Our Investment Criteria
Subsidiaries of AURELIUS Equity Opportunities are supported by experienced AURELIUS managers who provide investee companies with the opportunity and potential to enhance market growth and competitiveness to the benefit of their employees, customers, distributors, and shareholders.
The right acquisition strategy leads to success
For the purpose of identifying suitable acquisition targets, AURELIUS Equity Opportunity makes use of a broad network of decision-makers in corporations as well as M&A consultants and investment banks.
In total, the company’s acquisition specialists identify several hundred potential takeover candidates each year, of which around 10 to 15 percent undergo a detailed assessment.
AURELIUS Equity Opportunity conducts this due diligence process with internal and external experts in the fields of mergers and acquisitions, law and finance. This way, the company assures prompt and efficient due diligence at a consistently high level.
As an active investor with a long-term investment horizon, we are searching for European corporate spin-offs and medium-sized enterprises with the following characteristics:
- growth potential given close operational assistance;
- below-average profitability;
- synergies to existing platform investments.
We do not focus on particular industrial sectors when selecting our acquisition targets, although we do concentrate primarily on the following segments:
- IT & Business Services
- Industrials & Chemicals
- Lifestyle & Consumer Goods
Further investment criteria:
- Revenues between € 50 million and € 1 billion
- EBITDA margin up to 15% (in exceptional cases also negative)
- Majority interests acquired, 100% holdings targeted
- Transaction volumes up to around € 250 million
- Equity investment of € 5 – 80 million per deal
- Flexible contract structures in line with the seller’s wishes are possible
AURELIUS BENELUX is a hands-on proactive and supportive operational investor with a long-term investment horizon.
- We employ a team of 75 operational managers, and consultants to help deliver real operational improvement - not financial re-engineering. Operational managers can join portfolio companies on a full-time basis, if required
- Our portfolio companies are sustainably developed by operational support in Sales, Marketing, Logistics, Procurement, Supply Chain, Production as well as Legal, Human Resources, Finance and Investor Relations
- For strategic bolt-on acquisitions, management is supported by our M&A team
Long-term investment horizon
- We invest the capital on our balance sheet (not investor’s money raised through funds) – this makes us a stable, bank-independent, long-term investor
- Long-term capital makes us patient providers of capital - we are not exit driven
- We fund deals on an ‘all equity basis’ without the need for third party financing
- Minimal external input required to complete: we have in-house legal and due diligence capability
- We are a highly experienced investment team with proven ability to transact at speed
Flexibility to vendor requirements
- Scope to accommodate minority shareholders, vendor loans, earn outs and deferred consideration structures
Over the past decade AURELIUS Group has invested in more than 60 companies across Europe. Our current portfolio companies employ more than 23,000 people, generating combined annual revenues in excess of €3 billion. Set out below are certain of our companies that have Benelux operations or that were acquired from Benelux-based corporations.
SOLIDUS is a major European producer of solid board and graphic board with production facilities in the Netherlands, Belgium and the UK. The company operates two graphic board mills, an integrated solid board operation consisting of two mills and four converting sites. The business has a long history reaching 150 years, a strong reputation in the industry as well as deep customer relationships which creates a resilient customer base. The Solid Board operation predominantly serves the food and beverage sector, Graphic Board is heavier and is used in book covers, jigsaw puzzles and displays. As of June 30, 2016 the commercial activities of the Abelan Group in Northern Europe have been acquired. This transaction creates potential synergies across production, purchasing and sales with Solidus Solutions. As of January 31, 2018, Solidus successfully completed the acquisition of Abelan Board Industrial S.L., a major producer of core board and solid board packaging products operating out of Southern Europe. The Company is headquartered in San Andrés in northern Spain and operates three manufacturing facilities in Spain and France.» Company Website
The Getronics family is an ICT Services group consisting of the Getronics and Connectis brands and is owned by the AURELIUS Group, a holding company headquartered in Munich, Germany. With an extensive history that extends over 125 years, the Getronics family has nearly 6,500 employees in 22 countries across Europe, Asia Pacific & Latin America, and has a complete portfolio of integrated ICT services for the large enterprise and public sector markets. This includes Workspace, Applications, Unified Communications, Data Centre, Cloud, Consulting, Partner Technology, Managed Services and Security. Getronics is a leading member in the Global Workspace Alliance, a unique model that provides customers with a consistent IT service throughout the world, with one single point of contact and billing entity, delivering services to over 90 countries. The GWA manages 9.9m workspace assets globally, and was ranked number 3 by OVUM among other leading global vendors for workplace management.» Company Website
The Calumet Wex group is a leading omni-channel vendor for photography enthusiasts and professional photographers in Europe with shops in the United Kingdom, Germany, Belgium, and the Netherlands. Calumet Wex offers a broad portfolio of brand-name products from reputable manufacturers, as well as proprietary brands and services. Calumet Wex’s expanding online business and pan-European network of specialist stores offer a premium purchasing experience across all channels to a diverse customer base of photography enthusiasts, professionals, and companies. In Q4 2018 Calumet Wex acquired a majority stake in Foto-Video Sauter.» Company Website
Boasting a strong brand name and a loyal customer base, Office Depot Europe operates in 14 European countries across three main activities and brands: “Viking,” Contract, and Retail. Under the prestigious “Viking” brand, the company is a leading vendor in six product areas: office supplies, printing and document services, paper, computers and printers, business services like facility management, and office furniture, with direct sales to over 1.2 million small and mid-sized firms in ten European countries via the online channel, mail order, and call centers. The main markets for “Viking” are the region covering Germany, Austria, and Switzerland, plus the UK. The Contract segment, which boasts an attractive and loyal customer base together with a stable distribution network, maintains contracts to supply over 100,000 large business customers and corporations in the main markets in the UK, Benelux/France, Germany, Austria, and Switzerland. The Retail segment sells products under the strong Office Depot brand to over 600,000 active customers in over 100 stores and online.» Company Website
Set out below are case studies of recent Aurelius BENELUX exits
Careers at AURELIUS BENELUX
At Aurelius Group we are always on the lookout for people who want more than just a job.
The continued development of our business heavily relies on us recruiting bright people able to source and execute investments as well as manage and restructure companies. We are a long-term investor and have the same commitment to our people. In our dynamically growing group, we offer employees a great career opportunity – whether you are looking for a role as an intern or managing director, lawyer or operational manager, Aurelius will be a GOOD HOME for your career.
AURELIUS’ experienced BENELUX team is dedicated to sourcing, executing and managing investments across The Netherlands, Belgium, and Luxemburg. We are supported by AURELIUS Group's executive, investment and operational teams.
Gilles van Kooten
Principal / Head of Benelux
Tel: +31 20 854 6468
AURELIUS NEDERLAND BV
1082 LZ Amsterdam
Tel: +31 20 854 6468