London-headquartered private equity firm CVC Capital Partners has made a Dutch buy with the acquisition of Raet.
London-headquartered private equity firm CVC Capital Partners has made a Dutch buy with the acquisition of Raet.
The deal, for an undisclosed amount, will allow the IT business to build its business strategy which centres round human resources management technology.
Hugo van Berckel, partner at CVC Netherlands, comments: ‘Raet is in an excellent position to achieve further growth and to benefit from the market need for further optimisation and digitalisation of HR processes both nationally and internationally.
‘Its ability to offer a full range of human resources software and services combined with its strong management team make this an attractive investment opportunity for CVC and further demonstrates CVC’s commitment to investing in leading companies in the Netherlands with growth potential.’
Raet, which is headquartered 50km from Amsterdam, had a reported turnover of €132 million (£116 million) for the 12 months ending 30 June 2011.
The acquisition follows CVC’s purchase of a 51 per cent stake in the Virgin Active health clubs business earlier in the month. The private equity firm, which has 18 offices globally, has assets of $46 billion.
Siddharth Patel, managing director at CVC Technology, Media and Telecoms, adds: ‘Raet has invested heavily in expanding its product suite of HRM SaaS and the strong level of interest shown from customers is proof that this is paying off.’
Chief executive officer of Raet, Cees van den Heijkant, says that CVC will enable Raet to pursue its chosen organic growth strategy, while still giving it the option to consider complementary acquisitions.
