Ergon is a disciplined and discreet value investor, which provides "patient and friendly capital"

Investments

> Date of Investment: September 2017
> Region: Netherlands
> Sector: Media
> Website: www.keesing.com
> Sales: €73MM

Keesing is the European leading publisher of puzzle magazines (e.g., crosswords, block words, Sudoku and colouring books). The company was founded in 1911 and is headquartered in Amsterdam

The bulk of Keesing’s sales are generated through the sale of branded paper puzzle magazines (e.g., Denksport, Megastar and Sport Cérébral) to press shops and kiosks, supermarkets, petrol stations and book stores, which are delivered through leading local distributors of newspapers/magazines. The remaining sales are generated directly from B2C subscriptions, B2B contracts and online puzzle applications

Keesing sells approximately 35 million puzzle magazines annually across 11 European countries, of which France, the Netherlands, Belgium and Denmark are the company’s core regions