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IK Partners

IK Partners, a European private equity leader

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

Founded in 1989, IK is one of Europe’s most recognized private equity firms, with teams across a number of European countries focusing on the mid-market segment. The company invests in the Business Services, Healthcare, Consumer and Industrials sectors in Benelux, DACH, 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
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€13.8 bn
assets under management(4)
price2
200+
portfolio companies since inception
monde_MONDE_2
10
offices in 7 countries
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200+
employees
(4) 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.

Outlook for development

IK Partners supports high-potential companies, working closely with management teams to build strong, well-positioned businesses with solid 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.

2024 performance
Over 2024, IK Partners had particularly strong activity, generating a total of €163.3 million in revenue, up 31% YoY, and a strong growth of FRE (Fee Related Earnings) to €69.9 million. Total Assets under Management (€13.8 billion, of which €3 billion of Dry Powder(2)) grew by 24% since the beginning of the year, and FPAuM (€10.1 billion) by 33%. Over the period, €3.4 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK SO I) and 11(3) exits have been announced, for over €1.6 billion.

Sponsor money invested by Wendel
Wendel committed €500 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called as of December 31, 2024.

(1) Gross IRR. Across fully exited companies in the IK VII and IK VIII funds.
(2) Commitments not yet invested.
(3) Completed or signed in 2024.

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