In a significant development in the European private equity landscape, Main Capital Partners (Main) has successfully closed its second continuation fund, raising €300 million in commitments. This fund is primarily directed towards the full acquisition of xxlnc, a Netherlands-based supplier specializing in GovTech solutions. The transaction was spearheaded by funds managed by Hamilton Lane, a global investor in private markets, with Trinity River Holdings acting as sub-lead.
The financial implications of this deal are noteworthy, as the €300 million raised will not only facilitate the acquisition of xxlnc but also support the strategic expansion plans of the company. Main Capital Partners aims to enhance xxlnc's international presence, with a vision of establishing it as a leader in the Pan-European GovTech market. This acquisition follows Main's previous strategic move in May 2025, when it acquired Documaster, a Norwegian provider of document management and e-archiving solutions targeted at the public sector.
By combining xxlnc with Documaster, Main anticipates creating a robust group that will employ around 380 full-time equivalents (FTEs) and serve over 1,250 public sector organizations across Europe. The strategic rationale behind this merger lies in the complementary capabilities of both companies, which are expected to enhance service offerings and operational efficiencies in the GovTech sector.
Looking ahead, the completion of this transaction is contingent upon regulatory approval, which is a standard procedure for mergers and acquisitions in the EU, particularly in sectors involving government services. Once regulatory hurdles are cleared, Main Capital Partners will proceed to finalize the integration of the two firms.
The market impact of this deal is poised to be significant, not only for the shareholders of Main Capital Partners and the acquired companies but also for the broader GovTech landscape in Europe. Employees at both xxlnc and Documaster can expect new opportunities for growth and collaboration as the companies unite under a shared vision. Overall, this strategic move underscores Main's commitment to strengthening its portfolio and leadership in the GovTech arena, ultimately benefiting public sector clients across the continent.
Proskauer Rose LLP served as the lead legal counsel for this closing, ensuring compliance and smooth execution of the transaction.