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Kempen European Private Equity Fund invests in Norwegian campervan dealer Tellus

06 May 2021

Tellus was formed by the merger of five Norwegian campervan dealers with a total of ten locations. The new group employs 120 people. The ten locations are state-of-the-art motorhome dealerships, located strategically across Norway. Tellus currently offers two thirds of all large campervan brands, focusing primarily on the sales of new and used or pre-owned camper vans. Other activities include the sales of caravans and offering maintenance services.

Sven Smeets, Managing Director of Kempen Private Markets, explained: ‘The ten locations were brought in by the five current founders/managers who are seeking to pool their resources in the Norwegian campervan and caravan market. Tellus is active in selling both new and previously owned vehicles. The newly formed group will be able to achieve significant benefits of scale, including greater purchasing power of campervans and caravans from manufacturers, more efficient stock management, better financing conditions, and centralisation of support functions.’

The participation of the Kempen European Private Equity Fund is a co-investment with the Norwegian investment company Credo Partners and the current founders/managers, so that the interests of the various investors are given equal treatment.

Bram Bikker, Director of Kempen Private Markets, added: ‘Together with Credo Partners and the management team, we share the ambition to drive further growth for Tellus in this fragmented market through additional takeovers in Norway and the rest of Scandinavia. In addition, we aim for expansion of the service activities such as repairs, maintenance, rentals, and winter storage accommodation. Tellus is able to anticipate the growing demand for outdoor holidays as well as the growing number of active senior citizens. We have great trust in the management team, who will continue to build on the success of this company. We are excited about this latest investment of our private equity fund.”

The announcement marks the fourth participation of the fund in 2021, having earlier completed one deal in the United Kingdom and two deals in France. This participation is the tenth direct participation of the Kempen European Private Equity Fund and the first in Norway.

About the Kempen European Private Equity Fund
The Kempen European Private Equity Fund was launched at the start of 2019 and is a closed-end investment fund with a minimum duration of ten years. The fund focuses on the small and lower mid-sized segment of the European buy-out private equity market in five regions: the Benelux, the German-speaking countries, France, the United Kingdom and Scandinavia. The aim is to construct a broad investment portfolio over a period of three to five years by diversifying across the listed regions and a range of sectors. The reason for this is risk diversification. 

As of March 2021, the portfolio already contained eight direct investments in companies and nine partnerships with local European investment partners that are well established in their respective regions. The fundraise for the Kempen European Private Equity Fund was successfully completed in 2019 on a total committed capital of € 192.5 million.The Kempen European Private Equity Fund has now been closed to new participants/entrants.

The Kempen European Private Equity Fund (the Sub-Fund) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the Netherlands Authority for the Financial Markets. 

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM ( The information on the website is (partly) available in Dutch and English. The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. 

The value of your investment may fluctuate. Past performance provides no guarantee for the future.

About Kempen Capital Management

Kempen Capital Management is a specialist asset manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Kempen provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 31 December 2020, Kempen Capital Management had a total of €86.2 billion in client assets under management.

Kempen Capital Management, part of Van Lanschot Kempen Wealth Management NV, is a specialist and independent wealth manager. Kempen Capital Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. Kempen Capital Management (UK) Ltd is licensed as a manager and subject to supervision by the Financial Conduct Authority.

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