A team of experienced professionals, always hand-on committed to your financial due dilligence projects.

 

 

  About Sincerius

SINCERIUS is a financial due diligence boutique that devotes itself entirely to providing financial transaction advice on acquisitions, disinvestments and management buy-outs and buy-ins.

We are entirely independent and work with compact teams of professionals with vast deal-making experience. This means we are always able to quickly change gear, weight the right risks and detect the points for attention that really matter.

Since 2010, we have been working enthusiastically and successfully for investors, strategic buyers and venture capital companies. Together we have guided more than 5 billion euros in transactions.

Member of

 

  Clients

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2017

SINCERIUS performed vendor assistance services on behalf of the sellers

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Dümmen Orange

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Econocom

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of KPN Ventures

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Normec Certification

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of DHG

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Techaccess' management for the participation in Exclusive Networks

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Intersaction

 

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

 

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of the sellers

 

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Visan

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Veris Investments

 

acquired a shareholding in
2017

SINCERIUS performed financial due dilligence services on behalf of Standard Investment

 

acquired a shareholding in
2017

SINCERIUS performed financial due diligence services on behalf of Karmijn Kapitaal

acquired a shareholding in
2017

SINCERIUS performed financial due diligence services on behalf of Karmijn Kapitaal

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Batenburg

 

acquired a shareholding in
2017

SINCERIUS performed financial due diligence services on behalf of NDC

Hippo’s shareholders divested their shareholdings to Bloomreach

SINCERIUS performed vendor assistance services on behalf of Bloomreach

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Rabo Private Equity

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Inventum

 

acquired a shareholding in
2016

SINCERIUS performed financial due dilligence services on behalf of VerzuimVitaal

acquired a shareholding in
2016

SINCERIUS performed financial due dilligence services on behalf of Nedvest

 

acquired a shareholding in
2016

SINCERIUS performed financial due
diligence services on behalf of Standard Investment

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of NIBC

 

acquired a shareholding in
2016

SINCERIUS performed financial due
diligence services on behalf of AutoForm

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of MeeMaken B.V.

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Customs Support

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Customs Support

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Rabo Private Equity

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Mentha Capital

 

acquired a shareholding in
2016

SINCERIUS performed financial due dilligence services on behalf of a family office.

 

acquired a shareholding in
2016

SNCERIUS performed financial due dilligence services on behalf of VerzuimVitaal

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Nedvest

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Etiket Nederland

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Etiket Nederland

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Group of Butchers

 

acquired a shareholding in
2016

SINCERIUS performed financial due
diligence services on behalf of Karmijn Kapitaal

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Mentha Capital

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of NIBC Bank Mezzanine & Equity Partners

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Finco

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Mentha Capital

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Rabo Private Equity

 

acquired a shareholding in
2016

SINCERIUS performed financial due
diligence services on behalf of Synergia Capital Partners

 

acquired a shareholding in
2016

SINCERIUS performed financial due diligence services on behalf of Nordian Capital Partners

 

has sold its share in Dümmen Orange to BC Partners
2015

SINCERIUS performed verdor assistance serives on behalf of the seller

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence on behalf of O2 Capital Partners

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of TCW Groep

forms a partnership with
2015

SINCERIUS performed financial due dilligence services on behalf of Gilde Equity Management

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Van Scherpenzeel

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Rabo Private Equity

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Customs Support

acquired remaining shareholdings in
2015

SINCERIUS performed financial due dilligence services on behalf of Dekker Groep

acquired a shareholding in Creative Group
2015

SINCERIUS performed financial due dilligence services on behalf of Soestdijk Capital

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Conclusion

has sold its share in Encko Food Group to Gilde Buy Out Partners
2015

SINCERIUS performed vendor assistance services on behalf of the sellers

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Top Side Industries Group

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Ecart Invest

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of ING Corporate Investments

acquired a shareholding in
2015

SICNERIUS performed financial due dilligence services on behalf of Customs Support 

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Vortex Capital Partners

received growth capital from a family office
2015

SINCERIUS performed financial due dilligence service on behalf of Barentz

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Karmijn Kapitaal

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Etiket Nederland

acquired a shareholding in
2015

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2014

SINCERIUS performed financial due dilligence services on behalf of Standard Investment

acquired a shareholding in
2014

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2014

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

takes the activities over from
2014

SINCERIUS performed financial due dilligence services on behalf of Bergman Clinics

acquired a shareholding in
2014

​SINCERIUS performed financial due dilligence services on behalf of ZiN Kraamzorg

acquired a shareholding in
2014

SINCERIUS performed financial due dilligence services on behalf of Rabo Participaties

forms a partnership with
2014

SINCERIUS performed financial due dilligence services on behalf of Bergman Clinics

acquired a shareholding in
2014

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2013

SINCERIUS performed financial due dilligence services on behalf of Modern Dental Laboratory (China)

acquired a shareholding in
2013

SINCERIUS performed financial due dilligence services on behalf of Rabo Participaties en Sniper Investments

acquired a shareholding in
2013

SINCERIUS performed financial due dilligence services on behalf of DGS Group

acquired a shareholding in
2013

SINCERIUS performed financual due dilligence services on behalf of Ecart Invest

have sold its share in
2013

SINCERIUS performed financial due dilligence services on behalf of the sellers

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Rabo Private Equity

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Antea Participaties

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Ecart Invest

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Medux

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Antea Participaties

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Rabo Private Equity

acquired a shareholding in
2012

SINCERIUS performed vendor assistance services on behalf of the seller

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of Rabo Participaties

acquired a shareholding in
2012

SINCERIUS performed financial due dilligence services on behalf of "Zorg van de Zaak"

