Amadys

Amadys is a leading system integrator of end-to-end connectivity solutions.

Equistone Fund VI realised its investment in Amadys through a sale to Netceed, a global provider to the telecom network and technology infrastructure industry, which is majority-owned by funds advised by Cinven. The Equistone Reinvestment Fund has invested in a minority position in Netceed as part of the transaction.

Headquartered in Antwerp, Amadys provides end-to-end connectivity solutions for telecom, electricity, gas and water networks as well as industrial applications, serving a broad range of blue-chip customers across Europe. Amadys offers a unique one-stop-shop and solutions-focused proposition, which includes product development alongside its suppliers, complete logistics management and onsite support.

Since 2019, Amadys has more than trebled its revenues, from €128m to €406m in 2022, and expanded its workforce from 100 to more than 400 employees.

VALUE CREATION

During the Equistone Fund VI investment period, Amadys achieved organic growth, driven by the accelerating roll-out of fibre-optic cabling across Europe and increasing investment in energy infrastructure.

Simultaneously, strong external growth resulted from an active buy-and-build strategy, with 11 add-on acquisitions successfully completed, strengthened its leadership position in its home market of Belgium and expanded its geographic reach to the Netherlands, Germany, the UK, Denmark, Austria, Slovakia and Hungary.

Furthermore, the business has expanded its product portfolio and service offering, as well as developed and rolled out an end-to-end private label fibre solution, Microfocus. Operational improvements have included the implementation of a new corporate structure and harmonisation of the telecom segment to the Amadys brand, the professionalisation of company processes, the creation of centralised back-office support and the development of a comprehensive ESG strategy.