Porta Finance advises on the sale of Vendon to Azkoyen Group

04 July, 2022

Azkoyen Group acquires 100% of Vendon and becomes a European leader in IoT solutions.

Vendon is a Central European leader in IoT, telemetry and payment solutions for the vending and coffee machine business. The company, founded in 2011 and headquartered in Riga, with largest markets in France, Germany, Benelux and the UK, has more than 45,000 connected machines. Vendon is growing from a European company to a global player by having connected machines in more than 82 countries. In addition, more than 55% of its revenue is recurring, thanks to stable contracts with customers.

This acquisition strengthens the international growth of Azkoyen Group, which is currently the leader in Southern Europe, while Vendon is the leader in Central Europe. In addition, the acquisition is an excellent boost for the payment systems, platforms and IoT solutions division, which is the most significant contributor to the group's EBITDA. The purchase of Vendon also complements and accelerates the performance of Azkoyen Group, thanks to the multiple synergies generated in the business expansion and new technologies and services development. The development and implementation of Vendon technology will enable Azkoyen Group to offer different disruptive solutions to its customers, which will result in a clear increase in value and business results.

Commenting on the acquisition, Juan José Suárez, Chairman of the Azkoyen Group, said: "We are very pleased with the acquisition of Vendon, not only because it is a great company with immense skills and talent and great experience in R&D, but also because of the large number of synergies that we generate and that will have, from this very financial year, a great impact on our growth plans and on the turnover of the payment, connectivity and IoT segments, which are so important for our development. The innovation and solutions that Vendon brings to the Group will benefit our customers by improving their short-term, medium and long-term results".

The CEO of Vendon, Kristiāns Vēbers: “Vendon started over 10 years ago, and we have achieved fantastic results along the way; from a small IoT company from Latvia we have grown into a global player well respected in the market. It would not be possible without our brilliant team and partners who have made this dream a reality. I believe that the strategic acquisition by Azkoyen will open new doors for both companies, and Azkoyen is definitely the right partner for Vendon to help push the company to the next level. I am very enthusiastic about what the future holds, and I am looking forward to working as part of the Azkoyen Group.”

“We are really proud that the Draugiem Group company Vendon has been recognized as a strong part of the global telemetry market, along with its solutions and impressive customer base. This deal also confirms that we are capable of creating effective Internet of Things (IoT) solutions in Latvia,” comments Jānis Palkavnieks, Draugiem Group spokesperson.

Vendon's previous majority shareholder was BaltCap, the largest private equity fund in the Baltics, which has helped Vendon grow over the past ten years into one of the key players in its field. "BaltCap's goal has always been to enable growth companies in this region to fulfil their true potential and to help local talent take their businesses to the world stage. Within the Azkoyen Group, the Vendon team will have the opportunity to expand their reach further and develop new cutting-edge technology solutions," said BaltCap partner Martins Jaunarajs.

Porta Finance acted as an exclusive financial adviser to BaltCap, Draugiem Group, management and other shareholders of Vendon. Porta Finance assisted the vendors on all financial aspects of the transaction, including preparation and execution of a competitive sale process.

Further information:

Dmitrijs Timofejevs
Director, Porta Finance
Tel: +371 6733 6731