Silverfleet Capital invests in BOA CoreDux
Munich, London, Paris, Tilburg, Chateau-Thierry — Silverfleet Capital, a pan-European private equity firm, has acquired majority stakes in BOA Purified Solutions and BOA Flexible Solutions. The seller of the shares is the German BOA Group. The two complementary business units with locations in Tilburg, the Netherlands, and Chateau-Thierry, France, now operate under the umbrella of “BOA CoreDux” and are leaders in the production of customized high-purity metal hoses for critical industrial applications. The parties have agreed not to disclose details of the transaction.
BOA Flexible Solutions develops and manufactures flexible metal hoses used primarily for transporting liquids and gases in environments with high temperature and vibration loads, such as gas turbines, aviation and other industrial applications. BOA Purified Solutions produces high purity tubing and systems for use in the High Tech and Health Tech industries. BOA CoreDux covers the entire value chain and often develops products together with key customers.
The majority investment in BOA CoreDux is part of Silverfleet Capital’s strategy to invest in markets with strong growth momentum — at BOA CoreDux this is driven by technological advancements driven by higher demands in purity control as well as precision engineering and precision manufacturing in industries such as semiconductor, aerospace and life science.
Silverfleet Capital’s investment will enable BOA CoreDux to continue its solid growth trajectory. The product portfolio and the current market presence are to be expanded and new markets opened up; in addition, the focus is on improving operational processes and building an international platform through targeted add-on acquisitions.
BOA CoreDux marks Silverfleet Capital’s tenth investment from its current mid-market fund and second in the Netherlands this year. BOA CoreDux thus complements a broad portfolio that already includes companies from the UK, France, Scandinavia, the Benelux countries and Germany.
“BOA CoreDux is a clear leader in a promising industry with strong, technology-driven growth and has managed to build long-standing and stable international customer relationships. In the future, we want to further develop the product portfolio and open up new markets. To achieve this, we will work closely with the new Chairman Simon Bambach, the management team and the employees,” says Jean Châtillon, Partner at Silverfleet Capital in Paris.
Jan Hennipman, CEO at BOA CoreDux adds: “I am delighted that we have attracted Silverfleet Capital as an investor. Silverfleet Capital has already supported numerous European companies in their development and internationalization and is an ideal partner for our upcoming growth phase. Both their many years of experience with companies in the manufacturing industry and their international network represent an invaluable advantage for achieving our growth targets.”
At Silverfleet Capital, Jean Châtillon and Vincent Clément from the Paris office and Erik Fuchs from the Amsterdam office were responsible for the current transaction.
Advisor Silverfleet Capital:
Advancy (Commercial), De Brauw Blackstone Westbroek, Ropes & Gray (both Legal), PwC (Financial & Carve-Out, Tax & Debt Advisory) Intuitus (IT), ERM (Environment) and Aon (Insurance). Debt financing was provided by Muzinich & Co and Rabobank.
About BOA CoreDux
BOA CoreDux is part of the BOA Group, a German manufacturer of components for the automotive industry and other industrial sectors. With approximately 210 employees in Tilburg, the Netherlands, and Chateau-Thierry, France, BOA CoreDux is one of the leading producers of customized, high-purity metal hoses for critical industrial applications. BOA CoreDux consists of two complementary business units: BOA Flexible Solutions develops and manufactures flexible metal hoses used primarily for transporting liquids and gases in environments with high temperature and vibration loads, such as in gas turbines, aviation or other industrial applications. BOA Purified Solutions produces high purity tubing and systems for use in the high technology and healthcare industries. www.coredux.com
About Silverfleet Capital
Silverfleet Capital has been active as a private equity investor in the European mid-market for more than 30 years. The 30-strong investment team works from Munich, London, Paris, Stockholm and Amsterdam.
Nine investments have already been made from the second independent fund closed in 2015 with a volume of 870 million euros: The Masai Clothing Company, a women’s fashion wholesaler and retailer headquartered in Denmark; Coventya, a French developer of specialty chemicals; Sigma Components, a UK-based manufacturer of precision components for civil aviation; Lifetime Training, a UK-based provider of training programs; Pumpenfabrik Wangen, a manufacturer of specialty pumps based in Germany; Riviera Travel, an operator of escorted group tours and cruises based in the United Kingdom; 7days, a German supplier of medical workwear; Prefere Resins, a leading phenolic and amino resin manufacturer in Europe; and CARE Fertility, a leading operator of fertility clinics in the United Kingdom.
Silverfleet Capital also maintains an investment team focused on smaller middle-market companies, which has already made two successful investments: STAXS Contamination Control Experts, a leading supplier of cleanroom supplies in the Benelux (closed in January 2019), and Microgen Financial Systems, a leading provider of trust and fund administration software to the trust and corporate services industry (pending shareholder approval of seller Aptitude Software Group plc).
Silverfleet achieves value growth by investing in companies in its core sectors that benefit from specific, long-term trends. Silverfleet supports these companies in their future growth strategies. As part of these strategies, investments are made in organic growth drivers, internationalization, strategic acquisitions or operational improvement processes. Since 2004, Silverfleet Capital has invested €2 billion in 31 companies.
Silverfleet specializes in four key industries: Business and Financial Services, Healthcare, Manufacturing, and Retail and Consumer Goods. Since 2004, the private equity investor has invested 31% of its assets in companies headquartered in the DACH region, 34% in the UK and Ireland, 18% in Scandinavia, and 17% in France and Benelux (includes a U.S.-headquartered investment sourced in Belgium).
Silverfleet Capital has a solid investment track record. Most recently, Silverfleet sold Phase One, a leading technology company in the field of high-end digital camera systems and for image processing software (investment multiple 4.6x); Ipes, a leading provider of outsourcing services for European private equity companies (investment multiple 3.7x); CCC, one of the leading BPO services providers in Europe; and Cimbria, a Danish manufacturer of agricultural equipment (investment multiple cannot be disclosed for legal reasons); Kalle, a German manufacturer of artificial sausage sticks (investment multiple 3.5x); OFFICE, a UK-based footwear retailer (investment multiple 3.4x); and Aesica, a leading pharmaceutical CDMO company (investment multiple 3.3x).