Paris-based private equity and VC firm Keensight Capital has announced the acquisition of a majority stake in Utrecht-based Buckaroo, a provider of payment solutions in the Netherlands. The deal is expected to close during the first quarter of 2022.
Keensight succeeds Blackfin Capital as a majority shareholder of Buckaroo alongside the management team led by Paul Scholten.
Eric May, the Founding Partner at Blackfin Capital Partners, says, “After the carve-out from Intrum Justitia, we empowered Buckaroo to seize the immense growth potential the online payments market could offer. Four years later, after a successful vertical integration, customer-centric product developments and bolt-on acquisitions, the company is ready for its next growth stage with Keensight Capital.”
What does Buckaroo offer?
Founded in 2005, Buckaroo is a next-generation online Payment Service Provider (“PSP”) based in the Netherlands and Belgium, enabling 12,500 clients (e-commerce merchants and corporate clients) to process their payments online.
The company claims to have established itself as the strategic payment partner for its household Dutch clients and become one of the top online PSP players in the Benelux over the last 15 years.
It has developed a full range of innovative and value-added services such as recurring payments for subscription businesses, credit management, smart check-out, and split payments for marketplaces. Some of its clients include Picnic, Decathlon, Youfone, Swapfiets, and (RTL) Videoland.
Buckaroo has also reinforced its offer to smaller-sized clients through the acquisition of payment service provider Sisow at the beginning of 2021, and expanded into Belgium.
How will Keensight support Buckaroo?
Keensight Capital aims to help the management team consisting of Paul Scholten, André Reumerman, Jelle Hoes, and Maurits Dekker in pursuing the ambitious growth strategy of the company. It has witnessed revenue growth of over 30 per cent yearly since 2019.
Leveraging its 20-year track record as a pan-European investor focused on technology and healthcare, Keensight Capital will assist Buckaroo in reinforcing its product roadmap, expanding its offering, go-to-market capabilities, and geographical coverage, and in supporting the company in the consolidation of the sector.
Paul Scholten, CEO of Buckaroo, says, “We are excited to welcome Keensight as our partner in this new phase of growth. We are looking forward to continuing to build upon what we have created over the past 15 years, given the team’s strong track record in accelerating growth and international development for our merchants and us. We believe that Keensight’s sector expertise and European reach will be a great asset to our company’s development.”
About Keensight Capital
Founded in 2000, Paris-based Keensight Capital is a private equity and venture capital firm specialising in investments in mid venture, late venture, middle market, mezzanine financing, emerging growth, build-ups, and growth equity.
The firm prefers to invest in the internet, media and information technology, healthcare, energy and services, consumer, life sciences, information and communication technology, media, medical technology, and software sectors, among others. It makes equity investments for the provision of capital to finance growth, either organically or through acquisitions, or the cashing out of existing shareholders.
For 20 years, Keensight Capital’s team has leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10M to €400M. It takes both minority and majority shareholder positions in its portfolio companies with or without leverage.
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