Royal IHC sells Subsidiary IHC Sealing Solutions
Royal IHC (IHC) has reached an agreement to sell 100% of its shares in its subsidiary IHC Sealing Solutions to new owners Willem Steenge, who as CEO is partly responsible for the strong growth of IHC Sealing Solutions in recent years, and Rabo Participaties (RaPar).
The sale enables IHC to strengthen its focus on its core business: offering integrated innovative vessels, advanced equipment and life-cycle support to the dredging, wet mining and offshore construction industries. Bram Roelse, CEO of IHC, said: "IHC Sealing Solutions is a very stable and healthy company that deals with great projects and strong patents. However, its activities are not directly related to IHC’s business strategy. IHC Sealing Solutions has been operating independently since 1979 and its target markets are mostly external to IHC’s activities."
IHC Sealing Solutions is continuing under the leadership of CEO Willem Steenge, who in the past 14 years has guaranteed strong growth and development for the company. With RaPar and Rabobank as financial partners, a dedicated team has been assembled to serve the market with services that focus on quality, commitment and reliability.
"On behalf of the management of IHC Sealing Solutions, I can confirm that we are very pleased with this acquisition,” said Willem. “Together with our colleagues, and supported by RaPar and Rabobank, we have a positive outlook for the future. We will make every effort to continue and improve the service and growth of the company in recent years.” The IHC Sealing Solutions management team was advised on the transaction by Menaging, BBT Supportancy and Solon Advocaten.
Rabo Participaties is one of the private equity funds of the Rabobank Group, which supports growing Dutch companies through minority interests. With the successful completion of this transaction, its portfolio has expanded to 11 companies in various sectors. Bob van der Veen, Director of RaPar, commented: "We are delighted with this transaction. We have been impressed by the experienced management team, led by CEO Willem Steenge, which has helped the company to develop and grow in recent years. IHC Sealing Solutions is a strong brand and, thanks to recent investment in the new plant in Alblasserdam, it will continue to provide high-quality innovative products within strict timelines.”
RaPar was advised on this transaction by NautaDutilh, JSA and Sincerius. The transaction was made possible by Rabobank Assen – North-Drenthe, in cooperation with Rabobank Acquisition Finance Regional Team North-East Netherlands, which has provided the bank funding.