News – General corporate and securities matters
30 January 2017
Cresco has assisted venture capital funds PMV and SmartFin Capital in the structuring, negotiation and closing of their joint acquisition of a majority stake in Newtec.
Newtec was established in 1985 by two visionary engineers: Dirk Breynaert and Jean-Marie Maes. Their vision led to the creation of a company that pioneers in satellite communications. Their specialty R&D cleared the path for an impressive array of innovations, partnerships, standardization and industry recognition.
Newtec plays a crucial role in the worldwide satellite communications industry. Over two billion people daily watch television thanks to Newtec technology. Broadcasters, satellite operators and telecom businesses worldwide have entrusted Newtec with their digital television broadcasting chain. Newtec’s strong growth is driven by innovation. With over 300 employees worldwide and branches in Belgium, Germany, France, the United States, Brazil, Singapore, and Dubai Newtec epitomises growth through internationalisation.
About the transaction
Together with Smartfin Capital PMV is taking the next step towards supporting Newtec’s further growth. The expected global rise of the satellite communications industry and the introduction of new products and applications enables Newtec to cherish ambitious growth plans in the years to come.
Roald Borré, Head of Equity Investment at PMV says: “Newtec is an ambitious Flemish innovator that proves that it is possible to become a global player in a major industry. These last few years we have gone a long way and we are very pleased that now we can continue to support the company to its next level, together with our new partner SmartFin.”
Jürgen Ingels, Managing Partner at SmartFin Capital adds: “We are extremely pleased with this Smartfin Capital investment. Newtec is one of those hidden Belgian gems. It’s a company with smart technology, a strong focus, a fantastic team and progressive technology. It is a scale-up with the potential to become really huge. We are looking forward to support this ambition together with the management and PMV.”
More information on this transaction can be found in De Tijd.
David Dessers, Wim Van Berendoncks, Frédérique Joos and Soo Mee Provoost constituted the Cresco deal team for this transaction.