- Independent and discrete mid-market M&A boutique
- Team of seasoned and trusted advisors
- Offices in Amsterdam & The Hague
- More than 220 projects succesfully completed
- Deal sizes typically vary between €5m to 100m
- Strong domestic and international network
Chestnut, founded in 2002, is an independent financial advisory firm focused on mergers & acquisitions (M&A), debt and equity financing, financial restructuring, investments, and more. Since its inception, Chestnut successfully and discretely executed more than 220 transactions and assignments.
Based on Chestnut’s reputation in providing pragmatic (ad-hoc) advice and deal execution experience, Chestnut maintains close working relationships with a growing circle of clients. In doing so, over the years Chestnut has gained a profound understanding of financial matters, independent of sector.
While supporting companies and its shareholders in creating and realizing value, we find most challenge in complex (financial) situations.
As a result of our focus on complexity rather than sector, we are able to provide a broad range of services, independent of a client’s business, size or industry
Services
Our clients
Since founding, Chestnut has advised over 150 clients, varying from SME’s (EUR 5m – 100m) to mid-market corporations (EUR 100m – 1b).
With a strong network covering all sorts of investors (formal & informal, strategic & financial), we are able to efficiently advise both the investees and investors.
Scale-ups
Formal & Informal Investors
Family Businesses
Small-Business Owners & Entrepreneurs
Mid-Market Corporates
Team
Chestnut gains its strength from the expertise, commitment and experience of its employees. Our team has a strong history and track record in executing complex transacations and assignments. Read more about the background and experience of our staff.
Bas van der Vegte
Emile Hofman
Jan Willem van Arkel
Lisa van Duijn
Marco Seller
Marieke Marres
Max Engbers
Philip Mebius
Rosalie Prins
Word jij onze nieuwe collega?
Bas van der Vegte
Together with Daniel Legro, Bas founded Chestnut in 2002. Bas is currently involved, with his Chestnut colleagues, in various types of transactions and assignments, with a focus on the more complex and challenging deal aspects.
Bas has a proven track record in M&A, private equity and banking, amongst others by serving on the executive board of NIBC and managing/divesting NPM’s Small-Cap portfolio.
Bas received his Law degree from the University of Utrecht. In his spare time, Bas likes to go for a ride on his motorcycle.
Emile Hofman
Emile started in 2022 as an analyst at Chestnut in Amsterdam.
Prior to Chestnut, he gained Corporate Finance experience in the M&A department of KPMG in the Netherlands.
Emile completed a Quantitative Finance MSc at the University of Amsterdam after obtaining a BSc Economics and Business, also in Amsterdam.
Besides playing hockey, Emile likes to spend his spare time kitesurfing and he is fond of traveling and Japanese art.
Jan Willem van Arkel
In 2020, Jan Willem joined Chestnut’s Amsterdam office as an analyst.
Before joining Chestnut he gained experience in Corporate Finance at a bank in London.
Jan Willem holds a dual track Masters degree in Corporate Finance and Banking & Financial Regulation from the University of Amsterdam. Prior to his masters he obtained a BSc Economics and Business from the University of Amsterdam and a BSc Psychology from Leiden University.
In addition to running, Jan Willem likes to spend his time off work playing tennis – though every year, he’s most looking forward to going on his ski trip.
Lisa van Duijn
Lisa started working at Chestnut Corporate Finance and Chestnut OR Advisory as Analist in our The Hague office in 2021.
Lisa graduated from Erasmus University. She completed her master’s degree in Finance & Investments and specialized in Corporate Finance / M&A. Prior to her master’s degree, she obtained a bachelor’s degree in Economics & Business Economics at Maastricht University and Lisa followed an exchange semester in Singapore.
In her spare time, Lisa likes to spend time in social activities. She is a member of the B&R Beurs and every week, they invest together. She also sets up projects at Rotaract with a group of young volunteers and cooking has become a new hobby of hers during the corona crisis!
Marco Seller
Marco started in 2022 as partner at Chestnut in Amsterdam.
Marco has 10+ years of deal experience with a clear focus on founders and director-shareholders in the midmarket segment. He has experience in a wide range of deal types such as buy and sell-side M&A, (re)financing, investments and equity capital market transactions in the Netherlands and abroad. In addition, Marco is also involved with various Tech companies and investors as board advisor, in-house advisor and interim CFO.
Marco gained his experience at ABN AMRO, Kempen & Co and Florin Finance. He studied Financial Law at Erasmus University in Rotterdam and Dutch Law and Business Administration at Radboud University in Nijmegen.
In his spare time, he enjoys fitness, running, football, water sports, and he likes to attend sports matches.
