Cover Story

Recognised Leaders in SME Investment - 2021 - Ramphastos Investments The Netherlands

New Challenges Open Up New Opportunities

The outbreak of the Covid-19 pandemic has presented the world economy with a hitherto unfamiliar set of trials. Very few certainties exist in the new status quo. Political and industry leaders face challenges of epic proportions as a result of the disruption of, global and national, social and economic systems. To survive, companies have had to adapt their ways of working, secure their supply chains, and find new means of engaging their customers. The burden has largely fallen on enterprises and workers to adjust to this brave new world. As individuals continue to live their daily lives in these extraordinary circumstances, their actions and behaviors define and create the new ‘normal’ - within this new normal lies a plethora of possibility.

Despite the difficulties, the disruption of the status quo has birthed a host of new opportunities as companies seek to fill the newfound needs of consumers by providing novel products and services. For investors, the need to capitalise on rapid market shifts, support portfolio companies in pivoting, and spot new investment opportunities resulting from the current climate, is more acute than ever. The geographic and sectoral diversity of portfolios has placed private equity firms under great strain. However, in addition to investing effort into ensuring the survival of portfolio companies, many private equity firms are actively seeking the great investment opportunities opened by this ‘black swan’ event. Investors with the right industry knowledge, experience, and technological aptitude, have a great advantage in the treasure hunt for new investment opportunities. One such privileged enterprise is Ramphastos Investments.

Ramphastos Investments was founded in 1994 by Marcel Boekhoorn - a passionate entrepreneur well known as an investor for his landmark deal with Telfort, a Dutch mobile telekom provider, in 2005. In just 8 months from the acquisition of Telfort as the majority shareholder, Ramphastos increased profits from €50 million to €150 million, through stringent cost control and a robust strategy to boost top line figures. Soon after, Telfort was sold to market leader KPN for over €1 billion, with roughly half a billion in profit. Driven by Boekhoorn, Ramphastos Investments continues to expand its investment activities into new industries and geographies.

Founder and CEO Marcel Boekhoorn: “We are always on the lookout for new ventures in which we, as investors, can add value and where everyone profits from our involvement - from the portfolio company and the market, to employees and other shareholders. These opportunities are like the toucan - a bird whose beauty expresses the kind of value we aim to deliver to all stakeholders and whose unconventional colors and shape represent the boldness and creativity that we use to catalyze outsized growth. We are excited by the prospects

Marcel Boekhoorn

Recognised Leaders in SME Investment - 2021 - Ramphastos Investments The Netherlands

of discovering, growing and cultivating such truly unique, best-of-breed beauties. That is why we have named our firm after the world’s largest and uncommonly beautiful family of toucans: Ramphastos.”

Since its founding, Ramphastos has successfully seeded and exited multiple startups, led IPOs, completed de-listings and has generally achieved outsized returns on most investments. High-profile exits include Bakker Bart, a Dutch bakery chain sold to Kamps AG; Cocachoc, sold to Suchard/ Kraft Foods; Novaxess, a telecom provider sold to the BSkyB Group and Telfort, as mentioned, a mobile network operator sold to Royal KPN.

Ramphastos Investments is a shareholder in more than 30 companies globally, with cumulative revenue exceeding €4 billion. Its current portfolio comprises a wide variety of companies across a broad range of sectors, including financial and business services, retail, health care, new materials and advanced manufacturing, technology, telecommunications, real estate and energy.

Ramphastos works in a hands-on manner with its portfolio companies as the majority stakeholder. When the firm considers investing in a business with the aim to turn it around, it starts by investigating how it can drive revenue growth. This can be achieved through a buy-and-build strategy, calling internationally, introducing a new product portfolio, pricing or channel strategy. Ramphasots collaborates closely with its portfolio company leaders to implement a robust valuecreation strategy - providing all the advice, tools, and assistance required to execute the strategy.

This approach defines Ramphastos as a highlighly entrepreneurial investment firm, willing to get into the weeds of business building with its portfolio companies. Furthermore, the approach sets Ramphastos apart from more traditional private equity firms who typically derive profits from cutting business costs within their portfolio companies, rather than creating net new value.

Ramphastos always has a strong focus on reforming and strengthening company leadership. In the Covid-19 era, leadership is key to steering a business through the global economic climate. The success of a business is determined by its ability to identify and seize opportunities in these unfamiliar and uncertain circumstances. To do this, company leaders must possess a sharp vision and business strategy, as well as an acute awareness of shifting global trends. Ramphastos has deep expertise in building the capacity and capability of company leaders. The firm emphasises the importance of consistently communicating the business strategy, its benefits, progress against a roadmap, and compelling milestones, whilst cultivating a culture dialogue with employees.

Acquiring majority stakes allows Ramphastos to do what it does best: roll up its sleeves to help company leadership in a hands-on manner as they build their business. As founders, builders and leaders of businesses of all sizes and in all stages of their evolution, the partners have firsthand experience with just about anything one might encounter as an entrepreneur. They usually take a board position in their portfolio companies, working side-by-side with company leadership to shape strategy and, if needed, give them tactical counsel, talent, tools and innovation to deliver on their plans.

