OxGreenfield has sold Bavak to Unica


Amsterdam – CFI is pleased to announce it acted as the exclusive corporate finance advisor to OxGreenfield in the sale of its portfolio company Bavak Security Group (“Bavak”) to Unica Group (“Unica”).

About OxGreenfield
OxGreenfield is a Dutch private equity investor, focused on small and medium enterprises with a distinctive technical angle and a solid positioning in niche markets. OxGreenfield Fund I invests in 8 promising technical SMEs that are active in different end-markets. In January 2020, OxGreenfield acquired a majority stake in Bavak. 
 
About Bavak
Bavak, based in Noordwijk, the Netherlands, is a specialist in perimeter security, building security and specific defense security. As a system integrator of security solutions, it focuses on the top segment of business and government. Bavak has clients that operate in vital infrastructure such as data centers, air and sea ports, ministries and utilities. The company has more than 80 employees and achieved revenues of €20 million last year. Bavak operates mainly in the Netherlands and approximately 25% internationally.

About Unica
Unica, a pioneering force in sustainable innovation and comprehensive technical services, offers technology solutions for the built environment. The company operates in fields including installation engineering, energy, IT, industry, internet of things (IoT) and smart buildings. With an annual turnover of €843 million in 2023 and approximately 4,000 employees, Unica provides nationwide coverage with over 35 locations throughout the Netherlands. Supported by a network of 45 companies in 9 business clusters, Unica ranks among the Netherlands’ largest technical service providers. Triton, an international investment firm, is the majority shareholder of Unica since 2017.
 
About the transaction
Bavak Security Group becomes part of the Unica Access & Security cluster, in which all services related to access and security are bundled. The acquisition is a further step for the cluster to offer clients the most complete access & security chain possible. After realising the shared ambitions of management and OxGreenfield, timing was considered right to partner with a strategic shareholder to continue Bavak’s national and international growth opportunities. Through the acquisition, Unica Access & Security broadens its portfolio and strengthens its market position.
 
CFI’s role in the process
For several years, OxGreenfield and CFI have been engaged in ongoing discussions regarding their potential portfolio exits, including Bavak. This eventually led to CFI being approached by OxGreenfield to assist the shareholders of Bavak with its intended sale. CFI orchestrated a focused process with strategically interested parties, negotiated optimal terms and structured the deal to maximise value for both OxGreenfield and Bavak, ultimately resulting in a successful transaction on 21 May 2024.

Hank Schraven, partner of OxGreenfield: “We highly appreciate CFI’s sector knowledge, dedication and network, which played a pivotal role in this exit. Their insights and connections have been very valuable in achieving this success. We trust Unica is the best new owner for Bavak.”

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