Royal IHC sells Subsidiary IHC Sealing Solutions

Posted by Greg Trauthwein
Tuesday, July 01, 2014
The SUPREME Standard. (Photo: 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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

Damen Unveils Multi-role Utility Vessel

Work is due to start shortly on the first of a new class of Damen utility vessel UV2410.   This multi-role platform is the result of extensive consultation with

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Marine Power

G7 Meeting to Tackle Sea Row in Asia Pacific

Group of Seven (G7) leaders will call for respect for the rule of law and peaceful resolution to conflicts in a joint statement to be issued Friday at the end of their two-day summit,

ABB Saves 700,000 tons Fuel for Marine Vessels

ABB’s environmental friendly Azipod propulsion system brings greater fuel efficiency to diverse shipping segments ABB today announced the total fuel savings

First Cruise Company Fined under Australia’s New Fuel Rules

Australia’s NSW Environment Protection Authority (EPA) has fined Carnival PLC $15,000 after one of its P&O Cruises ships, the Pacific Jewel, breached new low sulfur fuel regulations in Sydney Harbour.

Marine Equipment

Danelec Bags Multiple VDR Orders in Middle East

Danelec Marine, along with distribution partner Elcome International, is to supply Danelec DM100 Voyage Data Recorders (VDRs) for 14 ships in the Middle East.   The

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

Mount Whitney Makes History

USS Mount Whitney (LCC 20), the U.S. 6th Fleet flagship, made history today as the first amphibious command ship to have an MV-22B Osprey land on its flight deck, May 23, 2016.

 
 
Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0837 sec (12 req/sec)