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,  25.3.2022  
C(2022 ) 2015 final  
PUBLIC VERSION  
Waterland  Private Equity Investment 
B.V 
Brediusweg 31                                             
1401 AB Bussum                                            
The Netherlands  
Subject : Case M. 10632 – WATERLAND / DUVENBECK  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 2 March 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which Waterland 
Private Equity Investment B.V. (‘Waterland’, the Netherlands),  will acquire within the 
meaning of Article 3(1)(b)  of the Merger R egulation sole control over the whole of 
Duvenbeck Group (‘Duvenbeck’), currently controlled by Thomas Duvenbeck 
Holding GmbH (both Germany),  by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 for Waterland: independent private equity investment group, focused on 
outsourcing & digitalization, leisure & luxury, sustainability and ageing 
population . Waterland is mainly active in Europe, in particular Benelux, Germany 
and the United Kingdom.  
 for Duvenb eck: logistics provider offering third party logistics, including 
conceptual and lead logistics services, contract logistics, freight forwarding and 
light assembly.  Duvenbeck is mainly active in Germany, Austria Poland, the 
Czech Republic, Slovakia, Hungar y, Romania and Spain  
                                                 
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 Jou rnal of the European Union No C 114, 10.3.2022, p. 10 –11. 

2 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 (c) of the Commission Notice on a simplified procedure for treat ment 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 notified 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 .