Rothschild & Co’s Mid-Market Debt Advisory team, Arrowpoint Advisory, has acted as sole financial adviser to PNO and its majority shareholder, Bencis Capital Partners (“Bencis”), on a new financing provided by Partners Group. The facility refinances the company’s existing senior bank facilities and provides additional capacity to support PNO’s continued buy-and-build strategy.
Founded in the Netherlands in 1982, PNO is Europe’s leading innovation consultancy, with more than 40 years’ experience helping blue-chip corporates and SMEs across 10 countries access R&D and innovation public funding within the EU’s highly complex funding environment. It is the leading specialist innovation consultant in Europe, supported by a highly skilled workforce and its proprietary innovation-intelligence platform, Wheesbee.
Backed by Bencis since 2023, PNO has combined strong organic growth with a successful buy-and-build strategy, expanding its geographic reach and capabilities across Europe. The new financing gives the company a flexible platform to support its next phase of growth, funding continued organic expansion and further selective acquisitions as it builds on its position as Europe’s leading innovation funding specialist.
Jacob Versteeg, Managing Director at Bencis, added: “This financing reflects the strength of PNO's growth story since our investment in 2023. Arrowpoint ran a highly effective process and delivered a structure which provides a strong platform for the next phase of the PNO’s growth. We look forward to working with them again in the future.”
Amarins van der Meer, CFO of PNO, said: “We are very pleased with both the process and the outcome. Arrowpoint took the time to understand our business and the market we operate in, and worked with us to put in place a financing structure that supports our plans. It gives us the flexibility to continue investing in our people and technology, while supporting our continued growth across Europe.”
Randal Pringle, Director at Arrowpoint Advisory, commented: “PNO is a high-quality business with a differentiated position in a structurally growing market. We are proud to have secured a competitive financing package from Partners Group, giving PNO and Bencis the flexibility and capacity to keep building on the company’s position as Europe’s leading innovation funding specialist.”
