12 minute read
Cover Story
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Since the outbreak of the Covid-19 pandemic political and industry leaders face challenges of unknown proportions. Investors need to capitalize on rapid market shifts, support portfolio companies in pivoting, and spot new investment opportunities resulting from the current climate. Private equity firms with the right industry knowledge, experience, and technological aptitude have a great advantage in these turbulent times. One such enterprise is Ramphastos Investments.
Ramphastos Investments is a venture capital and private equity firm dedicated to driving topline growth in enterprises in all stages of their evolution: from startups to scale-ups to high-growth medium-sized companies and mature enterprises. Ramphastos originates from The Netherlands and is currently active around the globe. The company holds interests in more than 30 companies with a cumulative revenue above EUR 2.5 billion and employing more than 15.000 people. Ramphastos is active across a range of sectors from financial services, sustainability, gaming, IP, innovation and advanced manufacturing across all continents.
TRACK RECORD Ramphastos Investments was founded in 1994 by Marcel Boekhoorn, a passionate entrepreneur well known as an investor and as a strong supporter of many nature and wildlife conservation and education initiatives. Since its founding, Ramphastos has successfully seeded and exited multiple startups, led IPOs and completed delistings. Being a firm of smart, creative thinkers and hardworking, hands-on business builders, Ramphastos Investments has realized average multiples of money invested above ten.
The company’s first landmark deal was the sale of Telfort, a Dutch mobile telecom 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 a robust and innovative 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. Other 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, VHZ - Vereenigde Havezathen (market leader in the Netherlands in customized uPVC window frames) in 2021 sold to Gilde Equity Management and VHZ management and the High Tech Campus Eindhoven (HTCE) sold to Oaktree Capital Management in 2021. INDEPENDENT, UNCONVENTIONAL, FLEXIBLE, AND FAST Thanks to its amazing track record, Ramphastos Investments can invest with its own money. In today’ fast-changing marketplace, this gives them the freedom to follow their entrepreneurial instincts and vision, challenge the status quo and adapt, often more quickly than the rest. They also have the financial independence and flexibility to take on complex transactions and special situations, and they always welcome such opportunities.
As independent investors, Ramphastos is not beholden to predetermined exit deadlines. As investors, they have the freedom to take the time that they need to reach their collective goals. Value creation can sometimes be achieved in a flash, but more often it takes time. Ramphastos’ managers are known for their eagerness and energy for growth, but their capital is patient. It’s always about growth and maximizing value. Doing what it takes – positively, forward-focused, solution-minded, and always with their eyes on opportunities – as long as it takes.
Ramphastos always aims to acquiring a majority stake and is focused on companies that meet three criteria: a unique competitive position (through a patent, brand or operational efficiency), strong intrinsic growth potential and favorable underlying trends in the industry or marketplace. Ramphastos believes in driving growth on the revenue side of the equation through buy-and-build strategies, marketplace innovation, internationalization, management empowerment and strategic partnerships. A distinctive characteristic of Ramphastos’ acquisition strategy is, furthermore, to never buy into an enterprise without having a prospective future buyer in mind. If Ramphastos cannot foresee an exit strategy, it does not invest. Through investing its own capital, Ramphastos does not face a pressure or obligation to sell. This enables the firm to focus on the execution of a predefined strategic value creation plan and only exit when the time is right.
STRENGTHENING COMPANY LEADERSHIP 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 first-hand 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. Especially in challenging times, strong skilled and reliable leadership is key to steering a business through the global economic climate. This starts by getting the leadership aligned on the new direction, ensuring that they embrace the same vision for the future and share a common understanding of the company’s current identity. The success of a business is determined by its ability to identify and seize opportunities in 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 emphasizes the importance of consistently communicating the business strategy, its benefits, progress against a roadmap, and compelling milestones, whilst cultivating a culture dialogue with employees. INTERNATIONAL AMBITIONS Ramphastos Investments has increasing international ambitions. The firm believes in a broad investment strategy which encompasses investments in SMEs and emerging markets, in addition to acquiring large, mature international companies in Europe, the United States and Latin America. Ramphastos adds value to companies by tackling tough, complex problems and working side-by-side with the management to shape and execute value creation strategies. Regardless of a company’s size, Ramphastos Investments always offers hands-on assistance as an experienced partner whom companies can rely on to be at their side with tactical advice, talent, tools and innovations to deliver on strategies and produce exceptional results. Over the past 25 years, Ramphastos has increasingly taken on large, unique and complex investments in international companies. The key to success has, however, remained consistent: focus on opportunities for growth and motivate people to focus on what they can achieve together, no matter how complicated a situation might be. Ramphastos Investments has the financial independence and flexibility to take on complex transactions and special situations and is always open to and welcome challenging opportunities.
Company: Ramphastos Investments Web: www.ramphastosinvestments.com Contact: info@ramphastos.com
Ramphastos, the largest family of toucans 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 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.”
i4F® Patents and Technologies for home improvements from the floor upwards
i4F is a Ramphastos Investments portfolio company that provides and develops patents and technologies that are revolutionizing the flooring industry and beyond. By transforming connections i4F enhances the environments in which people live, work, and play with ingenious technologies from the floor upwards. It all started some 10 years ago when Ramphastos partner, John Rietveldt, launched his idea for an innovative, revolutionary locking system for flooring within the investment group.