Ramphastos is in an advantageous position as it exclusively invests its own capital, the company is under no pressure to exit its businesses, and can instead focus on executing on the value creation strategy and Ramphastos is always in a position to remain flexible and agile, responding to circumstances as it sees fit. As a result, the company has been able to adjust rapidly to the current climate by accelerating investments in growing sectors such as healthcare and information technology. It has also embraced environmental, social and governance (ESG) policies as a means of adding value to portfolio companies under current conditions.

Marcel Boekhoorn: “We build businesses with our own capital, and in doing so, we pursue the highrisk, high-return opportunities that others avoid. We’re currently focused on turning around larger enterprises that face complex challenges. Unlike typical private equity firms that are happy with 25 or 30% IRRs, we are looking to drive significantly higher returns. So far, our approach, which plays to our strengths as creative thinkers and handson business builders, has paid off. Over the past 25 year, we have, on average, returned multiples above 10 on our investments.”

Company: Email: Web: Ramphastos Investments Corné Melissen, partner: corne@ramphastos.com www.ramphastosinvestments.com

Recognised Leaders in SME Investment - 2021 - Ramphastos Investments The Netherlands

Mazarine Energy is a private, subsurface, oil and gas exploration and production company. Mazarine Energy focuses on low risk, cost effective, and short cycle exploration, appraisal and development opportunities, with robust project economics. As an agile company it is able to mobilize and allocate the right resources at the right time.

Mazarine Energy was founded in 2013 by Edward van Kersbergen, with Ramphastos Investments as its founding investor, and is currently headquartered in the Hague. Ramphastos Investments was established in 1994 by passionate entrepreneur Marcel Boekhoorn - an ex-Deloitte accountant and, at the time, the youngest Deloitte partner in The Netherlands. After 26 year, Boekhoorn is still the driving force behind Ramphastos Investments, which is rapidly expanding its geographic and sectoral footprint.

According to Corné Melissen, a partner at Ramphastos and board member of Mazarine Energy, there is no better match between investor and company than that of Ramphastos and Mazarine. “On a monthly basis we receive countless business plans. When a topic interests us, we invite someone to pitch the idea to us. If we don’t understand it within a few minutes, then we reject it - the reason being that, if we don’t understand it, the market won’t either.”

In the case of Mazarine, it was instantly clear that the energy company had a concept with massive potential. “Edward is an inspired entrepreneur with a background in the oil-industry. Thus, when he approached us with an idea, we were immediately interested. Mazarine Energy aligns perfectly with our portfolio and investment philosophy - namely that we don’t shy away from investments with high risk, but great potential upside.” A previous deal with similar characteristics, earned Marcel Boekhoorn the reputation of being an entrepreneurial investor with the Dutch public. In 2005, Ramphastos acquired majority shares in Telfort, a Dutch mobile telecom provider. Boekhoorn tripled Telfort’s profits, from €50 million to €150 million, in just 8 months. This was achieved through stringent cost control and generating a robust strategy for revenue growth. One month later Telfort was sold to market leader KPN for over €1 billion, with roughly €500 million in profit.

In its 26 years of existence, Ramphastos has successfully seeded and exited multiple startups, launched IPOs, completed de-listings and achieved outsized average returns on investment.

Edward van Kersbergen, CEO Mazarine Energy

Recognised Leaders in SME Investment - 2021 - Ramphastos Investments The Netherlands

High-profile exits include Bakker Bart, a Dutch bakery chain sold to Kamps AG; Cocachoc, sold to Suchard/Kraft Foods; Novaxess, a telecom provider sold to the BSkyB Group and Telfort, as mentioned, a mobile network operator sold to Royal KPN. Today, Ramphastos Investments holds shares in over 30 companies globally, with cumulative turnover exceeding €4 billion. Its current portfolio comprises a wide variety of companies across a broad range of sectors, including financial and business services, retail, health care, new materials and advanced manufacturing, technology, telecommunications, real estate and energy.

In 2013, Mazarine’s Tunisian subsidiary obtained the right to operate in central Tunisia. Within 18 months of receiving the permit, it acquired 3D seismic data and drilled two wells - both of which discovered hydrocarbons and were successfully tested at commercial rates. Mazarine Energy, which secured an additional investor in the Carlyle Group in 2016, has grown to be one of the largest license holders in Tunisia. The company also has operations in Romania, and is exploring further international expansion. Last summer, Mazarine announced that they are extending their activities into the realm of renewable energy, having been selected by the Tunisian government to develop a 10MWP solar project as part of a third round of solar tendering. “This development fits excellently with the challenges of our time”, says Corné Melissen, “we think that companies such as Mazarine Energy can deliver valuable contributions to the increasingly salient debates around energy. As Ramphastos we are pleased that we are able to be involved in that challenging debate and that we can work closely with Edward and his team.”

Company: Email: Web: Mazarine Energy info@mazarine-energy.com www.mazarine-energy.com

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