Auxilium Capital sells Frontmen to iO, a portfolio company of Waterland


Amsterdam / Brussels– Corporate Finance International (‘CFI’) is delighted to announce it acted as the exclusive corporate finance advisor to Auxilium Capital and management of Frontmen in its sale to iO (fmr. Intracto), a portfolio company of Waterland Private Equity Investments (‘Waterland’).

Corporate digitalisation and online consumerism drives investments in digital transformation in order for organisations to stay or become more profitable, competitive and relevant. And in this environment, Javascript is the premier technology for dynamic frontend applications. Frontmen is ideally positioned to address these trends by offering best-in-class Javascript technology expertise. Operating from three locations in the Netherlands (Amsterdam, Utrecht and Eindhoven), Frontmen currently employs c. 120 Javascript developers from various nationalities that design and develop intelligent applications to create digital winners.

iO was founded in 2005 by Pieter Janssens and has since grown into one of the leading digital service providers in the Benelux. iO assists its clients in the digitisation of both internal business activities as well as user experiences, through a combination of technical and creative services. The company has offices in Belgium and the Netherlands and operates under brands such as Luon, exCompany, Adagio, Snackbytes, and Prophets. iO combines a strong organic growth of +30% per year with complementary acquisitions. To accelerate this growth path on an international scale, iO teamed up with Waterland, a pan-European private equity firm, in December 2018 as a hands-on partner with proven buy & build competence.

Auxilium Capital is an independent majority investor with a long-term horizon, entrusted by a selective group of institutional investors. Auxilium invests in successful entrepreneurial-led Dutch companies in all types of sectors with a proven track-record, an untapped growth potential and an operational result between 1 and 5 million euro.

Remco van Blitterswijk (Founder and CEO Frontmen): “We are very excited to join forces with iO to offer our customers greater value by granting them access to iO’s wide portfolio of services, including performance marketing, content, creation and strategy, in addition to our strong front-end development capabilities. iO will help us scale our business rapidly and capture even more opportunities in the Benelux and beyond.”

Jeroen Nienhaus (partner Auxilium Capital): “CFI provided Frontmen and its shareholders with outstanding advice throughout the process of finding a new strategic partner. They demonstrated commitment, integrity and a passion for getting the deal done. They positioned Frontmen and coached management very well, enabled c-level access to the relevant strategic buyer universe and secured an attractive transaction outcome for both sellers and management team.”

CFI initiated discussions and negotiations in a process, which ultimately resulted in a successful sale to iO that closed on 17 July 2019.

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