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, 27.9.2022  
C(2022 ) 7002 final  
PUBLIC VERSION  
EMZ Partners  SAS 
11, Rue Scribe  
75009 Paris  
France  
IK Investment Partners S.à.r.l.  
412F Route d’Esch  
2086 Luxembourg  
Luxembourg  
Oakley Capital  
Alter Hof 4  
80311 Munich  
Germany  
Valentin Schütt  
[…] 
Subject : Case M. 10879 - EMZ PARTNERS / IK INVESTMENT / OAKLEY 
CAPITAL / MR VALENTIN SCHÜTT / WISHCARD  
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 1 September 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which EMZ Partners 
SAS (‘EMZ’, France), via Saulire S.à r.l. , IK Investment Partners S.à.r.l. (‘IK’, 
Luxembourg), via IK PF II Luxco 3 S.à r.l , Oakley Capital (‘Oakley’, Germany), via 
Wishcard CoInvestCo S.à r.l and Mr. Valentin Schütt (Mr. Schütt, Austria) through 
his wholly owned special purpose vehicle company  Nexec Holding GmbH will 
acquire within the meaning of Article 3(1)(b) and 3(4) of the  Merger Regulation joint 
                                                 
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 introduced 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 ’). 

 
2 control of Wishcard Technologies Group GmbH  (‘Wishcard ’, Germany ). The 
concentration is accomplished by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 EMZ is  a private equity fi rm with a focus on long -term investments in medium -
sized companies in various sectors ,  
 IK is a private equity firm that invests in a wide range of sectors with a focus on 
business services, food and consumer products, industrials and healthcare , 
 Oakley is  a private equity firm that invests in mid -market companies across three 
core sectors, consumer, education and technology , 
 Mr. Valentin Schütt is a natural person and founder of Wishcard,  
 Wishcard  is through its subsidiaries a provider of two -step gift vouchers and B2B 
gift cards . 
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 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 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  
 
                                                 
3  Publication  in the Official Journal of the European Union No C 349, 12.9.2022 , p. 7. 
4  OJ C 366, 14.12.2013, p. 5 .