Marieke Marres
Marieke is on a part-time basis responsible for HR and Finance.
Before joining Chestnut Marieke worked amongst others during 16 years as a qualified insurance broker for ABN AMRO Business Insurances.
Marieke is married and has four children. In her spare time Marieke is active in sports such as tennis and cycling.
Max Engbers
Max started in 2021 as an analyst at Chestnut in Amsterdam.
Max has completed a Business Economics – Finance MSc at the University of Amsterdam. Before completing his master’s degree, he achieved a BSc in Economics and Business from the University of Amsterdam.
Prior to starting at Chestnut, Max was part of the Investor Relations team of a large Dutch corporate.
In his spare time, Max likes to play tennis and to go for a run.
Philip Mebius
Philip joined Chestnut in 2009 and co-founded Chestnut’s Amsterdam office together with Daniel Legro. Since mid 2019, Philip manages the daily operations and team of corporate finance professionals in Amsterdam.
With more than 10 years of experience, Philip has built an extensive track record of corporate finance assignments, incl. buy- and sell side M&A projects, fund raisings, restructurings and investments. Next to corporate finance advisory, Philip is also involved as executive shareholder of some companies, fulfilling the role of CFO.
After obtaining his MSc Business Administration at the University of Groningen, Philip started his corporate finance career in the M&A advisory team of Rabo Securities.
In his spare time Philip likes nature and travelling (preferably both at the same time).
Rosalie Prins
Rosalie has been working at Chestnut Corporate Finance and Chestnut OR Advisory since 2019. She participates in current transactions and assignments in the field of research, due diligence and communication. Furthermore, Rosalie supports the team in all organizational work and events. Besides her work for Chestnut Corporate Finance, she also works as Property Manager for Chestnut House.
Rosalie graduated from Schoevers University of Applied Sciences in Utrecht and has completed her Bachelor of Arts in Communication and Organization.
In her spare time, Rosalie is very active in sports, including crossfit and dancing. She also loves to travel.
Word jij onze nieuwe collega?
For an overview of the current vacancies, go to the ‘Careers’ section.
Recent transactions
Acquisition
Chestnut acted as sell-side advisor to Studytube
Acquisition
Chestnut acted as sell-side advisor to Groveko
Acquisition
Chestnut acted as sell-side advisor to Powerd
Acquisition
Chestnut acted as sell-side advisor to PNO
Acquisition
Chestnut acted as financial advisor to Hoornaert
Acquisition
Chestnut acted as financial advisor to DPD
Capital raise (€8m Seed)
Chestnut acted as financial advisor to Payaut
Capital raise (Seed)
Chestnut acted as financial advisor to Open HealthHub
Capital raise ($30m Series B)
Chestnut acted as financial advisor to Studytube
Acquisition
Chestnut acted as financial advisor to Studytube
Valuation analysis
Chestnut acted as financial advisor to Sycada
Strategic advisory
Chestnut acted as strategic advisor to Marma Vastgoed
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Strategic advisory
Chestnut acted as strategic advisor to Westland Kaas
Acquisition
Chestnut acted as financial advisor to MB-ALL
Acquisition
Chestnut acted as financial advisor to Infra Foodbrands B.V.
Merger
Chestnut acted as financial and strategic advisor to Sportfondsen
Limited Sanity Check
Chestnut acted as financial advisor to NPEX
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Acquisition
Chestnut acted as financial advisor to DPD
Acquisition
Chestnut acted as financial advisor to the management
Debt advisory & Refinancing
Chestnut
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
€2.6m capital raise
Chestnut acted as financial advisor to Payaut
Corporate finance advisory
Chestnut acted as financial advisor to The Dutch
Corporate finance advisory
Chestnut acted as financial advisor to Bonarius
Valuation analysis
Chestnut acted as financial advisor to VVE NL
Valuation analysis
Chestnut acted as financial advisor to Chordify
€10m capital raise
Chestnut acted as financial advisor to Studytube
€1.0m capital raise
Chestnut acted as financial advisor to Payaut
Acquisition
Chestnut acted as financial advisor to VBO
Private placement
Chestnut acted as financial advisor to Jellow
Acquisition
Chestnut acted as financial advisor to the Works Council
Acquisition
Chestnut acted as financial advisor to GoodNRG
Acquisition
Chestnut acted as financial advisor to Urban Arrow
Acquisition
Chestnut acted as financial advisor to e-Village
Acquisition
Chestnut acted as financial advisor to TCN Datahotels
Acquisition
Chestnut acted as financial advisor to PNO
Acquisition
Chestnut acted as financial advisor to Nimsys
Acquisition
Chestnut acted as financial advisor to Swagemakers
Business case support
Chestnut acted as financial advisor to FoodVentures
Acquisition
Chestnut acted as financial advisor to Graydon
Acquisition
Chestnut acted as financial advisor to Smallsteps
€4.5m private placement
Chestnut acted as financial advisor to Sillo
Business case valuation
Chestnut acted as financial advisor to Le Pain Quotidien
Acquisition
Chestnut acted as financial advisor to Lumat
Works Council Advisory Services
Chestnut acted as financial advisor to Tata Steel
Chestnut acted as financial advisor to the shareholders of Hedera
Private placement
Chestnut acted as financial advisor to GoodFuels
Management buy-out
Chestnut acted as financial advisor to the management of HSB
Acquisition
Chestnut acted as sell-side advisor to Studytube
Description
Studytube is a fast-growing B2B edtech scale-up that offers companies and governments an advanced and integrated learning platform. With Studytube’s platform, organizations can manage and monitor their entire staff’s learning needs.
