SPA Capital
SPA Capital is a Dutch private equity firm founded in 2021, headquartered in Bilthoven, investing its own capital in profitable Dutch SMEs with EUR 1-5 million EBITDA across buy-and-build, MBO, growth and pre-exit situations, and currently raising a EUR 40-50 million Fund III.
- Company typePrivate
- Founded2021
- HeadquartersBilthoven, Netherlands
- Headcount1–10
- GTM typeB2B
- OfferingServices
What SPA Capital does
SPA Capital is a Dutch private equity firm (participatiemaatschappij) founded in 2021 and headquartered in Bilthoven, Utrecht. It invests own capital in profitable, structurally stable Dutch SME (MKB) companies with EBITDA between EUR 1 million and EUR 5 million, across pre-exit, buy-and-build, management buy-out, and strategic growth situations. The firm is sector-agnostic but avoids startups, turnarounds, and cyclical sectors. Its core product is SPA Capital Fund III Coöperatief U.A., a closed-end Dutch cooperative targeting EUR 40.0 million (max EUR 50.0 million), currently in subscription. The portfolio comprises eight named participations spanning HR services (Accres HR Solutions), FinTech/leasing (Autokan), creative media (Creative Media Network / CMN, TINCAN), digital signage SaaS (ScreenCom Group), executive search (Terra Management Search), construction finishing (The Flagstone Company), and software consultancy (YourFlow).
The firm's operating model emphasizes an "equal partnership" stance: the entrepreneur retains operational control, no supervisory board is imposed on top, and there is no predefined exit horizon. The SPA team commits EUR 4 million of own capital in Fund III — well above the 1-2% market norm — and 100% of Fund I and II investors have re-committed to Fund III. Deal sourcing is network-driven, leveraging the founders' and LPs' personal networks of (former) entrepreneurs, supplemented by Dutch-language content marketing on MBO, partial sale, valuation, and succession topics. The firm is registered with the Netherlands Authority for the Financial Markets (AFM) through SPA Management B.V. under the AIFMD-light regime of article 2:66a of the Dutch Financial Supervision Act (Wft), and Fund III is classified as an SFDR Article 8 product with binding ESG exclusions.
Revenue is generated via traditional private equity mechanics: management fees on Fund III commitments, capital gains from portfolio exits (target gross IRR above 25%, with 16 realized exits historically), dividend income during holding periods, and carried interest distributed to partners and key personnel after LPs have received committed capital plus a preferred return. Bespoke co-investment opportunities are offered on a per-deal basis to high-net-worth individuals and family offices alongside the fund. The firm does not disclose proprietary technology beyond standard PE operational tooling (the Nextfonds investor portal for LP reporting and Google Analytics for website measurement).
SPA Capital firmographics
Firmographics- Name
- SPA Capital
- Legal name
- SPA Capital B.V.
- Website
- https://spacapital.nl
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- SPA Capital is a Dutch private equity firm founded in 2021, headquartered in Bilthoven, investing its own capital in profitable Dutch SMEs with EUR 1-5 million EBITDA across buy-and-build, MBO, growth and pre-exit situations, and currently raising a EUR 40-50 million Fund III.
- Ownership category
- akta.pro rank
SPA Capital industry classification
Industry- Product category
- Private Equity
- NAICS
- Other Financial Vehicles (525990), Portfolio Management and Investment Advice (52394)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where SPA Capital is headquartered
LocationHeadquarters
- HQ city
- Bilthoven
- HQ country
- Netherlands
- HQ region
- Europe
Offices1 record
Markets served
SPA Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Capital gains from portfolio exits: Returns generated from selling equity stakes in portfolio companies after a typical 5–7 year holding period. Target gross IRR >25%. 16 realized exits by the SPA team historically.
- Carried interest / Fund performance returns: Long-term carried interest distributed to partners and key personnel after investors have received committed capital plus a pre-agreed preferred return, as disclosed in the SFDR remuneration policy.
- Dividend income from portfolio companies: Dividend distributions during the holding period from profitable portfolio companies, contributing to the J-curve cash distributions in years 3–10.
- Co-investment income: SPA Capital identifies investment opportunities and offers qualified investors and family offices the ability to co-invest alongside the fund in specific transactions, sharing pro-rata returns.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Fund III commitment with EUR 100,000 minimum subscription per investor |
| Other | Multi-year contract | Bespoke co-investment alongside SPA Capital in specific deals |
| Other | Multi-year contract | Indicative EBITDA-multiple based valuation ranges for MKB |
Go-to-market motion4 records
Distribution channels3 records
Marketing channels6 records
SPA Capital product offering
Product offeringCore offering
SPA Capital is a Dutch private equity (participatiemaatschappij) firm that invests its own balance sheet capital in profitable Dutch small and medium-sized enterprises (MKB) with EBITDA between €1 million and €5 million. The firm takes minority and majority equity stakes through buy-and-build platform investments, management buy-outs (MBOs), and growth capital financings, typically with investment tickets ranging from €5 million to €25 million. The firm also offers co-investment opportunities to professional investors, family offices, and high-net-worth individuals alongside its flagship fund.
Product overview
SPA Capital is a Dutch private equity (participatiemaatschappij) firm and not a software product company. Its core offering is SPA Capital Fund III Coöperatief U.A., a closed-end cooperative fund for Dutch SMEs, together with its underlying participation model that takes minority or majority equity stakes in companies with €1–5 million EBITDA across buy-and-build, MBO, growth and pre-exit situations. The fund is supported by an Investeerdersportaal (investor portal) hosted at test.nextfonds.nl. The portfolio of named participations — Accres HR Solutions, Autokan, Creative Media Group (CMN), TINCAN, ScreenCom Group, Terra Management Search, The Flagstone Company and YourFlow — represents the active investee companies financed through this fund; several of these (Accres HR Solutions, CMN, ScreenCom Group) are themselves being built through buy-and-build roll-ups of specialist businesses.
