About Spice Investments
Spice Investments is a Special Purpose Investment Company (SPIC) that pools funds and resources to invest in listed small & mid cap companies and create long term value through active shareholder engagement. Each fund or SPIC, is a dedicated pool and investment, in a single listed company. Spice Investments invested its first fund, Spice One, in September 2021, and its second fund, Spice Two, in January 2023.
Strategy
Spice Investments aims to create value for all shareholders and other stakeholders based on two key principles:
- Acquiring a substantial minority shareholding in undervalued companies;
- and collaborating with their board, management, and other shareholders to help improve the company’s performance, long-term competitiveness and valuation in financial markets.
Approach
Considerable time and resources are spent in identifying undervalued companies through a proprietary fundamental research & analysis process. Such a process typically takes several months and involves trusted (industrial) advisors from Spice Investments’ large network. Prior to investing, Spice Investments conducts a Private Equity-type analysis to deeply understand the company, quantify the undervaluation and assess the potential to unlock value.
Focus
Fundamentally sound businesses that are often overlooked or misunderstood and, in our view, undervalued due to identifiable, impeding factors or circumstances. Such factors can include for instance short-term strategic or operational challenges, unfavorable industry conditions or other factors that have resulted in underperforming its potential. Investing in these businesses and properly addressing the impeding factors can provide an attractive opportunity to unlock value.
Regional focus is the Netherlands and Germany, where Spice Investments benefits from a broad network and intimate knowledge of local cultures, business practices and corporate governance. Spice Investments prefers investing in companies that contribute to a sustainable society.
Added Value
Long term shareholder commitment from a group of successful entrepreneurs and seasoned executives enabling the company to benefit from its extensive expertise, experience and broad network, as well as its comprehensive Capital Markets view. Engagement with the company is in a constructive manner, focused on helping to improve the company’s performance, long-term competitiveness and valuation in financial markets.
Spice One
In September 2021, Spice Investments acquired a 5.6% stake in Renewi, a leading waste-to-product company listed in London and Amsterdam.
Renewi is a leading waste-to-product company that gives life to used materials through recycling. It uses innovation and the latest technology to collect, sort- and turn waste into useful materials such as paper, metal, plastic, glass, wood, building materials, compost, and energy. The company is active in the world’s most advanced circular economies focusing on extracting value from waste and supplying high-quality secondary materials, rather than disposing through mass burn or landfill, thereby substantially contributing to a sustainable society. Renewi has more than 6,000 employees working from 174 operating sites across Europe.
For more information on Renewi refer to: https://www.renewi.com/en
Spice Two
In Januari 2023, Spice Investments acquired a 5% stake in Norma Group, a global market leader in engineered joining technologies and listed in Frankfurt.
Norma is a manufacturer of a wide range of high-quality engineered joining technology solutions including clamps, connectors, and fluid conveyance systems. Its portfolio consists of businesses with leading brands in highly fragmented niche markets, and is well positioned for megatrends in industries such as water management and e-mobility. Norma operates a global network of 27 manufacturing facilities, producing up to 40,000 products servicing 10,000 customers in 100 countries. The company is headquartered in Germany and has a workforce of over 8,900 employees.
For more information on Norma Group refer to: https://www.normagroup.com/
Team
Niek Hoek
Founder, executive director
Founder of Brandaris Capital and Executive Director of Dutch Star Companies (SPAC). Former CFO and CEO of Delta Lloyd and ‘mastermind’ of its 5%-shareholding investment strategy (Deelnemingenstrategie). Currently, Chairman of the Supervisory Board at Van Oord, as well as Supervisory Board positions at Arcadis, Anthony Veder, Besi and Cabka.
Jan-Kees Berkhemer
Founder, executive director
20 Years of corporate finance and investment experience across a wide range of sectors. Learned ‘active shareholder engagement’ at Sterling Strategic Value Ltd., one of the most prestigious activist investors in Europe, and advised Monolith Investment Management, a Dutch active shareholder, on its portfolio in Germany and the Netherlands.
Stephan Nanninga
Executive director
Broad experience in managing and supervising international listed as well family-owned companies. Executive Director of Dutch Star Companies, Non-Executive Director Bunzl London and Supervisory Board member at CM.com, IMCD and Cabka. Former CEO of SHV holdings.
Derk Hoek
Investment manager
Has been working in finance for more than 8 years. Co-founder and partner of Brandaris Capital and Associate Director at Dutch Star Companies since its foundation.
Govert van der Kamp
Investment manager
Over 7 years of corporate finance and investment experience. Currently active as Investment Manager for Brandaris Capital. Has worked for five years in the Investment Banking Division of Alantra.
