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SilverTree Equity-backed Ignite Group to Accelerate Buy & Build Strategy with Financing from Kartesia

Home » SilverTree Equity-backed Ignite Group to Accelerate Buy & Build Strategy with Financing from Kartesia

Deventer, July 3rd 2024 – Ignite Group, a leading pure-play R&D tax credit advisory, data, and software provider, proudly announces that it has secured financing from Kartesia, a prominent European provider of credit and capital solutions to mid-market companies. This strategic partnership is set to fuel Ignite Group’s ambitious buy-and-build strategy, further solidifying its position as a leader in the European market for R&D tax credits advisory, data and software. The capital for this transaction is drawn from Kartesia’s Senior Opportunities fund (KSO I and II).


Ignite Group, formerly known as Vindsubsidies, has made significant strides in expanding internationally and strengthening its market presence. The company rebranded in May 2024 to reflect its growth and vision of becoming the category-leading, tech-enabled advisor to the European innovation economy. Currently, Ignite Group has ten offices in 2 countries and boasts a workforce that has tripled over the last three years, demonstrating consistent global revenue growth at a 50%+ CAGR.


The financing provided by Kartesia will support Ignite Group’s strategic growth initiatives, enabling further expansion through targeted acquisitions in the Netherlands, Germany and across Europe. With a proven track record of successfully executing its buy-and-build thesis, Ignite Group has acquired six companies in the past two and a half years, bolstering its market position and enhancing its customer value proposition.


Henk Heerink, CEO of Ignite Group, expressed his enthusiasm for the new partnership: “We are highly motivated to have received the trust and support from Kartesia. This facility will allow us to accelerate our growth strategy and bring our high-quality R&D tax credit and grant advisory services, data, and software to a larger part of the European market. It aligns perfectly with our vision to be the leading tech-enabled partner to the European innovation economy.”


Ruben Moen, Associate Director at Kartesia, commented: “We are excited to partner with Ignite Group and Silvertree to support the next chapter of their impressive growth story.  Ignite Group offers best-in-class service delivery through its skilled personnel and advanced technology solutions. With a proven track record in M&A, Ignite Group is well positioned to lead consolidation efforts in the European market for R&D tax credits advisory, data and software, a sector that is vital to Europe’s long-term innovation capacity and success.”


Nicholas Theuerkauf, Managing Partner at SilverTree Equity, echoed the positive sentiment: “Ignite Group is investing significantly in its people, software and data solutions to further enhance a leading customer value proposition. The partnership with Kartesia is testament to the significant market opportunity and will further accelerate these investments and the company’s M&A strategy.”


Avaxa Debt Advisors acted as advisor to arrange the financing. DLA Piper and Clifford Chance acted as counsel on the transaction.  


About Kartesia:

Kartesia is a pan-European, independent and privately-owned specialist provider of financing solutions, focused on offering customised resources across the capital structure to leading mid-market companies from a wide range of industries, with the view to accelerate their pace of growth. Kartesia manages over €6.8bn in assets and is operated by a team of 100+ professionals across investment and operating teams led by its three founding Managing Partners. The organisation has offices in Amsterdam, Brussels, London, Luxembourg, Madrid, Milan, Munich and Paris.


About Ignite Group:

Founded in 1997, Ignite Group is a leading, technology-enabled R&D grant consultancy headquartered in the Netherlands. The company offers full-service advice on grants and subsidies, as well as a range of digital products, including the most comprehensive subsidy database in the Netherlands. Ignite Group contributes daily to European innovation, progress and sustainability in all sectors through its services and data offerings.


Ignite Group employs highly qualified and specialized consultants with extensive experience in initiating and managing funding projects at regional, national and European level. Ignite Group has been continuously awarded the FD Gazellen Award as one of the fastest growing companies in the Netherlands for the last 7 years.


About Silvertree Equity:

SilverTree Equity is a sector specialist private equity firm. SilverTree invests exclusively in software, technology, and technology-enabled businesses. The firm is differentiated by its focus on value creation, sector specialism, and deep network of operational resources and industry relationships. The SilverTree team has successfully completed or been involved in over 75 transactions.


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H/Advisors Maitland

[email protected]

+44 7754943601