Springest, part of Studytube, is a training-booking marketplace for companies and their employees.
Chestnut acted as sell-side advisor to Studytube on the sale of Springest including part of its client base to Archipel Academy.
Acquisition
Chestnut acted as sell-side advisor to Groveko
Description
Groveko is a distributor of cleaning and hygiene products based in the Netherlands. In addition to its traditional product offering, the business is the market leader in robotic and smart cleaning solutions in the Benelux.
Bunzl is an international distribution and services company in the fields of retail, foodservice and cleaning & hygiene amongst others. It has operations across the Americas, Europe, Asia, the UK and Ireland.
Chestnut acted as sell-side advisor to the shareholders and management of Groveko on the sale to Bunzl.
Acquisition
Chestnut acted as sell-side advisor to Powerd
Description
Powerd offers smart charging solutions for electric cars. With an advanced software platform and smart charging stations, Powerd enables business customers to offer sustainable mobility to employees.
Groendus is a Dutch company specialising in sustainable energy solutions, offering services such as energy consulting and solar panel installations to businesses customers.
Chestnut acted as financial advisor to the shareholders and management of Powerd on the sale to Groendus.
Acquisition
Chestnut acted as sell-side advisor to PNO
Description
PNO offers a wide range of subsidy, innovation and compliance services and is strongly positioned in the sectors life sciences & health, energy and climate & environment. In the Netherlands, PNO is among others market leader in the area of R&D subsidies (WBSO-dienstverlening).
Bencis is an independent investment fund with offices in Amsterdam, Brussels and Düsseldorf focusing on mid-market investments in European companies.
Chestnut acted as sell-side advisor to the shareholders and management of PNO on the sale to Bencis.
Acquisition
Chestnut acted as financial advisor to Hoornaert
Description
H. Hoornaert Scheepswerf De Schroef (HHSW) is located in Sas van Gent along the busy shipping route of the Ghent-Terneuzen canal. The shipyard provides various services for seagoing and inland vessels up to a length of 162 meters, including repair, conversion, outfitting and new construction. The facilities (including two dry docks and a slipway) are fully equipped to perform work above AND below the waterline.
Chestnut assisted and advised (both strategically and financially) HHSW in realizing an asset/liability transaction, resulting in the sale of HHSW to Norden Shipyard, part of Hicri Ercili, a major player in the shipping market.
Acquisition
Chestnut acted as financial advisor to DPD
Description
DPD – part of the French Groupe La Poste – is one of the largest logistics service providers of Europe. As part of an active buy & build strategy, DPD is continuously searching for (digital) innovations and complementary services for its customers.
Cool Runnings is a logistics expert that specialises in conditioned transport, particularly of fresh and frozen foods in the Netherlands and Flanders.
Chestnut advised DPD in the acquisition of Cool Runnings.
Capital raise (€8m Seed)
Chestnut acted as financial advisor to Payaut
Description
Founded in 2019, Payaut is an Amsterdam-based fintech that provides an automated payment solution for online marketplaces. Payaut acts as an intermediary between sellers and the various Payment Service Providers (PSPs), meaning that marketplaces are no longer dependent on a single PSP.
The €8.0m Seed round was led by Gradient Ventures, Google’s AI-focused venture fund, with participation from existing investors LocalGlobe and Entrée Capital.
Chestnut acted as financial advisor to Payaut in the fundraising process.
Capital raise (Seed)
Chestnut acted as financial advisor to Open HealthHub
Description
Open HealthHub is a Netherlands based healthtech plaform focused on secure health data exchange between healthcare providers and patients aimed to reduce the administrative burden in healthcare. Currently, the Open HealthHub platform is successfully implemented at various European hospitals, clinics and research groups.
