Holland Railconsult

01 February 2006

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Van Lanschot Bankiers has acquired a 26% stake in Holland Railconsult, as part of a transaction which sees the companyâ€™s management and staff increasing its combined stake from 24% to 74%. Van Lanschot Bankiers also backed the secondary management buyout with the provision of senior debt and mezzanine facilities and has agreed to oversee the arrangement which allows employees to participate in the acquisition. The value of the deal remains undisclosed. Holland Railconsultapproached Van Lanschot Bankiers directly, after which the deal took three months to complete before closing on 2 January.

Debt structure

Van Lanschot Bankiers has provided senior and mezzanine facilities to support the transaction.

Company

Holland Railconsult is an engineering consultancy which provides solutions to problems occurringon and related to railways, such as capacity, safety, environmental and integration problems.Founded on 1 June 1995 with the privatisation of the Dutch Railway engineering agency, theconsultancy was initially owned by Nederlandse Spoorwegen (NS), the 100% Dutch government owned national railway company. In 2001, NS sold the company to NPM Capital and the companyâ€™s management in a management buyout. No financial details were disclosed but Dutch press reports suggested the value of the deal to be in the range of DFI 100m, or â‚¬45m. NPM Capital then acquired an 80% stake, but sold 33% to ABN AMRO Capital shortly afterwards.Located in Utrecht, the company employs 1,300 people, recorded â‚¬3m profits on a turnover ofâ‚¬134m in 2005 and is now debt free.

People

Aad Smits, Roel van de Sar and Jan Deurhof led the deal for Van Lanschot Bankiers.