Spa Capital

Co-founders Sjoerd van Pijkeren and Jochem van Schayk lead all investment decisions. The firm operates with a lean team of five named professionals on its website, and emphasizes short lines and quick decision-making. There is no external investment committee; decisions are made internally by the partners who have their own capital in every deal.

Spa Capital sources deals through the deep entrepreneurial network of its founders and their co-investor base. By targeting family- and founder-owned Dutch SMEs that are too small for mid-market private equity but seek a professional partner for succession or growth, the firm competes on relationship access rather than intermediated auctions. Its website publishes practical knowledge articles on MBOs and company valuation, which function as a direct marketing channel to Dutch business owners.

Spa Capital executes only direct deals. It acquires minority or majority equity stakes in individual operating companies, or builds platforms through add-on acquisitions like ScreenCom Group and Accres HR Solutions. The firm does not invest as a limited partner in other funds.

Spa Capital targets mature, profitable SMEs with €1–5 million in EBITDA and a proven business model. The firm explicitly avoids startups, turnarounds, and scale-ups. Typical entry situations are management buy-outs, succession-driven ownership transitions, growth capital injections where the founder remains, and buy-and-build platform roll-ups.

The firm avoids startups, turnarounds, and scale-ups as well as highly cyclical or economically sensitive sectors. Its stated filter requires a stable, structural demand profile. While sector-agnostic, the current portfolio skews toward business services, fintech, digital signage, and creative media.

Spa Capital does not co-invest alongside external general partners in the conventional sense. Instead, it syndicates deals with a network of wealthy Dutch individuals and family offices who co-invest directly into the same portfolio company. The firm actively promotes this structure on its website as an alternative asset class for Dutch HNWIs seeking exposure to SME private equity.

Neither. Spa Capital is an independent investment fund that invests its founders' own capital alongside a network of high-net-worth co-investors. It does not manage third-party blind-pool funds with a fixed life — a structural difference from conventional private equity. This hybrid model gives it permanent capital and removes the pressure to deploy or exit on a fund-cycle timeline.