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Equistone's sixth fund makes first investment with Boal buyout

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Equistone Partners Europe has agreed to acquire a majority stake in Boal Group, a Dutch manufacturer of greenhouse roofs and sidewall systems.

The deal is the maiden transaction from the GP's latest vehicle, Equistone Partners Europe Fund VI, Unquote understands. The vehicle held a first and final close on €2.8bn earlier this month.

A spokesperson for Equistone declined to comment on the valuation of the deal, though the fund invests €25-150m for majority stakes in companies valued at €50-500m.

As part of the deal, the vendors – Boal CEO Ronald Boers and founder Marinus Boers – will retain a minority stake in the business, while the company's management team will also acquire a minority shareholding.

Under its new ownership model, Boal will look to undertake an international expansion strategy and invest in product development.

The Equistone spokesperson also declined to comment on debt related to the transaction.

The transaction is subject to approval from anti-trust authorities, with the deal scheduled to be completed in April 2018.

Company
Founded in 1970 and headquartered in Naaldwijk, Boal manufactures sidewall systems and aluminium roofs for greenhouses. It also provides specialist extrusions for the construction, engineering and transport industries. The company has additional production operations in 's-Gravenzande, Maasdijk and De Lier in the Netherlands, and Shepshed in the UK. It generated revenues of €155m in 2017, according to a statement, and has a headcount of 370.

People
Equistone Partners Europe – Marc Arens (partner); Roman Emanuel Hegglin, Moritz Treude (associates).
Boal Group – Ronald Boers (CEO).

Advisers
Equity – H&Z (commercial due diligence); Deloitte (financial due diligence); Allen & Overy (legal); PwC (tax); ERM (environmental due diligence); GCA Altium (debt advisory); Shearman & Sterling (legal); Stek Advocaten (legal).
Company – William Blair (M&A); Roland Berger (commercial due diligence); Deloitte (financial due diligence, tax); Houthoff (legal); Tauw (environmental due diligence); Oaklins (financial due diligence); VanDoorne (legal); Yeald (management due diligence).

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