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Waterland Private Equity

Waterland Private Equity

Bussum, Netherlands·Founded 1999··waterland.nl

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

Key facts

HQBussum, Netherlands
Founded1999

Recent exits

Envidan
Business Services2026 · 5yr hold
Onore
Onore
FoodTech2026 · 4yr hold
Writech
Business Services2026 · 5yr hold
Enreach
Telecom2026 · 8yr hold

Coverage notes

9 funds tracked, 174 portfolio companies (97 active · 77 realized). Verified weekly from public filings and deal announcements.

Sector breakdown

174 companies
Business Services
36 · 21%
Industrials
22 · 13%
Consumer
17 · 10%
Healthcare
17 · 10%
IT Services
12 · 7%
Hospitality
7 · 4%
Logistics
7 · 4%
Construction
6 · 3%

Funds & portfolio

Every fund Waterland Private Equity has raised, with its portfolio companies. Hand-checked from public filings.

9 funds
Waterland Private Equity Fund IX (WPEF IX)Buyout
2023 · 3yr€3.5B47 active · 1 realized

Unrealized

47 held
AFO GroupActive
AdTechUK· Entry 2023
IndustrialsGermany· Entry 2023
ALPHITAN
AlphitanActive
IT ServicesFrance· Entry 2024
IndustrialsFrance· Entry 2024
ArgonaActive
ClimateTechBelgium· Entry 2025
AurenActive
Business ServicesSpain· Entry 2025
Business ServicesIreland· Entry 2024
Beyond Law
Beyond LawActive
Business ServicesUK· Entry 2024
Business ServicesUK· Entry 2024
Chemservice
ChemserviceActive
Business ServicesLuxembourg· Entry 2025
CodiLime
CodiLimeActive
IT ServicesPoland· Entry 2023
COGEP
CogepActive
Business ServicesFrance· Entry 2023
IndustrialsUK· Entry 2026
MedTechIreland· Entry 2025
dacosoActive
CybersecurityGermany· Entry 2024
ConsumerBelgium· Entry 2023
ConstructionNetherlands· Entry 2023
EMG
EMGActive
IndustrialsSpain· Entry 2023
Framna
FramnaActive
SoftwareDenmark· Entry 2023
FurtherActive
Business ServicesUK· Entry 2024
GoGift
GoGiftActive
Business ServicesDenmark· Entry 2025
Guinier 1823
Guinier 1823Active
Business ServicesFrance· Entry 2024
HéliosActive
Business ServicesFrance· Entry 2025
HospitalityBelgium· Entry 2025
IncosaActive
Business ServicesSpain· Entry 2025
Interalu
InteraluActive
ConstructionBelgium· Entry 2024
KooleActive
IndustrialsNetherlands· Entry 2025
FinancialsPoland· Entry 2024
LebaraActive
TelecomNetherlands· Entry 2024
ConsumerGermany· Entry 2024
Locquet
LocquetActive
IndustrialsBelgium· Entry 2025
Business ServicesUK· Entry 2023
Nafinco
NafincoActive
Business ServicesNetherlands· Entry 2024
Netconomy
NetconomyActive
IT ServicesAustria· Entry 2025
NetZero
NetZeroActive
ClimateTechIreland· Entry 2024
NFP GroupActive
Business ServicesNetherlands· Entry 2024
Palletways
PalletwaysActive
LogisticsUK· Entry 2026
pgbActive
IndustrialsBelgium· Entry 2025
QLSActive
LogisticsNetherlands· Entry 2024
SaphirActive
IT ServicesFrance· Entry 2024
Business ServicesNetherlands· Entry 2025
TG PackagingActive
IndustrialsNetherlands· Entry 2025
UmamiActive
FoodTechBelgium· Entry 2024
Van Vulpen
Van VulpenActive
ConstructionNetherlands· Entry 2023
IndustrialsNetherlands· Entry 2026
ConsumerFrance· Entry 2025
X2OActive
ConsumerBelgium· Entry 2024

Realized

1 exit
Cumbria Waste GroupExited 2025
Business ServicesUK· Entry 2023
Trade Saleto
Waterland Private Equity Fund VIII (WPEF VIII)BuyoutHarvesting
2020 · 6yr€2.5B34 active · 6 realized

