Sofindev backs WVT Industries MBO

Francesca Veronesi
28 May 2019

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Belgium-based Sofindev has acquired a majority stake in Netherlands-headquartered WVT Industries, an industrial cleaning products specialist, in a primary transaction.

CEO Ward Van Thielen has retained a substantial minority stake in the business and will still be in charge of the daily management of WVT Industries. Sofindev's backing will allow WVT to grow organically and through acquisitions both in its home market of Belgium and internationally.

Sofindev had been in talks with the business for around 18 months prior to the acquisition. An auction process launched in Q1 2019, arranged by Nielen Schuman, finally saw the GP becoming the acquirer, Unquote understands.

The business completed its first acquisition by acquiring the Dutch company StarMarine Chemicals in 2018.

The transaction represents the eighth investment for Sofindev IV, which closed in 2016 on €107m. The fund provided an equity ticket in the €10-15m range, Unquote has learned.

The transaction was supported via senior debt provided by KBC and BNP Paribas Fortis, as well as subordinated vendor loans, Unquote understands.

Company
Created in 1997 by Ward Van Thielen, WVT Industries specialises in the research, development, production and sale of around 650 industrial cleaning products, deemed safe and ecologically and environmentally friendly. The products range from solvents and acids to alkaline cleaners.

WVT Industries generates a turnover in the €10-20m range, a source familiar with the situation told Unquote.

Its client portfolio consists mainly of European companies from the chemical and pharmaceutical, automotive, aviation, metal and marine sectors. With headquarters in Aartselaar, the business has facilities across Europe, as well as in Montreal and Dubai.

People
WVT Industries – Ward Van Thielen (CEO).
Sofindev – Jan Camerlynck (partner).

Advisers
Equity – Deloitte (financial due diligence); Argo Law (legal); Arthur D Little (commercial due diligence).
Company – Nielen Schuman (corporate finance); PwC (financial due diligence); Stibbe (legal).