Clearwater International Expands to Netherlands with PhiDelphi Merger

Clearwater International, a mid-market mergers and acquisitions (M&A) firm, has announced its merger with PhiDelphi Corporate Finance, a leading M&A advisory firm in the Netherlands. The deal will strengthen Clearwater’s presence in Europe and enhance its cross-border capabilities.

The merger, which was completed on April 3, 2023, will add 25 professionals to Clearwater’s team, bringing its total headcount to over 300 across 17 offices in 10 countries. PhiDelphi’s partners and staff will join Clearwater’s existing offices in London, Birmingham, Manchester and Leeds, as well as its international network in France, Germany, Spain, Portugal, Ireland, Denmark and China.

PhiDelphi, founded in 2001, has advised on more than 200 transactions in various sectors, including business services, consumer, healthcare, industrials and technology. Some of its recent deals include the sale of Dutch online travel agency Travix to BCD Travel, the acquisition of Dutch software company Topicus by Constellation Software, and the sale of Dutch food ingredients company Barentz to Cinven.

Clearwater International, established in 1999, is a leading independent M&A advisory firm that focuses on mid-market transactions ranging from €10 million to €500 million. It offers a range of services, such as sell-side and buy-side advisory, debt advisory, management advisory and private equity advisory. It has completed over 1,800 transactions worth more than €90 billion in total.

Michael Reeves, CEO of Clearwater International, said: “We are delighted to welcome PhiDelphi to the Clearwater family. They are a highly respected firm with a strong track record and a deep understanding of the Dutch market. This merger will enable us to offer our clients access to more opportunities and expertise across Europe and beyond.”

Pieter van der Meer, Managing Partner of PhiDelphi Corporate Finance, said: “We are very excited to join forces with Clearwater International. We share the same vision and values of providing high-quality advice and service to our clients. We look forward to working together with our new colleagues and leveraging their global network and sector knowledge.”

The merger comes at a time when the M&A market is recovering from the impact of the Covid-19 pandemic and Brexit uncertainty. According to data from Refinitiv, global M&A activity reached $4.3 trillion in 2022, up 32% from 2021 and the second-highest annual total on record. Europe accounted for $1.2 trillion of the total value, up 25% from 2021 and the highest since 2015.

The Netherlands was one of the most active markets in Europe last year, with $146 billion worth of deals announced, up 66% from 2021 and the highest since 2007. The country attracted significant interest from foreign buyers, especially from the US and China, as well as private equity firms.

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