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Spa Capital
SPA Capital is a Dutch investment fund that invests in profitable, stable Dutch SME companies with EBITDA between €1 and €5 million. It works alongside...
Spa Capital
SPA Capital is a Dutch investment fund that invests in profitable, stable Dutch SME companies with EBITDA between €1 and €5 million. It works alongside entrepreneurs on an equal footing toward growth, innovation and future-proofing, investing its own capital. The firm is sector-agnostic and focuses on proven businesses rather than startups or turnarounds, acting as a long-term partner without a predetermined exit horizon.
General information
Firm type
Private Equity
Year founded
2021
Location
Region
Europe
Country
Netherlands
City
Bilthoven
Corporate office
Soestdijkseweg Zuid 260, 3721 AK Bilthoven, Netherlands
Principals
Sjoerd van Pijkeren
Co-founder
Jochem van Schayk
Co-founder
Arne Vos
Team member
Mart van Zon
Team member
Jasper Leenen
Team member
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does Spa Capital source proprietary deal flow?
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.
Does Spa Capital participate in fund commitments or only direct deals?
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.
What investment stages does Spa Capital typically target?
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.
Which sectors does Spa Capital explicitly avoid?
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.
What is Spa Capital's known posture on co-investments alongside external GPs?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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