Mentha Capital exits Venko Groep

As part of the agreement, Venko will become a part of the Brand Energy & Infrastructure Services group. US-based Brand Energy & Infrastructure Services and Safway Group completed their merger earlier this year, with Brand Industrial Services becoming the new name for the combined company and BrandSafway its trade name.

Clayton Dubilier & Rice, which owned Brand Energy since 2013, became the controlling shareholder of the merged company, while Odyssey Investment Partners sold its shares in Safway, acquired by the GP in 2009.

Prior to the merger, BrandSafway, which provides services such as scaffolding, access, insulation, coatings, forming and shoring, had revenues of $5bn and 32,000 employees based across 350 sites in 30 countries. Its combination with Venko should enable it to broaden and enhance its services, especially in the coatings market where Venko is specialised. The business is also hoping to expand further into the offshore market.

The companies stated they had previously worked together as partners on various industrial jobs.

Mentha became Venko's majority owner in 2013, investing from the €107m Mentha Capital IV fund. While Fund IV is currently being divested, the GP has since closed Mentha Capital V with €143m in commitments. Closed in January this year, Fund V already has three companies in its portfolio – Aethon, Browline and Habé Middelencentra.

According to Mentha, Venko's turnover grew from €40m to €60m over the holding period. The GP did not comment on returns from the sale, which should complete in Q4 2017.

Company
Founded in 1975, Venko specialises in metal preservation, providing maintenance of coatings on steel structures used offshore and for civil projects and bridges. The company mainly serves customers in the industrial, utilities and infrastructure markets, focusing on operations in the North Sea. Its clients include Shell, Tennet, Rijkswaterstaat, Gasunie and the Royal Dutch Navy.

Venko is headquartered in Hoogeveen, with other branches in Arnhem, Den Helder and Ridderkerk in the Netherlands, and Great Yarmouth and Aberdeen in the UK. The business employs up to 500 people in peak season, and generates €60m in revenues.

People
Menthe Capital – Edo Pfennings (partner).
Brand Energy & Infrastructure Services – Mick Herke (vice-president).

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