Steadfast backs Wilvo MBO

Francesca Veronesi
30 May 2019

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German GP Steadfast Capital has acquired a substantial majority stake in Wilvo, a Netherlands-based metal parts and assemblies manufacturer, investing alongside owner Louis Vosters and the management team.

Wilvo's valuation is in the €50-100m bracket, while the EBITDA figure of roughly €8.4m reported by the Dutch publication Het Financieele Dagblad is roughly correct, Unquote has learned.

Owner Louis Vosters and the management team have together retained a 30% stake, according to a person familiar with the situation. The deal was sourced bilaterally around nine months prior to the sale, although subsequently an auction was put in place. It featured private equity bidders exclusively, and for four months Steadfast was the preferred bidder, Unquote understands.

For the transaction, the GP used Steadfast Capital Fund IV, which closed on €297m in 2019. Steadfast invests in companies with an enterprise value of €20-150m, focusing on companies it can expand through buy-and-build strategies using leverage of 3-4x EBITDA.

Steadfast has only invested in the Netherlands once before, backing meat processing systems company MPS between 2004-2010, according to Unquote Data.

Steadfast declined to comment on the transaction.

Company
Founded in 1970 and headquartered in Bergeijk, Wilvo is a specialist in the processing of sheet steel and light construction work. It manufactures both simple and complex series of CNC punched, lasered, bent or welded products, as well as assembled products.

Wilvo employs 230 staff and generates revenues of €50m, Het Financieele Dagblad reported.

People
Wilvo – Louis Vosters (owner).
Steadfast Capital – Nick Money-Kyrle (founding partner).

Advisers
Company – BDO Corporate Finance, Joost Coopmans (corporate finance).