The Benelux region has largely mirrored the downturn seen across Europe in H1 2019, given that the UK is a crucial trade partner. However, despite the Brexit turmoil, the abundance of high-quality assets in the Benelux and foreign investors’ interest will likely keep dealflow steady.
Activity is even expected to increase in Belgium on the back of a new Companies and Associations Code, which was approved by Parliament at the end of February and came into effect in May 2019.
The new code is predicted to strengthen the country’s appeal to PE fund managers due to changes in the multiple voting rights mechanism and a generally greater flexibility of share transfers.
The key transactions that took place during the period include:
Consumer, Leisure & Retail
- BlueGem Capital Partners acquired Lightmakers, the Netherlands-based manufacturer of decorative lighting and accessories, from Mentha Capital, for an undisclosed consideration
- Centerbridge Partners and Hamilton Hotel Investors acquired Four-Leaf Investment, the Belgium-based owner of 9 hotels located in Belgium and France, from WNE Investor, for an undisclosed consideration
- Waterland Private Equity acquired a majority stake in EuroParcs, the Netherlands-based operator of holiday resorts, for an undisclosed consideration
- Eurazeo acquired Dutch Ophthalmic Research Center, the Netherlands-based provider of instruments and equipment for anterior and posterior ophthalmic surgery, from Montagu Private Equity, for a consideration of €430m
Industrial Products & Services
- Gilde Equity Management acquired a majority stake in Schellevis Beton, the Netherlands-based producer of concrete landscaping elements and horticulture products, for an undisclosed consideration
- Gimv acquired Alro Holdings, the Belgium-based company engaged in coating plastics and metal parts for cars, trucks, industrial vehicles, telecom, and other industries, from the Thijs Family, for an undisclosed consideration
- Pamplona Capital Management acquired Loparex, the Netherlands-based manufacturer of release liners and polycoated and silicone-coated papers and films for pressure sensitive adhesive applications, from ICG, for an undisclosed consideration
- Triton acquired Royal Reesink, the Netherlands-based distributor of high-quality machines for material handling, logistics, civil engineering and landscape maintenance, from a group of vendors including Gilde Buy Out Partners, Navitas Capital and Teslin Capital Management, for an undisclosed consideration
- Fortino Capital acquired a majority stake in Maxxton, the Netherlands-based developer of software solutions for vacation and short-term rental managers, from Choice Hotels International, for an undisclosed consideration
Benelux deals by sector