NL – Xindao has announced that Perusa Partners Fund 2, L.P. has acquired the company from its founding shareholders. The parties have agreed not to disclose the purchase price. Xindao was founded in 1986 by Diederik van Styrum, Sandro van Hellenberg Hubar and Gijs van Wezel in The Hague, the Netherlands. Today, the company is a leading player in the functional promotional products market with its own proprietary branded products designed by its in-house design team located in Shanghai and its own printing and decorating business, Printmasters, in Romania. According to own accounts, the company can look back on double digit annual growth over the last ten years. Having invested significantly in new channels and operational excellence, Xindao’s management team says it intends to continue the successful work and accelerate its growth plan.
“With Perusa we have carefully selected our partner to continue our fast growing trend of the last years independently. Our industry is consolidating and together with Perusa, Xindao will be a stable and strong player in our industry. Management is very happy with Perusa and we see big opportunities to become an even stronger everyday gift supplier for our distributors”, said Albert van der Veen, CEO of Xindao Group.
Dr. Hanno Schmidt-Gothan, Partner at Perusa GmbH, advisor to the acquiring fund: “We were extremely impressed with the management team, its record of tremendous profitable growth, and its lean and efficient operations. Perusa is looking forward to very successful years in the development of Xindao.” Raphael Weller, Investment Director at Perusa GmbH, added: “Management did a great job over the last years to establish an outstanding operational set-up which strengthened Xindao’s leading position in the fields of innovation, quality and speed of delivery, and from which the Company will benefit greatly in the future.”
With Xindao, Perusa enters its first investment in the Netherlands and adds a second promotional product company to its portfolio, following the acquisition of Senator in summer 2016. The founders of Xindao will leave the company by the end of the year.
Perusa Partners Fund 2, L.P. invests in medium-sized companies and in carve-outs of business segments within larger corporations in Central Europe as well as in the Nordic region. The fund is advised by Perusa GmbH.