Daalderop

Investors

3i has completed the acquisition of Daalderop from Unidare Plc, an international distribution group listed on the Dublin and London Stock Exchanges. A newco set up by 3i and its fund Eurofund IV now holds 100% of the equity. The total value of the deal was E55m. No further financial details have been disclosed. The deal was proactively sourced by 3i, and completed on 20 July 2005.

Debt structure

ABN AMRO supplied senior and mezzanine debt for the transaction. No further details have been disclosed.

Company

Tiel-based Daalderop is a supplier of innovative heating equipment and solar energy systems in the Netherlands. The company also develops, manufactures and sells high quality electric water heaters. It occupies a strong position in the Benelux region and is expanding its operations into surrounding countries, including the UK and Germany. Founded in 1880, the company employs 140 people. For the year-end March 2005, the company registered sales of E20.4m, EBITDA was E3.9m and operating profits was E3.4m. Bart Romeijn, managing director of Daalderop, commented: 'This acquisition enables us to accelerate the strategy change, which involves concentrating on our own label central heating boiler, Combifort, that we implemented last year. This change of strategy is already paying dividends: in 2004 we experienced record sales of central heating boilers.' Guus Overdijkink of 3i alluded to the potential of the company, stating that it operates in a very attractive growth market.

People

Guus Overdijkink and Michiel Boele worked on the deal for 3i.

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• Benelux