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IK Partners

IK Partners, a European private equity leader

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Capital held by Wendel
51
%¹
Amount invested by Wendel
€383
m²
Year of acquisition
2024

Founded in 1989, IK is one of Europe’s leading private equity firms, with teams across seven of Northern European countries focusing on the mid-market segment. The Company invests in the Business Services, Healthcare, Consumer and Industrials sectors in Benelux, DACH (Germany, Austria, Switzerland), France, Nordics and the UK.

IK manages €13.8(3) billion of private assets on behalf of third-party investors and since inception, has invested in over 200 companies.

(1) Capital held by Wendel at closing of the 1st tranche of the transaction.
(2) Amount of equity invested by Wendel up to 2027 (1st tranche of the transaction) for 51% of the capital held at closing.
(3) Including co-invest direct investments from significant LPs, and from third-party co-control co-investment.
Key figures
icon
€13.8 bn
assets under management(1)
price2
200
portfolio companies since its creation
monde_MONDE_2
8
offices in Europe
suite_pictos_bonhommes_2
200+
employees
(1) Including co-invest direct investments from significant LPs, and from third-party co-control co-investment.

Why did we invest in IK Partners?

In early 2023‚ Wendel embarked upon a strategic shift by announcing its intention to develop a new third-party private asset management business‚ alongside its historical principal investments business.

By creating a dedicated platform‚ Wendel aims to diversify its revenue streams‚ increasing the generation of regular and reliable cash flows. This will enhance Wendel’s attractiveness as an investor and as a listed company, resulting in a greater dividend payout capacity for its shareholders. This diversification of revenue streams will also involve investments by Wendel in the funds raised by the entities on its platform

With the acquisition of IK Partners, Wendel is laying the foundations for its new platform. The aim is to reach €150 million in FRE by 2027 through organic business growth, accompanied by acquisitions in new asset classes. Wendel’s ultimate goal is to become a large multi-asset platform by bringing in new funds specializing in asset classes including infrastructure and private debt.

Key milestones of the investment

2023
2024
2023
October 17, 2023
Wendel launches its expansion in third-party private asset management and enters into exclusive negotiations with IK Partners
October 17, 2023
Analysts’ presentation as of July 1st, 2024
2024
May 14, 2024
Wendel completes the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management

Outlook for development

IK Partners supports high-potential companies, working closely with management teams to build strong, well-positioned businesses with outstanding long-term prospects. The company’s investment teams have an excellent track record, both in terms of performance, with an average gross IRR of around 26%(1) on exit, and in terms of their ability to return capital to investors (DPI: Distributed to Paid-In Capital), 2023 being a record year.

In 2024, IK Partners’ activities are expected to generate around €150 million in management fees and some €60 million in pre-tax Fee Related Earnings (FRE).

This transaction will align strategic interests of all stakeholders, over the long term: it is a strategic partnership in which Wendel will participate in the Group’s strategic decisions and IK Partners’ teams – who remain committed for the long term – will continue to operate autonomously in existing and new markets under the same brand. A key feature of the envisaged partnership will be the commitment of significant capital by Wendel to support IK’s present and future platform funds as well as the development of new strategies defined in agreement with IK. The envisaged transaction would lead to the full acquisition of IK over time.

As part of the initial transaction, Wendel would invest €383 million, or 12.5 times the estimated 2024 pre-tax Fee Related Earnings (“FRE”)(2), to acquire 51% of IK Partners’ shares and rights to 20% of the carried interest generated on all future funds raised by IK Partners.

The €383 million will be paid by Wendel in two stages:
– €255 million on May 14, 2024, at the time of closing;
– €128 million on May 14, 2027, subject to certain conditions.

The remaining 49% of IK’s capital will be acquired by Wendel in subsequent transactions, which will take place between 2029 and 2032(3), in accordance with the announcements made on October 17, 2023.

(1) Gross IRR. Across fully exited companies in the IK VII and IK VIII funds.
(2) Fee-related earnings: profits generated by recurring fee income (mainly management fees). They exclude the more volatile, performance-related revenues, such as performance fees and carried interest.
(3) And no later than 2034 if the deferral option is exercised.

Top management

of IK Partners
MOSAIQUE_WORKDAY_09_Christopher-Masek
Christopher Masek
Chief Executive Officer

Wendel’s role in corporate governance


Supervisory Committee
Laurent Mignon (Chairman)
David Darmon
Benoît Drillaud
Cyril Marie

Remuneration Committee
Laurent Mignon (Chairman)
Laure Delabeye
Cyril Marie

Audit, Risk and Compliance Committee
Benoît Drillaud (Chairman)
Caroline Bertin-Delacour
Anne-Sophie Kerfant
Cyril Marie

#Edito
19 October 2023
With the acquisition of IK Partners, Wendel initiates its development strategy in third-party asset management
All news
– Press releases
1 April 2025
IK Partners closes Fund X at €3.3 billion hard cap
All press releases
 
13 March 2025
IK Partners to invest in Seventeen Group

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan, Canada or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel (the “Seller”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, Canada, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Company”) in the United States, Australia, Canada, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Company referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Securities have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Canada, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons who wish to have access to the documents contained in this section of the Seller’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained. The Seller assumes no responsibility if there is a violation of applicable law and regulations by any person.

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IMPORTANT INFORMATION

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel SE, parent company of Eufor SAS (together “Wendel”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Issuer”) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Issuer referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Securities have not been and will not be registered under the applicable securities laws of Australia or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents.  All persons who wish to have access to the documents contained in this section of Wendel’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them.  No such registration or approval has been or will be obtained.  Wendel assumes no responsibility if there is a violation of applicable law and regulations by any person.

If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.

I therefore certify that:

  1. I am resident and physically present in a country outside the United States, Australia and Japan;
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  3. I will not transmit or otherwise send any information contained in this website to publications with a general circulation in the United States; and
  4. I have read, understand and agree to comply with all of the restrictions set forth above.
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DISCLAIMER – IMPORTANT

Due to applicable legal restrictions, the information contained in this section of the website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia or Japan, or any other jurisdiction in which such release, publication or distribution would be unlawful.  We apologize for any inconvenience this may cause.

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