Gilde et al. to fully acquire Reesink for €279m

At €101 per share, the offer values the entirety of Reesink's shares at €139.6m. The figure represents a 29.4% premium on the €78.05 share price the business was trading at on 5 February 2016.

The purchase will be financed via a €279m mix of equity and debt; Gilde, Todlin and Navitas have committed €109m in capital, while ABN Amro, Commerzbank Aktiengesellschaft, Filiale Luxembourg, ING Bank and Rabobank will provide a joint €170m in debt.

The Reesink takeover comes as the business is forced out of the Alternext Amsterdam stock exchange. Focusing on small- and mid-cap businesses, the trading market is due to close on 30 April 2016. Reesink is already working towards a listing on the larger Euronext Amsterdam exchange.

According to Reesink, this transaction will provide it with the liquidity it needs to bolster its two units Reesink Equipment and Reesink Industries, with plans to grow via a buy-and-build strategy. In addition, the deal is meant to provide some of its shareholders with a way to recoup their investment amid mounting instability in public markets.

The takeover will not entail any changes for Reesink at the operative level. The business will retain its existing names and brands and will continue to work out of its Apeldoorn headquarters. Led by CEO Gerrit van der Scheer, the management team will remain in place.

Todlin is an investment fund targeting listed small-cap businesses, while Navitas Capital is an investment holding seeking both listed and unlisted assets in the Netherlands.

According to unquote" data, the takeover is the second of a Dutch listed company to involve Gilde Buy Out Partners in the past year. In mid-July 2015, the Benelux investor teamed up with Parcom Capital and ABN Amro Participaties to de-list textile multinational TenCate in a €675m take-private.

Company
Founded in 1786, Royal Reesink distributes agricultural machinery products such as tractors and harvesters (83.7% of its revenues) and steel components including bars, pipes and thin plates (16.3%).

Headquartered in Apeldoorn, the business generated €376.6m in consolidated turnover and a €26.7m EBITDA in the first three quarters of 2015. Its current main markets are the Netherlands, where more than two-thirds of its sales are generated, followed by Belgium, Germany and the rest of Europe.

People
Gilde Buy Out Partners – Nikolai Pronk (partner).
Royal Reesink – Gerrit van der Scheer (CEO).

Advisers
Equity – Clifford Chance (Legal).
Company – Rabobank (Corporate finance); De Brauw Blackstone Westbroek (Legal).

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• Topics
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• Netherlands
• Gilde Buy Out Partners
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