Main Capital Partners, a software investor in the Benelux, DACH, the Nordics, and the United States, on Tuesday, announced the successful sale of Dutch-based Enovation to Legrand.
Legrand is a French company specialised in electrical and digital building infrastructures and digital care solutions.
Based out of Zuid Holland, Enovation is a provider of a platform for digital care and collaboration. From early detection to remote monitoring and everything in between, the Dutch platform facilitates integrated care – at every step.
In 2018, Main Capital Partners made its strategic investment in Enovation and started its collaboration with the management team of Enovation.
Under Main’s leadership, Enovation became one of the few healthcare software providers to cover a wide spectrum of the connected care ecosystem and establish a strong presence in Northwestern Europe.
The company now focuses on digital care and collaboration throughout the entire patient journey and employs around 300 FTE.
This strategic exit marks yet another successful exit for Main in one of its core product markets and is also the largest exit in Main’s history.
With Main Capital’s support, Enovation expanded its software businesses through both organic growth and eight selective strategic acquisitions that broadened the company’s product portfolio and expanded its addressable market.
Main’s CEO Charly Zwemstra has served as Chairman of the Supervisory Board during Main’s investment period, in which, Enovation’s revenues nearly tripled and the international footprint improved significantly from a primary focus on the Dutch market to activities in almost 20 countries.
This partnership with Legrand will allow Enovation to combine its knowledge and expertise to further its goal of creating an accessible and efficient healthcare system for all.
Jeroen van Rijswijk, CEO of Enovation, comments on the combination with Legrand saying, “During our successful partnership with Main over the past six years, Enovation was able to substantially improve its international profile and market position. Main moreover helped us to create further value in healthcare by enhancing the care experiences of patients across the European healthcare industry. This new chapter marks a wonderful next step for Enovation and we are excited to join Legrand and serve our clients even better, as we now have access to a lot of new expertise as well as great international execution power.”
Legrand: Offering solutions for commercial, industrial and residential markets
Legrand specialises in electrical and digital building infrastructures, providing comprehensive solutions for commercial, industrial, and residential markets that set the benchmark for customers worldwide.
Benoît Coquart, Legrand’s Chief Executive Officer, adds, “We are very pleased to announce this investment in areas that are at the heart of buoyant trends and as such, of our growth acceleration strategy. We are also excited to work with the teams of these industry-leading companies.”
Strategic partner for software companies
Founded in 2003, Main Capital Partners is a buyout investor in enterprise software that specialises in the lower-middle market. It invests between €5M to €150M in equity tickets in profitable small- to medium-sized businesses.
Main provides operational support and fosters deep connections within software ecosystems. The firm’s activity in 2023 alone included over 40 transactions, with close to 30 exits to date boasting a weighted average return over 4x and a loss rate below 0.5 per cent.
With a team of 70+ across Benelux, DACH, Nordics, and the US, Main Capital Partners fosters connections with the local software ecosystems, enabling exclusive relationships with software founders and entrepreneurs.
Main operates cross-border in approximately 10 product markets like healthtech, govtech, HRtech, and cybersecurity. Some of its investments include Pointsharp, Oribi, BCS, Textkernel, Enovation, SDB Groep, and among others.
Main oversees a portfolio of 45+ software companies. These companies have more than 12,000 workers altogether. Main also helps students by giving them grants and scholarships to study IT and Computer Science at Technical Universities and Universities of Applied Sciences. They do this through their Main Social Institute.
Sjoerd Aarts, Partner & Head of Benelux at Main Capital, concludes, “We supported in expanding Enovation’s product proposition and increasing its international footprint across North-Western Europe, transforming Enovation’s profile into a market-leading software player in healthcare. This successful partnership within one of our core product markets once more underlines the added value of our highly specialized investment strategy and culminated in a milestone exit for Main. We congratulate Enovation on this new chapter, joining Legrand.”
Read the orginal article: https://siliconcanals.com/news/startups/main-capital-partners-largest-strategic-exit-to-date/
