Partners Group buys Ammeraal Beltech in SBO

Francesca Veronesi
04 June 2018

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Partners Group has acquired Ammeraal Beltech, the Dutch lightweight belting specialist, from Advent International.

A spokesperson for Partners Group said the investment will be made from several Partners Group funds and mandates, including Partners Group Direct Equity 2016, closed on €3bn in July 2017.

The company was acquired for an enterprise value of €1bn, according to a report by Unquote sister publication Mergermarket. The sales process run by Goldman Sachs and Rothschild marketed the asset based on EBITDA of €70m, attracting attention from PE firms Blackstone, BC Partners, EQT Partners, KKR, PAI Partners and Warburg Pincus, according to the report.

Under Advent's ownership, the company has completed seven bolt-on acquisitions in new markets, including in the Asia-Pacific region and South America.

Ammeraal disclosed that in the last three years it has nearly doubled its annualised EBITDA and improved operating cash flow by more than 50%.

Previous funding
Until 2015, Ammeraal Beltech was part of Gamma Holdings, jointly owned by Gilde and Parcom since 2011.

Gilde first invested in Gamma in June 2010, when the buyout house acquired a stake in the technical textile manufacturer from ASR Nederland, Delta Lloyd Asset Management and Allianz Nederland Levensverzekering in a €27.2m PIPE deal.

Six months later, Gilde teamed up with Parcom to take Gamma Holdings private. The latter already held a 26% stake in the industrial conglomerate. The €429m transaction valued the business's equity at €218m.

Advent bough the business in 2015 via its Advent International GPE VII vehicle for around €475m. The fund targets companies with an enterprise value of up to $3.5bn and equity tickets in the $100m-1bn range.

Company
Established in 1950 and headquartered in the Alkmaar, Ammeraal Beltech develops and manufactures lightweight conveyor belts. The company provides products to around 30,000 customers operating across a range of markets, including logistics, food processing, travel and industrial manufacturing, in more than 150 countries. In 2014, Ammeraal Beltech generated turnover of €325m.

People
Advent International – Shonnel Malani (managing director).
Ammeraal Beltech – Prakash Iyengar (CEO).

Advisers
Vendor – Goldman Sachs (corporate finance); Rothschild (corporate finance).