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of VerInvest

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Gilde Healthcare

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Rabo Capital

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Kiwa NV

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of OTM Investments

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Holland Venture

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Convent Capital

has taken over the Itho KeukenComfort activitities from
2011

SINCERIUS performed financial due dilligence services on behalf of Novy

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Main Capital & TIIN Capital

acquired a shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Mentha Capital

acquired a minority shareholding in
2011

SINCERIUS performed financial due dilligence services on behalf of Rabo Participaties

  Approach

We sincerely seek and find the best advice for you, so that you can be certain you are making the right decisions. You find this sincerity not only in our name, but also in the way we work and cooperate.

The Added Value of Knowing More

All SINCERIUS advisers have at least 12 years of experience at the highest level; at international firms, but also as entrepreneurs on the other side of the table. The great diversity in the background and personalities of our people creates an open atmosphere in which we challenge, provoke, spar with and keep each other on our toes. What binds us is our entirely unique vision on due diligence.
This philosophy brings us together and distinguishes SINCERIUS on the market. Driven, flexible, and self-willed; our team does not shrink from thinking outside the box.

Effective Advice
The versatility of our team means we are fully equipped to service a wide range of clients - from private equity parties to the director and major shareholder to multinationals - and answer questions on the whole gamut of issues - ranging from acquisitions, vendor or refinancing due diligence to readiness assessments and post-merger integration activities.

All SINCERIUS advisers are registered accountants and have worked as transaction services specialists at one or more international accountancy organisations. We now put this experience to work for you and are at your disposal throughout the transaction process.

  Our Philospohy

Unconditionally committed

 

High Degree of Partner Commitment

We believe in a high degree of partner commitment. Because we use compact teams, you are always in contact with professionals who are fully up to speed on the situation and who can support you in making the decisions that are required. We not only analyse your problem, we put ourselves in the position of problem owner.

 

Customised Service: Spot-on Advice

Together with you, we decide the scope and depth of our activities. The focus of our activities is primarily on:

  • The value drivers of the transaction, usually laid down in pricing mechanisms in the letter of intent;
  • The value drivers of the target business.

All our efforts must deliver added value and contribute concretely to the solution. We call this: spot-on advice.

100% Independant

We work entirely independently of accountancy, corporate finance and other organisations. As a result, we are entirely free in the advice we give and we serve only one interest: yours.

 

Powerful Network 

For supplementary expertise, we have a powerful network of specialists, including tax experts, lawyers and experts in the areas of corporate finance, pensions, commercial and strategic due diligence. In consultation, we put together a multidisciplinary team with precisely the specialists you need.

 

The World Behind the Figures

We believe that you can only give good advice if you fully understand the business. Because of our experience as accountants and entrepreneurs, we quickly penetrate the world behind the figures and have an eye for all other aspects. In doing this, we work closely with your investment team and other advisers.

 

Insights

Because we pragmatically contribute ideas and take a solution-oriented approach, our involvement results in insight and interpretation. By subsequently giving a forthright written report, without limitations, we facilitate you in making deliberate choices.

 

 

  Our people

EVERT VAN ANKEN

EVERT VAN ANKEN

PARTNER

vananken@sincerius.nl

+31 (0)85-8900331

THOMAS DAEMEN

THOMAS DAEMEN

PARTNER

daemen@sincerius.nl

+31 (0)85-8900336

MICHIEL KOOPMANSCHAP

MICHIEL KOOPMANSCHAP

PARTNER

koopmanschap@sincerius.nl

+31 (0)85-8900334

JOOST SIEMENSMA

JOOST SIEMENSMA

Partner

siemensma@sincerius.nl

+31 (0)85-8900333

MACHIEL HOEK

MACHIEL HOEK

ASSOCIATE PARTNER

JAN VAN ANGELEN

JAN VAN ANGELEN

MANAGER

SANDER BOOGAARD

SANDER BOOGAARD

CONSULTANT

CHRISTIAAN DEFAUW

CHRISTIAAN DEFAUW

CONSULTANT

HERMAN MULDER

HERMAN MULDER

CONSULTANT

FLORIS-JAN VAN BEEK

FLORIS-JAN VAN BEEK

CONSULTANT

NICK KORTERINK

NICK KORTERINK

Consultant

SANDER BLIJHAM

SANDER BLIJHAM

CONSULTANT

  Services

Financial due diligence

During an acquisition process, you face a great many questions in a short time frame about the business you are interested in acquiring. If you, as buyer, are not well-acquainted enough with the specific transaction risks, this can result in you:

  • overlooking things and only discovering them after the purchase; and
  • lacking the right arguments during the negotiation process.

