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Equistone acquires Dutch BOAL Group

13. April 2018

Munich — Funds advi­sed by Equi­stone Part­ners Europe(“Equi­stone”) have acqui­red a majo­rity stake in BOAL Group. The Dutch company deve­lops and produ­ces high-quality alumi­num roof and side wall systems for glass and foil green­houses. The sellers are the mana­ging direc­tor Ronald Boers and the foun­der tE, both of whom will conti­nue to hold mino­rity shares. BOAL’s manage­ment team will also parti­ci­pate in the company. The parties have agreed not to disc­lose the purchase price. The acqui­si­tion is still subject to appro­val by the rele­vant anti­trust authorities.

BOAL Group, head­quar­te­red in Naald­wijk, the Nether­lands, has 48 years of expe­ri­ence in the design and manu­fac­ture of alumi­num roof and side­wall systems for green­houses. This makes the Group one of the leading suppliers in the market. In addi­tion, BOAL supplies the construc­tion, mecha­ni­cal engi­nee­ring and trans­port indus­tries with extru­ded alumi­num profiles. The manu­fac­ture of the high-quality products is based on many years of expe­ri­ence, tech­ni­cal exper­tise and inno­va­tive strength. Produc­tion takes place at the company’s three Dutch sites ’s‑Gravenzande, Maas­dijk and De Lier, as well as in Shep­s­hed in the UK. BOAL curr­ently employs appro­xi­mately 370 people and gene­ra­ted sales of around 155 million euros in 2017.

Toge­ther with Equi­stone, BOAL aims to further streng­t­hen its market-leading posi­tion in the green­house indus­try. The focus is on conti­nuous product inno­va­tion, geogra­phic growth and expan­ding the posi­tion in the market for roof systems for film green­houses. Proven part­ners­hips with exis­ting custo­mers for green­house systems as well as alumi­num profiles remain unaf­fec­ted and are to be continued.

Ronald Boers, Mana­ging Direc­tor of BOAL Group, comments: “The green­house indus­try is growing rapidly and BOAL Group will bene­fit enor­mously from this deve­lo­p­ment. Equi­stone is the ideal part­ner for our ambi­ti­ons — toge­ther we will conti­nue to drive our growth plans. In doing so, we build on long-term stra­te­gic part­ners­hips with our custo­mers as well as many years of expe­ri­ence and exper­tise in the extru­sion of high-quality alumi­num profiles for the green­house indus­try and other markets.”

On the Equi­stone side, Dr. Marc Arens (photo), Roman Emanuel Hegglin and Moritz Treude are respon­si­ble for the transaction.
The mid-market inves­tor was advi­sed by h&z (Commer­cial), Deloitte (Finan­cial), Allen & Overy (Legal), PwC (Tax), ERM (Envi­ron­men­tal), GCA Altium (Dept Advi­sory), Shear­man & Ster­ling and Stek Advo­ca­ten (Finan­cing, Legal). BOAL Group was advi­sed by William Blair (M&A), Roland Berger (Commer­cial), Deloitte (Financial/ Tax), Hout­hoff (Legal), Tauw (Envi­ron­men­tal), Oaklins (Finan­cial), Van Doorne (Legal) and Yeald (Manage­ment). The tran­sac­tion is expec­ted to close in April 2018.

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