IK Investment Partners taps €1.2bn Small Cap III Fund for Plastiflex acquisition

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Pan European private equity firm IK Partners has acquired healthcare tube system supplier Plastiflex Group out of its €1.2bn Small Cap III Fund.

Plastiflex supplies customised tube systems for healthcare, industrial and appliances markets. It operates seven manufacturing facilities across four continents.

IK said its investment is aimed at driving further growth in the healthcare segment and expand to other markets through product innovation.

Sander van Vreumingen, partner at IK and advisor to the IK Small Cap III Fund, said, “Plastiflex is a high potential business with a very interesting market positioning. We’re delighted to be partnering with the Company and its top-quality management team to further their growth ambitions, both organically and through strategic mergers and acquisitions.”

IK Investment Partners has held the final close of its IK Small Cap III Fund on its €1.2bn hard cap in April, the fund was is more than double the size of its predecessor, which closed on €550m in 2018.

IK SC III typically invests in companies with an EV of between €50-150m.

IK launched its small cap strategy in 2015 and has made 27 investments across its two funds.

Its debut vehicle closed on €277m and has realised €425m of processes, including seven full exits at a gross average of 3.2MM and 56% IRR.

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