Dutch Mezzanine Fund II: New investment


Dutch Mezzanine Fund II: New investment

Dutch Mezzanine Fund (DMF) is pleased to announce a new mezzanine investment in the Dutch market: Payroll Select.

Payroll Select is one of the largest payroll and HR services providers in the Netherlands with a turnover of c. €250 million.

Founder and CEO Rick Simons recently purchased the remaining shares of Payroll Select from ABN AMRO Participaties (“AAP”). AAP invested in Payroll Select in 2015. Next to strong autonomous growth, Payroll Select has shown a solid track record of implementing its buy & build strategy over the past years. We are looking forward to work together with Payroll Select’s management team during the next phase of growth.

This transaction showcases an interesting type of transaction where our mezzanine can provide a valuable solution: a sponsorless buy-out. The mezzanine tranche is the linking pin in the capital structure, enabling existing shareholder(s) and/or management teams with significant (minority) interests to buy-out existing (majority) shareholders whilst bringing sufficient guarantee capital to the table to ease discussions with senior lenders.

Dutch Mezzanine Fund provides subordinated debt in tranches ranging from €5 to €20 million to support both family owned companies as well as private equity portfolio companies realising their growth ambitions. The capital can be deployed in the Netherlands, Germany and Belgium. DMF successfully raised its current fund at the beginning of the year at the level of over €122 million. DMF has, to date, invested in 14 companies including Fri-Jado, Diamond Tools Group, Riedel, CleanLease and Suitsupply.

 

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