waterland Private Equity Fund II (WPEF II)RealizedBuyout20020 assets3 exitsBuyout2002 · 24yr–03
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Fa-med (Infomedics) Fintech · Netherlands | 2004 | 2014 | Secondary | GEM Benelux | – |
| Golden Bytes Telecom · Netherlands | 2004 | 2006 | Trade Sale | Mobile Interactive Group | – |
| Harting-Bank MedTech · Netherlands | 2003 | 2006 | Trade Sale | NPM Capital | – |
Waterland Private Equity Fund I (WPEF I)RealizedBuyout19990 assets1 exitsBuyout1999 · 27yr–01
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Catalpa Education · Netherlands | 2001 | 2006 | Secondary | Bencis Capital Partners | – |
About Waterland Private Equity
Waterland Private Equity is a Dutch mid-market private equity firm with approximately €14 billion of assets under management as of December 2024 (now €18+ billion post-Fund IX and Waterland Partnership Fund I closes in 2026), headquartered in Bussum, Netherlands. The firm was founded in 1999 by Rob Thielen as a pan-European buy-and-build specialist and is licensed as an AIFM by the Dutch Authority for the Financial Markets (AFM). Waterland remains a partner-owned independent firm with local teams across Benelux, DACH, UK, Nordics, France, Iberia and Poland.
Investment thesis
Waterland deploys capital through nine flagship buyout funds plus Waterland Partnership Fund I, totalling ten active vehicles, with strategic focus on aging populations and healthcare, digitalisation and outsourcing, leisure and wellness, sustainability and business services. The firm operates Europe's largest pure-play buy-and-build platform, with a consolidation playbook supporting the build-up of fragmented sectors through platform acquisitions followed by add-on M&A. Cumulative investment activity exceeds 1,300 transactions since 1999, with local-team coverage enabling proprietary sourcing across Western European mid-cap markets.
Recent activity
Recent realised exits include business services and patisserie (2026), financial services and collections (2026), industrials and fire safety (2026) and technology and cloud (2025). Recent acquisitions include Palletways (logistics, March 2026), TG-Packaging (packaging and industrials, April 2025) and Beyond Law Group (professional services, July 2024). Waterland continues to deploy capital across its Fund IX vintage and Waterland Partnership Fund I strategy.
Frequently asked questions
- What investment strategy does Waterland Private Equity focus on?
- Waterland Private Equity focuses on Buyout strategies in the private equity space.
- How many portfolio companies does Waterland Private Equity have?
- Waterland Private Equity has 97 active portfolio companies and 77 completed exits and 9 funds tracked on GP Intel.
- Where is Waterland Private Equity headquartered?
- Waterland Private Equity is headquartered in Bussum, Netherlands.
- When was Waterland Private Equity founded?
- Waterland Private Equity was founded in 1999.
- What sectors does Waterland Private Equity invest in?
- Waterland Private Equity invests across Business Services, Healthcare, Industrials.
- What are Waterland Private Equity's recent exits?
- Recent realized exits by Waterland Private Equity include: Envidan (2026) to Ramboll; Onore (2026) to IDAK Food Group; Writech (2026) to APi Group; EMPWR (Vitamin Well Group) (2026) to Vitamin Well Group; EMPWR Nutrition Group (2026) to Vitamin Well Group; Cumbria Waste Group (2025) to FCC Environment; Skaylink (2025) to Vodafone; coeo (2025) to doValue.
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Last updated August 2026 · Sourced from public filings · Report an issue