Unrealized

34 held
IndustrialsFrance· Entry 2022
Aspris
AsprisActive
HealthcareUK· Entry 2021
Bano
BanoActive
IndustrialsNorway· Entry 2021
BontexGeo
BontexGeoActive
IndustrialsBelgium· Entry 2021
Carton Group
Carton GroupActive
IndustrialsIreland· Entry 2020
CelestiaActive
Aerospace & DefenceNetherlands· Entry 2021
IT ServicesNetherlands· Entry 2022
Business ServicesNetherlands· Entry 2022
Dematra
DematraActive
LogisticsBelgium· Entry 2021
Dhomus
DhomusActive
ConstructionNetherlands· Entry 2022
Duvenbeck
DuvenbeckActive
LogisticsGermany· Entry 2022
EQOM
EQOMActive
E-commerceNetherlands· Entry 2020
Europarcs
EuroparcsActive
HospitalityNetherlands· Entry 2020
ConsumerDenmark· Entry 2021
Business ServicesGermany· Entry 2021
HyPlus
HyPlusActive
IT ServicesGermany· Entry 2021
Ipsilon
IpsilonActive
Business ServicesFrance· Entry 2022
LionsHomeActive
E-commerceGermany· Entry 2022
EnergyDenmark· Entry 2020
Business ServicesBelgium· Entry 2020
ConstructionIreland· Entry 2022
Nowocoat
NowocoatActive
IndustrialsDenmark· Entry 2022
Priory Group
Priory GroupActive
HealthcareUK· Entry 2021
Rotom
RotomActive
LogisticsNetherlands· Entry 2021
RUF Betten
RUF BettenActive
ConsumerGermany· Entry 2022
ConsumerGermany· Entry 2022
RVE
RVEActive
ConsumerNetherlands· Entry 2021
Sciris
ScirisActive
Business ServicesUK· Entry 2020
AdTechUK· Entry 2021
ConsumerGermany· Entry 2022
IndustrialsBelgium· Entry 2021
Team Farner
Team FarnerActive
Business ServicesSwitzerland· Entry 2022
ConsumerBelgium· Entry 2021
Xebia
XebiaActive
IT ServicesNetherlands· Entry 2020

Realized

6 exits
EnvidanExited 2026
Business ServicesDenmark· Entry 2021
Trade Saleto
LogisticsNetherlands· Entry 2020
Trade Saleto
Onore
OnoreExited 2026
FoodTechFrance· Entry 2022
Trade Saleto
Sandcastle CareExited 2022
HealthcareUK· Entry 2021
Trade Saleto
Skaylink
SkaylinkExited 2025
Cloud InfrastructureGermany· Entry 2021
Trade Saleto
WritechExited 2026
Business ServicesIreland· Entry 2021
Trade Saleto
Waterland Private Equity Fund VII (WPEF VII)BuyoutHarvesting
2018 · 8yr€2.0B9 active · 12 realized

Unrealized

9 held
9altitudesActive
IT ServicesBelgium· Entry 2019
ConsumerDenmark· Entry 2018
IndustrialsNetherlands· Entry 2019
Athera
AtheraActive
HealthcareGermany· Entry 2019
iOActive
Business ServicesNetherlands· Entry 2018
netgo group
netgo groupActive
IT ServicesGermany· Entry 2019
Partou
PartouActive
EducationNetherlands· Entry 2019
HospitalityNetherlands· Entry 2018
HealthcareIreland· Entry 2019

Realized

12 exits
Cawood ScientificExited 2021
Business ServicesUK· Entry 2019
Trade Saleto
coeoExited 2025
Business ServicesGermany· Entry 2018
Trade Saleto
EnreachExited 2026
TelecomNetherlands· Entry 2018
Trade Sale
Exercite (Hansefit)Exited 2024
HealthTechGermany· Entry 2018
Trade Saleto
Hansefit / ExerciteExited 2023
Business ServicesGermany· Entry 2018
Trade Saleto
Heliox
HelioxExited 2024
MobilityNetherlands· Entry 2018
Trade Saleto
Aerospace & DefenceBelgium· Entry 2019
Secondaryto
Netrics
NetricsExited 2023
IT ServicesSwitzerland· Entry 2019
Secondaryto
OptisportExited 2023
ConsumerNetherlands· Entry 2018
Secondaryto
SwyxExited 2026
TelecomGermany· Entry 2018
The Rent CompanyExited 2024
EdTechNetherlands· Entry 2019
Secondaryto
ValconExited 2023
IT ServicesDenmark· Entry 2019
Secondaryto
Waterland Private Equity Fund VI (WPEF VI)BuyoutHarvesting
2015 · 11yr5 active · 21 realized

Unrealized

5 held
compassio
compassioActive
HealthcareGermany· Entry 2017
HealthcareGermany· Entry 2014
Nuts GroepActive
EnergyNetherlands· Entry 2017
EnergyNetherlands· Entry 2016
FoodTechBelgium· Entry 2016

Realized

21 exits
Atos (clinics)Exited 2021
HealthcareGermany· Entry 2016
Secondaryto
Attero
AtteroExited 2018
IndustrialsNetherlands· Entry 2014
Trade Saleto
Base LogisticsExited 2021
LogisticsNetherlands· Entry 2016
Trade Saleto
Blue Phoenix Group
Blue Phoenix GroupExited 2022
IndustrialsNetherlands· Entry 2015
Trade Saleto
Brouwerij BosteelsExited 2016
ConsumerBelgium· Entry 2014
Trade Saleto
DeptExited 2019
Business ServicesNetherlands· Entry 2015
Secondaryto
Diversi FoodsExited 2018
ConsumerBelgium· Entry 2014
Trade Saleto
IndustrialsNetherlands· Entry 2014
Trade Saleto
FoodTechBelgium· Entry 2017
Trade Saleto
FoodTechBelgium· Entry 2017
Trade Saleto
Enhesa
EnhesaExited 2020
Business ServicesBelgium· Entry 2017
Secondaryto
Fagron
FagronExited 2019
PharmaBelgium· Entry 2016
Secondary
HistoGeneXExited 2019
HealthcareBelgium· Entry 2016
Trade Saleto
InfradataExited 2018
CybersecurityNetherlands· Entry 2015
Secondaryto
L'bioticaExited 2019
ConsumerPoland· Entry 2016
Trade Saleto
Napoleon GamesExited 2021
GamingBelgium· Entry 2015
Trade Saleto
OtravoExited 2021
E-commerceNetherlands· Entry 2016
Trade Saleto
Business ServicesGermany· Entry 2014
Trade Saleto
SentiaExited 2022
IT ServicesNetherlands· Entry 2015
Trade Saleto
SerralaExited 2021
FintechGermany· Entry 2016
Secondaryto
HealthTechGermany· Entry 2017
Secondaryto
Waterland Private Equity Fund V (WPEF V)BuyoutHarvesting
2011 · 15yr1 active · 13 realized

