Deals

Across all fronts of the entire MBO process in both 2006 and 2008, BlueMind really made things work for us. I would refer my best friends to them!
Kees Buisman, CEO, Everest

Completion Date
May 2008

Transaction Type
Management Buyout

Transaction Value
(Not disclosed)

Lead Partner
Jan Willem Jonkman
Telephone +31 73 623 8774

Background
Everest was founded in 1995 and is a leading Dutch software and consultancy company with a focus on the banking an insurance sector. With more than 160 employees, Everest is internationally active, with offices in the Netherlands and Spain. Moreover, the company was recognized by Gartner as Cool Vendor in Business Process Management. The company used to be a subsidiary of Getronics, until the management buyout assisted by BlueMind in 2008.

In 2006, although there was a "no go advice" on subsidiary MBO's, BlueMind managed to convince Getronics to grant the management of Everest a 35% stake in the company. Subsequent to the delisting of Getronics by listed multinational KPN, BlueMind also assisted Everest management in the recent divestment process which lead to the 2008 MBO of Everest. Under BlueMind's auspice equity partner Strikwerda/TSS was selected, BlueMind successfully closed the MBO transaction in July 2008. Furthermore, BlueMind also managed the competitive banking process.

What Difference Did We Make?
BlueMind lead negotiations with KPN for a total buy-out with a prominent role of management, played a major role in developing the financial projections model and navigated management through a vendor led auction in which timing was crucial and ensured that - from a management's point of view - the right structure and buyer was arranged.
BlueMind delivered a management participation structure that was tax neutral, subsequent to the Dutch tax climate being dramatically changed. BlueMind also elected Strikwerda/TSS to partner with in the management buyout, and moreover negotiated conditions to take advantage of the anticipated listing of Strikwerda/ TSS in the near future. Subsequent to closing the deal, Strikwerda/TSS approached BlueMind to advise on the acquisition of another potential company for their conglomerate.
In both mbo deals BlueMind arranged the debt finance package, in 2006 with Rabobank and in 2008 with ABN AMRO.