Alignment of interest through joint shareholding – The Vendis investment model is based on joint shareholdership between Vendis Capital and the ‘operating partner’, whether that is the original founder(s) and/or the management team. The relative stake of each party is determined on a case-by-case basis. Financial alignment is not just a tool, it is intrinsic to our way of working together. Also at the level of our funds’ shareholding, the management of Vendis is financially aligned with its shareholders as the team has invested significant personal capital into its funds.
Autonomy of portfolio companies – We appreciate and encourage the individual identities and cultures of each of our portfolio companies and their management teams. The management of each portfolio company is responsible for implementing its own value creation plan. Vendis is involved through active board participation, and matters which need board approval are clearly defined upfront. Possible synergies between portfolio companies are not specifically sought after, but could be exploited if the opportunity is there and if desired by the respective management companies.
Mutual respect – We assume nobody is always right. In our decision-making process, both internally and with our portfolio companies, we aim for consensus. We believe this approach leads to better decisions. Combining the insights we have gained from other companies with the in-depth operational experience of our operating partner is key to our way of working together.
Clear roles and responsibilities – All decisions regarding daily operations are always taken by management, whereas decisions on strategy, financing and top management are taken by the board. Vendis is actively involved at board level, not at management level. On an ongoing basis and to the extent useful for management, we also function as coach or sparring partner to share our experience and network and to provide tailored support in areas such as M&A, management recruiting, expansion, financial planning and reporting, bank relations, real estate, etc. If on any of these projects we are asked to take a lead role, we will always do so in close collaboration with management.