As founder and CEO of i4F, the combination of his knowledge, network, and experience in the residential and non-residential renovations sector, as well as the flooring industry, led to the company’s current success story. In a short period of time, i4F’s innovative locking system had successfully passed all required production as well as performance tests, and received approval as a patented worldwide system.
To increase further its portfolio of technologies, the company has also formed strategic partnerships with the industry’s most important IP players, including Classen, Kronospan, HMTX, Windmöller, CFL Flooring, Tarkett, Kingdomfloors, Li&Co, Benchwick, QuickStyle Industries and Hymmen.
Fast forward to 2022: i4F owns and represents more than 3000 patents, across six different technology clusters. Its leadership position and core strength is flooring installation, with its drop-lock cluster of technologies leading the pack as the industry’s global standard. i4F’s flagship technologies, 3L TripleLock®, Click4U® and i-Click4U®, provide unique one piece droplock installation systems for flooring panels that eliminate the need for an additional insert on the short side. The solution is suitable for solid polymer core, expanded polymer core, luxury vinyl tyles, laminate, and wooden flooring panels. International patents and patent applications for i4F’s technologies have been granted and filed in over 100 countries worldwide.
The group also offers the world’s most advanced digital printing technologies, wall & ceiling technologies, board composition technologies, sustainable process technologies and surface finishing technologies including the genuine “True Grout” technologies imitating ceramic grouts - only available from i4F.
Recently, i4F won several management and innovation awards, including awards belonging to the international Best Managed Companies (BMC) program. The company was awarded by Deloitte as one of the Best Managed Companies last year and, amongst this year’s BMCs, also won the Excellence Award for Strategy. As a leading technology innovator, i4F has today global R&D centers/offices in Belgium and China and billions of square meters of flooring with i4F technology are sold around the world.
Case Study: Opcharge: opportunities in electrical vehicle infrastructure solutions
Case Study: SIM International: flight simulation company and other advanced technology training products
As a generalist investor with its own money, Ramphastos Investments has the benefit of being able to look at different industries and sectors. Following their entrepreneurial mindset, Ramphastos is always eager to spot trends and participate in upcoming, growing markets. They were one of the first to acknowledge the enormous potential of mobile communication (leading to the impressive Telfort deal) or the need for cybersecurity (leading to an investment in Cyber1, specialized on cyber resilience solutions).
In the last couple of years, Ramphastos Investments has put the sustainability trend high on its agenda. As an investor, they focused on the mobility transition market in general and the fast pace of the Electrical Vehicle (EV) adoption in particular. This explosive market opportunity holds great promise as EVs gained traction faster than initially projected, on track to account for one out of every two new cars sold in Europe. Digging deeper into this development, Ramphastos looked at the electric vehicle ecosystem and the challenge to meet the rising the demand for Charge Point Operators (CPO): a rising number of electric vehicles means a rising demand for charging them. The development of electrical vehicle infrastructure solutions ask for a smart approach, the availability of capital, a network that stretches trough different sectors and the ability to combine the wishes of a demanding marked and public regulations.
This led to an investment in Opcharge in the beginning of 2022. Opcharge is one of the leading providers of electrical vehicle infrastructure solutions that is focused on building a portfolio of public and semi-public charge points in the Netherlands and beyond. Founded in 2018, Opcharge specializes in installing and managing public (on public roads) and semi-public charging points (for example at event locations, stadiums, theaters, and museums). Opcharge combines a background in the automotive industry with extensive experience with public procurement and a data-driven approach. The investment of Ramphastos Investments gives them the extra financial strength that can make a difference in this fast-growing market. As a major shareholder, Ramphastos will play an important role in realizing their growth ambitions not only with capital, but also with their knowledge, experience, and network. Ramphastos will act as an active partner that works right beside the company’s management to further build the business as part of Ramphastos growing sustainability portfolio.
SIM International, a developer of flight simulators that Ramphastos Investments launched in 2004 and sold to Lockheed Martin in 2011 shows how being flexible and thinking out-of-the-box can steer a start-up to success. SIM started out in the software business, developing software for flight simulators. The founder of the company was a technical genius and we believed in his talent and dedication. But as a majority stakeholder, Ramphastos was also aware of the fact that SIM as a software company was operating in a very competitive marked. An important step was to strengthen the management of the company and to develop a strategy that would give SIM an advantage over its competitors. The company and Ramphastos decided to take a step ahead and started to build simulators too with the ambition to become a global leader in producing state-of-the-art flight training devices by delivering the best training devices and the best support that meets the customer’s training needs.
By taking a fresh look at design, the company managed to develop and build a superior flight simulator that was launched successfully. In the years to follow, Sim International developed and manufactured several full-motion and fixed-based civil aviation flight simulators for a wide range of airline customers and independent pilot training centers worldwide. Since building its first simulator in 2006, Sim managed to become a leader in commercial aircraft simulators for the most popular aircrafts from manufacturers like Boeing and Airbus. In 2011, Ramphastos Investments sold SIM International to the Lockheed Martin Corporation.
PAGE CONTENTS 2 Cover Story 9 Editor's Introduction 10 Asia 18 Europe 32 North America 42 Oceania 48 South America 51 Winner’s Index
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