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Belgian TVH Group acquires mateco
TVH Group (TVH), which is based at Waregem/Belgium, a leading international player in the material handling industry is to acquire Stuttgart-based mateco Group (mateco), a leading company in Germany for rental of mobile access equipment from independent private equity company Odewald & Compagnie (ODEWALD), Berlin. A corresponding agreement between TVH and ODEWALD was signed yesterday. Completion of the transaction is subject to clearance by anti-trust authorities. The parties have agreed not to disclose purchase price and other details of the transaction.
Odewald & Compagnie fund III acquired mateco, a company founded in 1973, as part of a succession plan in 2007. In realizing a dedicated buy-and-build strategy targeting smaller competitors in a highly fragmented and localised market, mateco was successfully expanded to become a leading company in Germany in the rental of mobile access equipment with a fleet of 4,800 working platforms in over 400 types of equipment. A new management team for the company was also recruited with ODEWALD's support.
Mateco has opened up 13 new locations over the last five years in its geographic markets Germany, Poland and Luxembourg and has now 560 employees. For fiscal 2012, mateco expects sales revenue of approximately €90 million.
Founded in 1969 by Paul Thermote and Paul Vanhalst, the TVH Group – a family run business in the hands of the second generation – today services around 20,000 customers in 160 countries worldwide with subsidiaries and own branches in 22 countries and approximately 3,000 employees. The TVH Group has two main areas of operations: "Parts & Accessories", its activities in the sale and distribution of spare parts for material handling and industrial equipment as well as "Rental & Equipment", its activities in the rental of access equipment in the Benelux countries and Eastern Europe and in the sales of material handling and industrial equipment across Europe. With the acquisition of mateco, TVH is executing its strategic plan of becoming a strong pan-European provider in specialised rental business. For fiscal year 2012 TVH Group expects sales revenues of about €800 million (excluding mateco).
Pascal Vanhalst, CEO and member of the Executive Board of the TVH Group, stated: "We are pleased that, with the acquisition of mateco, we are significantly strengthening our specialised rental business in selected European countries. With mateco, we can double the number of working platforms in our short-term rental fleet. We are also backing mateco's proven and experienced management team around CEO Armin Rappen and CFO Hans-Hasso Kersten, who will provide us with strong support in the further expansion of our Rental & Equipment business."
The CEO of mateco, Armin Rappen, welcomed the transaction: "With ODEWALD's support, we have grown to become a significant player in our geographic markets in the area of access equipment rental services, and now, with TVH, we have found an ideal strategic partner that will enable us to achieve further solid growth based within a globally active group. We look forward to making an important contribution to TVH's continued success."
Andreas Fetting, the partner at Odewald & Compagnie responsible for mateco, regards the disposal of its portfolio company mateco to a strategic buyer as an endorsement for ODEWALD's investment philosophy: "We have not only created a successful succession plan for the founder of mateco, but have also established together with the new management team a leading company in Germany through organic growth and a selective buy-and-build strategy, thereby creating an extremely attractive platform for a strategic foreign buyer to enter the German market. TVH is the ideal partner for an expansion of mateco's activities."
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