Unrealized

1 held
MEDIAN Group
MEDIAN GroupActive
HealthcareGermany· Entry 2011

Realized

13 exits
Atos KlinikenExited 2017
HealthcareGermany· Entry 2013
Secondaryto
CombellExited 2018
Cloud InfrastructureBelgium· Entry 2013
Secondaryto
DidixExited 2015
ConsumerNetherlands· Entry 2013
Trade Saleto
FleetPro
FleetProExited 2015
Business ServicesSwitzerland· Entry 2012
MBOto
KeylaneExited 2024
InsurTechNetherlands· Entry 2012
Secondaryto
Omega PharmaExited 2015
PharmaBelgium· Entry 2011
Trade Saleto
IndustrialsBelgium· Entry 2011
Trade Saleto
RHM KlinikenExited 2015
HealthcareGermany· Entry 2011
Sarens GroupExited 2021
IndustrialsBelgium· Entry 2011
Secondaryto
U-Center
U-CenterExited 2016
HealthcareNetherlands· Entry 2011
Van Lente & De VosExited 2013
Business ServicesNetherlands· Entry 2011
Veluwse BronExited 2016
HospitalityNetherlands· Entry 2011
Trade Saleto
VivaNeoExited 2019
HealthcareGermany· Entry 2011
Trade Saleto
Waterland Private Equity Fund IV (WPEF IV)BuyoutHarvesting
2008 · 18yr1 active · 11 realized

Unrealized

1 held
GamingNetherlands· Entry 2008

Realized

11 exits
A-RosaExited 2018
HospitalityGermany· Entry 2009
Trade Saleto
HospitalityGermany· Entry 2009
Trade Saleto
AevitaeExited 2018
InsurTechNetherlands· Entry 2008
MBOto
BioMCNExited 2015
EnergyNetherlands· Entry 2009
Trade Saleto
EnfinityExited 2013
EnergyBelgium· Entry 2009
IntertrustExited 2013
Business ServicesNetherlands· Entry 2009
Secondaryto
Ipcom
IpcomExited 2017
IndustrialsBelgium· Entry 2010
Secondaryto
MauritskliniekExited 2017
HealthcareNetherlands· Entry 2010
Secondaryto
Ranger MarketingExited 2017
Business ServicesGermany· Entry 2010
Trade Saleto
Verbraeken-InfraExited 2019
ConstructionBelgium· Entry 2010
Secondaryto
Windrose
WindroseExited 2012
HospitalityBelgium· Entry 2008
Trade Saleto
Waterland Private Equity Fund III (WPEF III)BuyoutRealized
2005 · 21yr0 active · 9 realized

Realized

9 exits
AML-RiatolExited 2010
HealthcareBelgium· Entry 2007
Trade Saleto
Excent TandtechniekExited 2008
MedTechNetherlands· Entry 2005
Secondaryto
Global CollectExited 2007
FintechNetherlands· Entry 2006
Secondaryto
ConsumerNetherlands· Entry 2005
MBOto
IndicatorExited 2011
Business ServicesBelgium· Entry 2007
Trade Saleto
InterbestExited 2019
AdTechNetherlands· Entry 2007
Trade Saleto
Lowen Play
Lowen PlayExited 2008
GamingGermany· Entry 2006
Secondaryto
Senior Living GroupExited 2013
HealthcareBelgium· Entry 2005
Trade Saleto
V!goExited 2011
MedTechBelgium· Entry 2007
Secondaryto
Waterland Private Equity Fund II (WPEF II)BuyoutRealized
2002 · 24yr0 active · 3 realized

Realized

3 exits
Fa-med (Infomedics)Exited 2014
FintechNetherlands· Entry 2004
Secondaryto
Golden BytesExited 2006
TelecomNetherlands· Entry 2004
Trade Saleto
Harting-BankExited 2006
MedTechNetherlands· Entry 2003
Trade Saleto
Waterland Private Equity Fund I (WPEF I)BuyoutRealized
1999 · 27yr0 active · 1 realized

Realized

1 exit
CatalpaExited 2006
EducationNetherlands· Entry 2001
Secondaryto
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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. Detailed buyer names and multiple data available on Pro at €29/month.

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Last updated August 2026 · Sourced from public filings · Report an issue