Differentiator
Problem solved
Functional benefit
Brands
- SPA Capital Fund III: Closed-end Dutch cooperative (Coöperatief U.A.) investment fund managed by SPA Management B.V., marketed to professional investors under the Wft AFM-light exemption regime.
Products and services
- SPA Capital Fund III Coöperatief U.A. Flagship closed-end private equity fund through which SPA Capital pools capital and deploys minority and majority equity investments in Dutch profitable SMEs (EBITDA €1-5M). Targeted at professional investors, family offices, and HNWIs seeking Dutch SME exposure.
- Co-Investment Opportunities
- SPA Capital Participation Model
Quantifiable outcome
- Target gross IRR above 25% across the fund portfolio
- +4 more outcomes
Companies that use SPA Capital
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles2 records
SPA Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature2 records
SPA Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- SPA Management B.V.coreManager entity of SPA Capital Fund III Coöperatief U.A. Registered with the Netherlands Authority for the Financial Markets (AFM) as an AIFM under the lighter registration regime of article 2:66a of the Dutch Financial Supervision Act (Wft). Issues SFDR Articles 3, 4, 5, and 8 disclosures on behalf of SPA Capital.
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
SPA Capital competitors and assessment
Company assessmentDirect peers
- Avedon Capital Partners: Dutch private equity firm focused on the Dutch mid-market, taking majority and minority stakes in profitable SMEs. Closely comparable in target segment, Dutch SME focus, and active buy-and-build playbook.
- Bencis Capital Partners: Amsterdam-based private equity firm focused on Dutch and Belgian SMEs and mid-market companies. Directly comparable to SPA Capital in sector-agnostic approach, Dutch SME focus, and buy-and-build platform strategy, though typically at slightly larger deal sizes.
- Standard Investment: Amsterdam-based private equity firm investing in Dutch SMEs with EBITDA from EUR 1–10 million through majority and minority stakes. Directly comparable to SPA Capital's Dutch lower-mid-market focus and SME succession thesis.
- Mentha Capital: Amsterdam-based independent private equity firm investing in Dutch SMEs with EBITDA typically between EUR 2 and EUR 25 million. Direct competitor to SPA Capital in Dutch lower-mid-market buy-and-build and management buy-outs.
- Quadrum Capital: Dutch independent private equity firm investing in profitable, owner-managed SMEs in the Netherlands and Belgium. Closely comparable to SPA Capital in target company size, lower-mid-market focus, and Dutch-language relationship-led deal sourcing.
- Vencord Capital: Dutch private equity firm investing in profitable, structurally stable SMEs in the Netherlands. Comparable to SPA Capital on Netherlands-only focus, lower-mid-market ticket sizes, and emphasis on stable end markets.
- Nordian Capital Partners: Benelux-focused private equity firm investing in Dutch and Belgian SMEs through buy-and-build platforms. Comparable on deal sourcing approach, lower-mid-market ticket size, and active consolidation strategy.
- Marktlink: Dutch M&A advisory and investment firm focused on SME transactions across the Netherlands, Belgium, Germany and the UK. Comparable to SPA Capital on Dutch SME buy-side, succession and MBO transactions, and active in the same EUR 1–5M EBITDA segment.
Broad incumbents
- Gilde Equity Management (GEM): One of the largest Dutch mid-market private equity firms, managing multiple buy-out and growth funds. Comparable industry and geography but materially larger fund sizes and broader sector reach than SPA Capital.
- Egeria: Amsterdam-based private equity firm with multiple funds investing across the Dutch mid-market. Comparable Dutch SME focus but at larger average ticket sizes and broader sector coverage than SPA Capital.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
SPA Capital social profiles
Digital presenceSPA Capital compliance and trust
Trust signalCompliance3 records
SPA Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
SPA Capital leadership team
Management profileNumber of profiles
Profiles6 records
SPA Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
SPA Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SPA Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SPA Capital
What does SPA Capital do?
SPA Capital is a Dutch private equity (participatiemaatschappij) firm that invests its own balance sheet capital in profitable Dutch small and medium-sized enterprises (MKB) with EBITDA between €1 million and €5 million. The firm takes minority and majority equity stakes through buy-and-build platform investments, management buy-outs (MBOs), and growth capital financings, typically with investment tickets ranging from €5 million to €25 million. The firm also offers co-investment opportunities to professional investors, family offices, and high-net-worth individuals alongside its flagship fund.
Is SPA Capital a public or private company?
SPA Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was SPA Capital founded?
SPA Capital was founded in 2021. It employs 1 to 10 people.
Where is SPA Capital based?
SPA Capital is headquartered in Bilthoven, Netherlands, in the Europe region.
How does SPA Capital make money?
Four revenue lines are on record. Capital gains from portfolio exits are the primary driver. The others are carried interest / Fund performance returns, dividend income from portfolio companies and co-investment income.
Who are SPA Capital's main competitors?
Direct peers on record are Avedon Capital Partners, Bencis Capital Partners, Standard Investment, Mentha Capital, Quadrum Capital, Vencord Capital, Nordian Capital Partners and Marktlink. Broad incumbents are Gilde Equity Management (GEM) and Egeria.
Does SPA Capital have an API?
No public API is recorded for SPA Capital.
What industry is SPA Capital in?
SPA Capital's product category is Private Equity. Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its NAICS code is 525990 and its SIC code is 6211.