Holland Capital, who provided the growth capital to Open HealthHub, has successfully invested in more than 150 Dutch SMEs over the past 40 years. It is active in the growth markets of Healthcare and Technology.
Chestnut acted as financial advisor to Open HealthHub in the fundraising process.
Capital raise ($30m Series B)
Chestnut acted as financial advisor to Studytube
Description
Studytube is a fast-growing B2B edtech scale-up that offers companies and governments an advanced and integrated learning platform. With Studytube’s platform, organizations can manage and monitor their entire staff’s learning needs.
Energy Impact Partners (EIP), a US based growth investor (€2bn+ fund), and Verdane, a €3bn+ Scandinavian investment fund, invested $30m in the Series B round.
Chestnut acted as financial advisor to Studytube in the fundraising process.
Acquisition
Chestnut acted as financial advisor to Studytube
Description
Studytube is a fast-growing B2B edtech scale-up that offers companies and governments an advanced and integrated learning platform. With Studytube’s platform, organizations can manage and monitor their entire staff’s learning needs.
Springest, part of FD Mediagroep, is a European training-booking marketplace for companies and their employees which is active in the Netherlands, Belgium, the UK and Sweden.
Chestnut acted as financial advisor to Studytube on the acquisition of Springest.
Valuation analysis
Chestnut acted as financial advisor to Sycada
Description
Sycada is a tech and software developer that offers tools with the aim of making transport and mobility greener, safer and more efficient. Sycada is a pioneer in zero-emission operations and has been involved in several major innovation programs for vans, trucks and buses. They serve more than 1,000 corporate clients across Europe from offices in Amsterdam, Munich and Athens.
Chestnut has conducted a valuation analysis of the company on behalf of the shareholders.
Strategic advisory
Chestnut acted as strategic advisor to Marma Vastgoed
Description
Marma Vastgoed is an investor, developer and manager in commercial and residential real estate. With a strong focus on the South Holland region, the years of experience and knowledge add value to the portfolio. The activities of Marma Vastgoed include: (i) Purchase of and final investment in commercial real estate and homes, (ii) Rental of offices, business premises, shops and houses/apartments and (iii) Development projects (new construction).
Chestnut has been commissioned by the company to prepare a comprehensive financial model.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Partou is a childcare chain, and, with over 700 locations, it is one of the largest childcare chains in the Netherlands. Last year, almost 67,000 children visited their daycare centers or out-of-school care locations.
Chestnut OR Advies acted as exclusive financial advisor to the Works Council of Partou.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Tata Steel Netherlands (TSN) is one of Europe’s leading steel producers, with steelmaking in IJmuiden, the Netherlands, and manufacturing plants across Europe. The company supplies high-quality strip steel products to demanding markets such as construction, automotive, packaging and engineering. TSN produces and delivers over 7 million tonnes of flat steel on an annual basis. TSN employs over 11.000 people, of which over 9.000 at the fully integrated site and value chain in IJmuiden.
Chestnut OR Advies acted as exclusive financial advisor to the Central Works Council of Tata Steel Netherlands.
Strategic advisory
Chestnut acted as strategic advisor to Westland Kaas
Description
The Westland Kaas Groep family business has been a trusted name in the worldwide cheese market for 85 years. Among other things, Westland Kaas is known for the brands Old Amsterdam, Maaslander, Westlite and Trenta. Westland Kaas focuses mainly on Marketing, Sales and Research & Development. Carefully selected partners take care of the production and packaging of the cheeses. In 2021, the first plant-based products from a joint venture with Those Vegan Comboys were introduced.
Chestnut has assisted the board of Westland Kaas in various corporate finance issues.
Acquisition
Chestnut acted as financial advisor to MB-ALL
Description
MB-ALL is active in the secondment of professionals that focus on security and livability in the public domain. More than 350 specialists focus on supervision, enforcement, and legal assignments. With more than 200 municipalities and government agencies as their client, MB-ALL is the market leader and thought leader in the Netherlands when it comes to security and livability in the public domain.
Chestnut acted as financial advisor to MB-ALL on the sale to ADG Dienstengroep
Acquisition
Chestnut acted as financial advisor to Infra Foodbrands B.V.
Description
Infra Foodbrands (IFB) is a specialized producer of fruit juices through the Maaza, Sunland and Limondaine brands. IFB sells approximately 30 million units (15 million liters) of fruit juices and drinks per year in 40+ countries in Europe, West Africa, North America and the Caribbean. IFB was sold to Riedel, the leading Dutch juice company with a turnover of € 200m.
