Royal TenCate N.V (Almelo, The Netherlands) has been bought by Tennessee Acquisition B.V., a company controlled by a consortium of investors led by Gilde Buy Out Partners, which includes Parcom Capital and ABN Amro Participaties. The buyers will make a public offer for all outsanding shares of TenCate.
The group looks to help TenCate realize its business strategy, allowing it to improve and invest in the existing five market groups (protective fabrics, advanced composites, advanced armor, geosynthetics and grass) and, as part of an effective buy & build strategy, to strengthen these market groups further through acquisitions.
The consortium said the corporate identity and culture of TenCate will be maintained and TenCate headquarters, central management and key support functions will remain in Almelo. There will be no reorganization or restructuring plan resulting in significant job losses in any country in which TenCate operates.
Loek de Vries, president and CEO of TenCate, said: "This offer represents positive news for all stakeholders involved in our company. Both our employees and our customers will benefit from the longer-term horizon the consortium will bring. There is a clear commitment to support our strategy, which means we can invest in our product-market-technology combinations, thereby further strengthening our leading market positions. In addition, we can continue our buy and build approach and we will benefit from the capabilities, experience and financial support of our new shareholders. Last but not least, the offer represents a fair price for our existing shareholders. The boards consider the offer to be in the best interest of TenCate and we therefore fully support and unanimously recommend the offer.”
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