Background
- SPS provides full-service equipment leasing critical to airport operations and is also engaged in the sale of ground service equipment. Active at 15 airports across Western Europe, SPS generated revenue of EUR 22 million in 2023
- SPS has strategic locations at key hubs such as Schiphol and Brussels Airport, which are essential for providing maintenance services and are in close proximity to its core clients. Additionally, these locations offer the potential of further expansion
- Since December 2018, SPS has been majority owned by Strikwerda Investments, which helped further professionalization of the business
- CVC DIF is a leading global mid-market Infrastructure equity fund manager, with a primary focus on core and core+ Infrastructure. The firm places a strong emphasis on long-term value creation through strategic investments in essential Infrastructure sectors
Process
- DC Advisory acted as the exclusive financial advisor to Strikwerda Investments and the other shareholders of SPS on their sale to CVC DIF
- DC Advisory’s Benelux team provided comprehensive sell-side M&A advisory services, including overall transaction strategy and tactics, preparing marketing materials, financial modelling and close support throughout negotiations and transaction documentation
- Simultaneously with this transaction, CVC DIF has also been acquiring HiSERV, headquartered in Germany, and CTC Moyson, headquartered in Brussels
Outcome
- Under the terms of the transaction, CVC DIF will acquire a 100% stake in SPS
- After customary closing conditions will be fulfilled, the transaction is expected to close on 31 October 2024
- This acquisition aims to enable CVC DIF to combine SPS and CTC Moyson with HiSERV to create a leader in European aviation ground service equipment leasing with nearly 12,000 GSE units at 30 airports
- This transaction showcases the strong sell-side expertise of DC Advisory's Benelux team, including its position as a leading advisor to the financial sponsor community, as well as its network in the European airport infrastructure community
- This marks the 12th transaction completed by the DC Advisory Benelux office in 2024 so far
“With CVC DIF as the majority shareholder, we are well-positioned to expand further across Europe as the GSE market is evolving rapidly. By joining forces with HiSERV and CTC Moyson, we can better capitalize on emerging opportunities. The DC Advisory deal team, together with the Strikwerda team, have greatly supported us during the process, landing a complex transaction resulting in a winning GSE platform of companies. ”
“We have had a great partnership with SPS and its management. After a complex process, well-managed by DC Advisory, we are delighted to transition the company to its next phase of growth.”
“We have enjoyed working with the Strikwerda Investments team again; as well as assisting the strong management team of SPS in finding a great partner for a continued growth trajectory.”