Chestnut acted as financial advisor to IFB on the sale to Riedel.
Merger
Chestnut acted as financial and strategic advisor to Sportfondsen
Description
Sportfondsen is one of the largest Dutch operators in the field of sports, recreation and wellness accommodations.
The Sportfondsen / Laco combination creates a leading market position with more than 300 locations, more than 3,500 employees and 20 million visitors. The new combination makes an important contribution to a (more) vital Netherlands. By joining forces, Sportfondsen and Laco are building a strong organization that can meet the challenges of today and those of the future, such as digitization, legislation and regulations, sustainability and rising energy costs. Together, the companies form a very solid organization that locally connects the municipality and its residents.
Chestnut advised Sportfondsen throughout the full process to become one strong national partner in the field of sports, recreation and wellness accommodations.
Limited Sanity Check
Chestnut acted as financial advisor to NPEX
Description
NPEX is a stock exchange where investors can buy and/or trade stocks and bonds of Dutch SMEs. NPEX was founded in 2008 and is the abbreviation of Nederlandsche Participatie Exchange. Entrepreneurs can realize their financing from 1 million euros via NPEX. This can be done by issuing bonds or depositary receipts for stocks. These can be traded on the NPEX stock exchange after issuance.
Commissioned by NPEX, Chestnut prepared the Limited Sanity Check to define the financial position, revenue models and risks of the relevant client’s listing.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Smallsteps provides childcare services and is with over 250 childcare centres, one of the biggest childcare providers in the Netherlands. The Works Council of Smallsteps is (legally) tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of Smallsteps
Chestnut acted as exclusive financial advisor to the Works Council of Partou Kinderopvang & Smallsteps / KidsFoundation.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Tata Steel is one of Europe’s leading steel producers, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality strip steel products to demanding markets such as construction, automotive, packaging and engineering. Tata Steel Netherlands (TSN) produces and delivers over 7 million tonnes of flat steel on an annual basis. TSN employs over 11.000 people, of which over 9.000 at the fully integrated site and value chain in IJmuiden. The Central Works Council (CWC) of TSN is tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of TSN.
Chestnut acted as exclusive financial advisor to the Central Works Council of Tata Steel Europe.
Acquisition
Chestnut acted as financial advisor to DPD
Description
DPD – part of the French Groupe La Poste – is one of the largest logistics service providers of Europe. As part of an active buy & build strategy, DPD is continuously searching for (digital) innovations and complementary services for its customers.
BK Pharma Logistics and BK Sneltransport offer conditioned pharmaceutical transport for leading national and international companies in the pharmaceutical and healthcare industry.
Chestnut advised DPD in the acquisition of BK Pharma Logistics and BK Sneltransport.
Acquisition
Chestnut acted as financial advisor to the management
Description
Portavita and MGRID are two medical ICT companies. Portavita provides ICT solutions for regionally organized screening, prevention and treatment of chronic diseases. MGRID provides business intelligence for large-scale data integration and self-service analytics environments.
CompuGroup Medical Nederland B.V. (CGM) is part of the German listed company CompuGroup Medical, Europe’s largest developer of primary care automation.
Chestnut advised the shareholders of Portavita and MGRID in the sale to CGM.
Debt advisory & Refinancing
Chestnut
Description
Valstar Simonis is an independent Dutch bureau of engineers specialising in technological building services. Valstar Simonis is headquartered in Rijswijk, with offices in Apeldoorn, Amsterdam, Eindhoven and Groningen.
Chestnut acted as financial advisor to the management of Valstar Simonis during the refinancing process.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Tata Steel is one of Europe’s leading steel producers, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality strip steel products to demanding markets such as construction, automotive, packaging and engineering. Tata Steel Netherlands (TSN) produces and delivers over 7 million tonnes of flat steel on an annual basis. TSN employs over 11.000 people, of which over 9.000 at the fully integrated site and value chain in IJmuiden. The Central Works Council (CWC) of TSN is tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of TSN.
Chestnut acted as exclusive financial advisor to the Central Works Council of Tata Steel Europe.
Works Council Advisory Services
Chestnut acted as financial advisor to the Works Council
Description
Smallsteps provides childcare services and is with over 250 childcare centres, one of the biggest childcare providers in the Netherlands. The Works Council of Smallsteps is (legally) tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of Smallsteps
Chestnut acted as exclusive financial advisor to the Works Council of Partou Kinderopvang & Smallsteps / KidsFoundation.
€2.6m capital raise
Chestnut acted as financial advisor to Payaut
Description
Founded in 2019, Payaut is an Amsterdam-based fintech that offers an automated payment solution for online marketplaces. Payaut functions as an intermediary between sellers and the different Payment Service Providers (PSPs) whereby marketplaces are no longer dependent on one single PSP.
