TEXTILES.ORG
A July 20 joint press release from Netherlands-based TenCate and Gilde Buy Out Partners confirmed that there is an purchase offer for 100% of the issued shares—approximately €675 million.
The release described these strategy highlights:
- Full support for TenCate’s current long-term growth strategy, including potential acquisitions.
- A consortium that includes Dutch-based investors with long-term investment focus, placed to provide TenCate with financial backing, expertise, and support to realize full potential.
- The consortium aims to secure continued leadership for TenCate in its core specialty niches across its market groups
The press release also itemized non-financial terms of the deal, including:
- Corporate identity and culture of TenCate maintained.
- TenCate headquarters, central management, and key support functions will remain in Almelo, Netherlands.
- There is currently no reorganization or restructuring plan resulting in significant job losses.
- Existing rights and benefits of the employees of TenCate will be respected
In the press release, Loek de Vries, TenCate president and CEO 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.”
The release also quoted Hein Ploegmakers, a partner at Gilde: “The consortium has great respect for the long-standing heritage of TenCate covering over 300 years of history. TenCate’s market groups hold leadership positions in a number of high-growth, specialized niche markets and we aim to support each of them the best we can. Together with our co-investors, Parcom Capital and ABN Amro Participaties, we are delighted at the prospect of working with TenCate management and supporting them in the next stage of the company’s development.”
The press release described TenCate as “a multinational company that combines materials technology and chemical processes in the development and production of functional materials with distinctive characteristics.”
The release said that TenCate currently has five market groups: protective fabrics, advanced composites, advanced armor, geosynthetics, and grass. TenCate products are developed, manufactured, and sold worldwide
TenCate Geosynthetics Americas is based in Pendergrass, Ga.