Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 14.7.2021  
C(2021 ) 5363 final   
PUBLIC VERSION  
Castik Capital S.à.r.l.  
Route d’Esch 1,   
1470 Luxembourg  
Luxembourg  
 
Abry Partners II LLC  
888 Boylston  St, Suite 1600   
MA 02199 Boston  
United States of America  
Subject : Case M.10309  – CASTIK / ABRY / XEXEC  
Commission decision pursuant to Article 6(1)(b) of Council Regu lation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Castik Capital 
S.à.r.l. (“Castik” , Luxembourg ) and Abry Partners II LLC (“Abry” , USA ) acquire  
within the meaning of Article 3(1)(b) of the Merger Regulation  joint control of Xexec 
Limited (“Xexec”, UK)  by way of  purchase of shares .3 
2. The business activities  of the undertakings concerned are:  
 for Castik: investment company focusing on identifying and developing 
investment opportunities across Europe,  
 for Abry: private equity firm managing funds that invest in a broad range of 
businesses focusing on media, com munications and information services,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 256, 30.6.2021 , p. 8. 

 
2  for Xexec: company active in the employee engagement technology sector and 
provides prepaid corporate services and the design and management of solutions 
related to employee benefits, expense management, incentive rewa rd and 
management of public social programs. Xexec provides tech -enabled employee 
engagement and customer loyalty solutions which offer a suite of employee 
discounts and reward and recognition solutions, complemented by an in -house 
tickets and travel conci erge.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(a) and (c) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the no tified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .