Torqx buys Hoco Parts

The investment is the first from Torqx's mid-market equity fund, a €150m vehicle that aims to make 10-12 investments in total, according to a source close to the situation.

Hoco directors Daniel O'Neill and JP Bom will also take a minority stake in the business alongside the company's management team.

The company has agreed an organic growth plan with the GP but the fund has additional capital available for bolt-on acquisitions should the opportunity arise.

Torqx span out from H2 Equity Partners in 2015, where the team was responsible for H2's Benelux investments.

Debt
ABN Amro is arranging the debt package for this transaction.

Company
Hoco is a motorbike parts manufacturer based in the Netherlands. Its core market is Benelux but it also has operations in the UK and Denmark. The company has between 50-100 full-time employees but also uses temporary staff in some of its operations. It is headquartered in Barneveld, where it has a 6,500 square-meter warehouse.

People
Torqx Capital Partners – Harmen Geerts (managing partner); Cedric De Dycker (partner).
Hoco Parts – David O'Neill, JP. Bom (directors, co-owners).

Advisers
Equity – Deloitte (financial due diligence); JSA (tax); Houthoff Buruma (legal).
Vendor – Loyens & Loeff (legal).

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• Topics
• Buyouts
• Benelux
• Industrials
• Netherlands