The seed investment round was led by LocalGlobe, Entrée Capital and Finch Capital together with a group of angel investors with a strong background in the fintech industry (a.o. ex-Mollie and Adyen C-level executives).
Chestnut acted as financial advisor to Payaut in the fundraising process.
Corporate finance advisory
Chestnut acted as financial advisor to The Dutch
Description
The Dutch is a premium 18 hole Inland Links golf course aimed primarily at corporate members. The Dutch was established in 2008 and has a par 71 Colin Montgomerie Signature Design golf course.
Chestnut advised the shareholders of The Dutch in various corporate finance related topics.
Corporate finance advisory
Chestnut acted as financial advisor to Bonarius
Description
Bonarius specializes in the installation and maintenance of central heating systems for housing associations and commercial property managers. Bonarius manages more than 200,000 individual and 550 collective installations.
Chestnut assisted Bonarius in the transfer of part of the shares within the family to the current CEO and son of the owner of the company.
Valuation analysis
Chestnut acted as financial advisor to VVE NL
Description
VVE NL manages c. 245 VVEs, parking associations and apartment cooperatives in and around Amsterdam. The company is involved in both new build and existing construction and arranges administrative, financial, technical and managerial issues. As an independent VVE manager, the company is independent of housing associations or brokers.
Chestnut has conducted a valuation analysis of the company on behalf of the shareholders.
Valuation analysis
Chestnut acted as financial advisor to Chordify
Description
Chordify is a fast-growing music edtech company that has developed proprietary technology to convert music into chords. On the Chordify platform, users can learn to play themselves by using the chords generated by Chordify. The business case is based on a freemium SaaS model.
Chestnut conducted the valuation analysis to support the company’s Employee Stock Option Plan (ESOP).
€10m capital raise
Chestnut acted as financial advisor to Studytube
Description
Studytube is a fast-growing B2B edtech scale-up that offers companies and governments an advanced and integrated learning platform. With Studytube’s platform, organizations can manage and monitor their entire staff’s learning needs.
Verdane is a €3bn+ Scandinavian investment fund focused on €10-150m investments in European tech scale-ups.
Chestnut has assisted Studytube in the €10m investment round by Verdane.
€1.0m capital raise
Chestnut acted as financial advisor to Payaut
Description
Founded in 2019, Payaut is an Amsterdam-based fintech that offers an automated payment solution for online marketplaces. Payaut functions as an intermediary between sellers and the different Payment Service Providers (PSPs) whereby marketplaces are no longer dependent on one single PSP.
The pre-seed investment round was led by LocalGlobe and Finch Capital together with a group of angel investors.
Chestnut acted as financial advisor to Payaut in the fundraising process.
Acquisition
Chestnut acted as financial advisor to VBO
Description
Venum is de voormalige joint venture tussen VBO en Wazzup Software, de ontwikkelaar van Housenet en Kolibri. Venum zet haar activiteiten vanaf heden voort onder de handelsnaam Kolibri.
VBO is een brancheorganisatie voor makelaars, taxateurs en verhuur-specialisten. Met circa 1.200 leden is VBO in geheel Nederland vertegenwoordigd. VBO ondersteunt haar leden o.a. met producten en diensten, opleidingen, voorlichting en belangenbehartiging.
Wazzup Software ontwikkelt al bijna 20 jaar software voor makelaars. Haar focus op de makelaardij en de ontwikkeling van stabiele, maar flexibele platforms heeft geresulteerd in Housenet, een professionele en betaalbare oplossing voor makelaarswebsites, en Kolibri, het gebruiksvriendelijke, effectieve en flexibele CRM-systeem voor de makelaardij.
Chestnut heeft VBO bijgestaan en geadviseerd (zowel strategisch als financieel) bij het realiseren van de transactie, resulterend in 100% aandelenbelang van Venum gehouden door VBO en een overname van de Housenet-activiteiten van Wazzup Software.
Private placement
Chestnut acted as financial advisor to Jellow
Description
Jellow is a fast growing online platform that matches companies (employers) with freelancers particularly in Business Services. The company was founded in 2012 and has offices in the Netherlands and Belgium.
Chestnut acted as exclusive financial advisor to the founders of Jellow resulting in among others the raising of growth capital from Mediahuis NV, the Belgian giant media company that owns among others the Dutch NRC and Telegraaf.