With a financial due diligence, we help the potential buyer of a business analyse the financial assumptions of the proposed transaction. The question ‘What are we actually buying?’ is the key focus in a financial due diligence. In addition to insight into the financial information, we also interpret this information for you. To do this, we analyse both the historical financial information on the business and the future-oriented financial information prepared by the seller. written report, without limitations, we facilitate you in making deliberate choices.

The key objectives in our financial due diligence are:

  • to provide insight into the key ‘value drivers’ of the business;
  • to provide insight into the financial risks and opportunities;
  • to test the initial assumptions and criteria (among others, for the purposes of your valuation of the business), primarily through the analysis of:
  • the underlying historical financial information;
  • interim financial developments; and
  • the financial outlook for the business.
  • to provide insight into potential negotiating points (and/or deal breakers) in order to strengthen your negotiating position, for example in order to push for a price correction.

The outcomes of a financial due diligence provide direction for various aspects of the acquisition. Take the valuation of the business, for instance, the financing of the transaction and the structuring of the transaction. The insight we provide puts you in a position to make a carefully considered decision on the proposed transaction.

Vendor due diligence  

In a selling process, a number of potential buyers are usually invited to participate, each of whom performs its own examination of the accounts. This can cost you, as seller, a great deal of time and money. A vendor due diligence could offer a solution. Vendor due diligence is a report on a business or business division that is to be sold which has been commissioned by the seller but explicitly carried out for the benefit of the buyer.


As a result, the seller only has to deal with an independent audit once instead of several times for different prospective buyers. Besides increasing efficiency in terms of time and costs, a vendor due diligence report also limits the need to provide a prospective buyer with exclusivity early on. This means that multiple parties can be kept in the selling process for longer.

 

 

There is another important advantage as well: as seller, you are the first to become acquainted with the due diligence findings. This enables you to remedy negative aspects in advance or address these properly in the selling process. As such, you can avoid being faced with surprises from prospective buyers during the process.


Our vendor due diligence report is made available to potential buyers and their advisers. These parties are consequently able to issue high-quality bids on the basis of equivalent information, with limited research by the parties themselves. Vendor due diligence identifies points for attention and risks for potential buyers and as a result provides both buyers and sellers with insight.


We would be happy to explain other advantages and disadvantages of a vendor due diligence in an obligation-free talk.

Vendor assistance

With vendor assistance, SINCERIUS helps you successfully sell your business or business division. In this context, we work together with you and your advisers during the selling process. The aim of vendor assistance is to identify potential opportunities and any risks or threats before potential buyers are invited. In doing this we help you optimise the sales value, avoid surprises and shorten the lead time of the transaction.

Disruption of business operations and faulty preparation of the selling process are often important factors that have a potentially negative impact on the sales value. With the support of vendor assistance, you can limit the risks of possible value reduction. You also decide the scope and depth of our vendor assistance activities.

 

In terms of scope, vendor assistance is more flexible than VDD and therefore excellently suited for medium-sized transactions. In our experience, vendor assistance is in many cases a good alternative to Vendor Due Diligence.


We would be happy to explain the various possibilities in an obligation-free talk.

Internal due diligence

An internal due diligence is due diligence similar to that which takes place in the context of an acquisition, but is primarily intended to provide more in-depth insight than the management information periodically provided to the relevant parties.


Internal due diligence is mainly carried out for the purposes of obtaining further financial information for parties who are either further removed from the business than a management team or who wish to get a financial snapshot of the financial situation of the particular business or business division in a relatively short time frame.

 

Our internal due diligence is principally carried out for:

  • Shareholder(s) (at a distance)
  • Director and major shareholder
  • Supervisory Board
  • Audit Committee
  • Executive Board or Board of Directors (of holding)
  • (new) CFO
  • Interim manager

 


Refinancing due diligence

Refinancing due diligence is financial due diligence that specifically provides for the information needs of a financier (bank or other provider of capital or loan capital).


The question ‘What are we actually buying?’ is the key focus in a financial due diligence. If a financing structure is to be refinanced, the answer to that question is already known on the basis of the existing client relationship. The questions that are focused on in refinancing due diligence are ‘Can a borrower afford the new debt servicing commitments?’ and ‘How does my exposure develop over the term?’.


A SINCERIUS refinancing due diligence report provides answers to and insight into these questions. To that end, our team performs analyses of the current financial position and results, and tests the quality and reliability of the cash flow projections for the future. We can also chart out the quality of the specific financial positions which serve as collateral.


Our clients are usually financiers, but can also be borrowers who want to be one step ahead of a financier’s questions and properly chart out their financial possibilities. The precise scope of our work is decided together with our clients so that this specific product can be delivered according to their wishes.

 

Contact us