Intermax Group buys back minority stake from Royalis Investments
09 July 2025
For several years, the fragmented Managed Services Provider (MSP) market has been undergoing a wave of consolidation. Through mergers and acquisitions, many MSPs have come under the control of foreign private equity firms, raising concerns about the digital sovereignty of the Netherlands. Intermax Group, however, is moving against this trend. After a successful nine-year collaboration, Royalis Investments has sold its minority stake back to founder and CEO Ludo Baauw. As a result, Baauw, together with part of the team, once again owns 100% of Intermax Group’s shares.
Over the past nine years, Royalis supported Intermax Group in shaping a clear growth strategy and strengthening its leadership team. Maurits Roose, Managing Partner at Royalis Investments, reflects positively on the journey: “In practice, we often see promising companies lacking the horizon to fully realize their potential. In our collaboration with Intermax Group, we made a conscious decision to focus on the long term. That approach enabled Intermax to grow from a single company into a family of seven, all while maintaining the strong culture and customer driven approach that makes Intermax unique in the market.”
Ludo Baauw, Founder and Group CEO, adds: “The partnership with Royalis helped bring Intermax Group into its next phase of growth. The fact that we now once again hold full ownership of the company demonstrates how strongly we have grown, swimming against the tide, and confirms that we are ready for the next chapter. We remain fully committed to guaranteeing Dutch data sovereignty and delivering top-tier cloud solutions for healthcare, government, and other vital sectors where data security and availability are mission-critical. We will now continue to build and ensure that our company remains in Dutch hands, permanently.”
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