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D’Ieteren buys a 40 percent interest in TVH Parts and puts 1.2 billion euros on the table.
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D’Ieteren Groep has signed an agreement to acquire a 40 percent interest in TVH Parts from the Vanhalst family. The Thermote family remains on board.
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TVH Parts, with headquarters in Waregem, is a global player in the distribution of parts for forklifts, industrial, construction and agricultural machinery. The company has 81 locations in 26 countries on all continents, and processes more than 17,000 orders per day thanks to its 4,500 employees.
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TVH Parts achieved a turnover of 1,213 million euros and a gross operating profit of 250 million euros in the past twelve months (from May to May).
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The deal values TVH Parts at EUR 3,650 million. For D’Ieteren Group this means an investment of 1,172 million euros.
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This investment is a new milestone in the long history of our group.
Nicolas D’Ieteren
Chairman D’Ieteren Group
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This high amount is not a problem for D’Ieteren. The holding of the D’Ieteren family is in fact on a cash mountain of 2.2 billion euros.
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‘This investment is a new milestone in the long history of our group’, says chairman Nicolas D’Ieteren.
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Francis Deprez, CEO of D’Ieteren Group: ‘We are proud of this investment in the world leader in the growing, robust and essential business of spare parts for machines. As with all our activities, we are determined to also support TVH Parts in its long-term development.’
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The big fish
According to our information, D’Ieteren defeated candidates from Canada, Singapore and the Netherlands, among others. In this way, TVH Parts remains a Belgian family story.
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With TVH Parts, D’Ieteren has finally landed its big fish. That the group does not shy away from large prey was already apparent earlier this year when D’Ieteren narrowly missed the takeover of ERM, the world’s largest sustainability consultancy. That was eventually sold for 2.7 billion dollars (2.27 billion euros).
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TVH Parts is the fifth pillar within D’Ieteren Group, alongside Belron, D’Ieteren Automotive, Moleskine and D’Ieteren Immo.
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Closing of the transaction is expected during the fourth quarter of 2021.
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