Deals

Waterland acquires majority stake in GlobalCollect

The Dutch lower midmarket firm has backed the spin out of the payment processing company from mail company TNT.

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Waterland Private Equity Investments has led a management buyout of GlobalCollect, the Dutch electronic payment processing company. Sources close to the transaction said that the deal was valued at between €10 million ($12 million) and €20 million.

The Netherlands-based firm has acquired a majority of shares in the company from listed mail and logistics company TNT. The remaining equity is split roughly equally between communications technology investor Prime Technology Ventures and the company’s management.

Lex Douze, Principal, Waterland Private Equity Investments

Founded in 1994, GlobalCollect enables international mail, telephone and e-commerce merchants to collect payments in over 50 countries. Its customers include Lycos, HP, Financial Times, KLM Royal Dutch Airlines, Reuters, Sony Online Entertainment, and Microsoft. TNT is disposing of the company because payment services are not part of its core business.

Lex Douze, a principal at Waterland, told PEO that the firm believed the company to have potential for revenue growth of up to 40 percent a year thanks to the rise of internet commerce.

Waterland Private Equity Investments focuses on investments in the lower midmarket bracket, and has €220 million under management. It has offices in Bussum, the Netherlands; Antwerp, Belgium; and Dusseldorf, Germany.

Prime Technology Ventures has offices in Amsterdam, Netherlands, and Cambridge, UK. It manages €120 million.