Acquisition
Chestnut acted as financial advisor to the Works Council
Description
Smallsteps provides childcare services and is with over 250 childcare centres, one of the biggest childcare providers in the Netherlands. The Works Council of Smallsteps is (legally) tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of Smallsteps
Chestnut acted as exclusive financial advisor to the Works Council of Smallsteps during the request for advice from Smallsteps, regarding the acquisition of KidsFoundation Holdings (including Smallsteps) and Partou Kinderopvang by Onex and Waterland.
Acquisition
Chestnut acted as financial advisor to GoodNRG
Description
GoodFuels is a sustainable fuels pioneer and energy transition partner for the marine industry and heavy transportation. The biofuels from GoodFuels are immediately applicable as substitution for fossil fuels, thereby reducing CO2 up to 90%. In addition GoodNRG introduces innovative sustainable products, services and business models on a regular basis.
Chestnut acted as exclusive financial advisor to the GoodNRG Group and its shareholders, resulting in the sale of the group to FinCo Fuel Group, a portfolio company of Coloured Finches.
Acquisition
Chestnut acted as financial advisor to Urban Arrow
Description
Urban Arrow is a Dutch manufacturer of electronically driven cargo bikes that aims to be the frontrunner in urban mobility.
Chestnut acted as exclusive financial advisor to Urban Arrow and its shareholder, resulting in the sale of the company to Pon Bike (part of Pon Holdings), a substantial player in the bicycle market.
Acquisition
Chestnut acted as financial advisor to e-Village
Description
e-Village is a leading email marketing agency in The Netherlands. With an inhouse developed state-of-the-art email marketing software (Clang) and a team of 70 email specialists, the company helps its clients to increase the effectiveness of marketing campagnes and customer contact moments.
Inspired Thinking Group (ITG) is a specialist marketing services and technology business that helps major brands and retailers improve the efficiency, speed, cost and control of their marketing operations. ITG employs almost 600 people and is headquartered in Birmingham, UK.
Chestnut acted as exclusive financial advisor to the management and shareholders of e-Village during the transaction, resulting in the sale of e-Village to ITG, a portfolio company of Equistone.
Acquisition
Chestnut acted as financial advisor to TCN Datahotels
Description
QTS Realty Trust, a stock exchange listed (NYSE) leading provider of software-defined and mega scale data center solutions, has acquired the two data centers of TCN Datahotels. The asset deal comprises one data center in Eemshaven and one in Groningen, for a purchase price totaling USD 44m.
Chestnut acted as exclusive financial advisor to TCN’s management and other stakeholders, resulting in the sale of the two datacenters to QTS.
Acquisition
Chestnut acted as financial advisor to PNO
Description
ARTTIC is a European market leader in consultancy and management services for research and technological development. With its long-standing experience in financing programs in various scientific and technological areas, ARTTIC assist her clients to move from strategic plans to effective competitive operations. The company has multiple offices in North-West Europe, with its headquarters located in Paris.
PNO offers a wide range of subsidy, innovation and compliance services and is strongly positioned in the sectors life sciences & health, energy, climate & environment. In the Netherlands, PNO is among others market leader in the area of R&D subsidies (WBSO-dienstverlening).
Chestnut acted as exclusive financial advisor to the management and shareholders of PNO in the transaction, resulting in the acquisition of ARTTIC.
Acquisition
Chestnut acted as financial advisor to Nimsys
Description
Nimsys manages networks and provides internet, VoIP telecom and other IT services to renters of multi tenant buildings.
Chestnut advised the shareholders of Nimsys during the proces of selling Nimsys B.V. to a subsidiary of Gamma Communications PLC, a listed British telecom and internet provider.
Acquisition
Chestnut acted as financial advisor to Swagemakers
Description
Swagemakers Intermodaal Transport (Swagemakers) is an intermodal transport and logistics provider with ca. 30 – 40 employees, strategically located in the North Sea Port (Westdorpe). The Company has a strong footprint in bulk and liquid goods, with a long-standing client portfolio.
Chestnut acted as exclusive financial advisor to Swagemakers and its shareholder in the sales process resulting in the sale of a majority stake to Trimodal Container Terminal Terneuzen (3-MCT).
Business case support
Chestnut acted as financial advisor to FoodVentures
Description
Since 2010 FoodVentures develops and invests in high-quality environment greenhouses in emerging countries. Investments of the company include greenhouses in Ukraine, Kazakhstan and Georgia.
Chestnut compiled a comprehensive financial business case for FoodVentures.
Acquisition
Chestnut acted as financial advisor to Graydon
Description
Graydon is a business information provider in the field of financial information, marketing information, risk & compliance and debt collection. The debt collection activities mainly comprise amicable and international debt collection services.
Chestnut acted as exclusive financial advisor to the management of Graydon in the sales process resulting in the sale of the Dutch debt collection activities to Ultimoo.
Acquisition
Chestnut acted as financial advisor to Smallsteps
Description
Smallsteps provides childcare services and is with 250 childcare centres, one of the biggest childcare providers in the Netherlands. The Works Council of Smallsteps is (legally) tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of Smallsteps
Chestnut acted as exclusive financial advisor to the Works Council of Smallsteps during the request for advice from Smallsteps, regarding the acquisition of Smallsteps by Onex. Onex is a reputable listed (Toronto Stock Exchange) Canadian private equity firm with over $32 billion of assets under management.
€4.5m private placement
Chestnut acted as financial advisor to Sillo
Description
Siilo is an online secure messaging platform tailored to the needs of healthcare professionals.
Chestnut acted as exclusive financial advisor to the shareholders and management of Siilo, resulting in the raising of growth capital of EUR 4.5m provided by EQT Ventures and existing shareholders for the purpose of foreign expansion of the business.
Business case valuation
Chestnut acted as financial advisor to Le Pain Quotidien
Description
Le Pain Quotidien is a restaurant chain which serves dishes made of biological and local ingredients where possible. Breakfast, lunch and brunch courses are mainly served in the local stores, of which there are nine in the Netherlands.
On shareholders’ request, Chestnut compiled a financial business case for the company, followed by a valuation analysis based on the business case.
Acquisition
Chestnut acted as financial advisor to Lumat
Description
Lumat is a leading distributor of high tenacity yarns, such as Polyester, Polyamide, Aramid and Synthetic continuous filament yarns that are used in ropes, strappings and fabrics. Over the last twenty years, Lumat has become the principal distributor of industrial yarns in Europe, Africa and the Americas.
Chestnut acted as exclusive financial advisor to the shareholders and management of Lumat in the sales process resulting in the sale of Lumat to Active Capital Company.
Works Council Advisory Services
Chestnut acted as financial advisor to Tata Steel
Description
Tata Steel is one of Europe’s leading steel producers, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality strip steel products to demanding markets such as construction, automotive, packaging and engineering. Tata Steel Netherlands (TSN) produces and delivers over 7 million tonnes of flat steel on an annual basis. TSN employs over 11.000 people, of which over 9.000 at the fully integrated site and value chain in IJmuiden. The Central Works Council (CWC) of TSN is tasked with providing advice to the company, for a.o. strategic decisions with a material impact on the employees of TSN.
Chestnut acted as exclusive financial advisor to the CWC of TSN during the full consultation- / advisory process, regarding the request for advice from TSN in relation to the proposed joint venture between the European steel activities of Tata Steel and thyssenkrupp. Thyssenkrupp is Europe’s second largest steel producer with its main production facility in Duisburg (Germany).
Chestnut acted as financial advisor to the shareholders of Hedera
Description
Hedera Consulting, having its offices located in Belgium (HQ) and the Netherlands, is a consulting firm with its main focus on company advice and data analysis. The company serves clients in a.o. Italy, Switzerland, Scandinavia, the UK and the Middle-East. The company’s expertise include growth strategy, innovation, marketing, sales and customers service.
Chestnut acted as exclusive financial advisor to the shareholders of the Dutch entity in the sales process resulting in the sale of Hedera Consulting to Cognizant.
Private placement
Chestnut acted as financial advisor to GoodFuels
Description
GoodFuels aims to be a one-stop shop for sustainable biofuel. The company is currently active in two markets, the marine industry and the road & rail industry. In addition, GoodFuels is also actively involved in the development of new types of sustainable biofuels.
Chestnut acted as exclusive financial advisor to GoodFuels and its shareholders resulting in the raising and structuring of additional growth capital for the purpose of further development of the business.
Management buy-out
Chestnut acted as financial advisor to the management of HSB
Description
HSB, a company comprising 300+ employees, provides tailor-made work in areas of real estate development, new-build projects, renovation, small construction and subcontracting. The company mainly develops and realizes sustainable projects for developers and housing corporations in specifically the northwest- and the middle of the Netherlands.
Chestnut performed a valuation of the company.
International Network
Socius Global is a partnership of boutique mergers and acquisition (M&A) firms that are committed to providing the highest level of senior attention, with each firm’s founders and tenured partners providing personal corporate finance advisory services to each client and transaction in the middle market – worldwide.
Socius is not only a network, but rather an organization of independent investment banks that work together daily to provide clients with both dedicated service in their respective countries and international reach based on the local knowledge of the senior professionals within each member firm. Simply stated, Socius is a partnership that bridges direct access to the international M&A markets.
