Silverfleet carves out two divisions from Boa group

The GP acquired a majority stake in the carved-out companies; the two divisions are now grouped under a company called Boa CoreDux, headquartered in the Netherlands. 

Boa CoreDux is valued in the €70-100m range, Unquote understands. The deal was sourced via an auction organised by US-based Stifel. Silverfleet's international presence and knowledge of the semiconductors space were differentiating aspects in their bid.  

Boa CoreDux is Silverfleet's 10th investment from its current mid-market fund, Silverfleet Capital Partners II, which closed on €870m in 2015. The fund is roughly 70% deployed, Unquote understands. 

Silverfleet's investment will enable the group to continue product development, increase its existing market share, focus on operational improvements and complete selective add-on acquisitions to build an international platform.

A unitranche package was provided by Muzinich & Co for the transaction, while Rabobank provided a short-term facility. Debt for the transaction amounted to 3.5x the company's EBITDA, Unquote has learned. 

Previous funding
The Boa group, with origins dating back 1872 and headquarters in Stutense, Germany, manufactures flexible metal components. The business was acquired by PE firms AEA Investors in 2010 for an estimated value of €90m. Slightly more than 50% was funded via equity and Unicredit provided a senior debt of €45m to finance the transaction, according to Unquote Data.

The Boa group filed for bankruptcy of its automotive components business Boa Balg- und Kompensatoren-Technologie (Boa-BKT) in February last year – it was a profitable business, and its poor performance was primarily caused by operating strategy disputes between its PE owner, AEA Investors, and its financing bank, a source told Unquote sister publication Mergermarket in April 2018.

The Boa group was subsequently sold to Austria-based strategic partner Ring International Holding in Q3 2018. At the time of the sale, the business generated a €200m turnover and employed 1,200 people, according to a statement published at the time.

Company
Boa CoreDux designs and manufactures ultra-purified and highly customised metallic hoses that are used in critical industrial applications. The group, headquartered in Tilburg, employs 210 people across its two divisions.

Boa flexible solutions, based in Château-Thierry, France, predominantly focuses on designing and manufacturing metallic flexible hoses that are principally used to transport fluids and gases in high temperature and high-vibration environments for gas turbines, aerospace and other industrial applications.

Boa purified solutions, headquartered in Tilburg in the Netherlands, produces ultra-purified hoses and systems that are primarily used in the technology and healthcare sectors.

People
Silverfleet Capital – Jean Châtillon (partner); Vincent Clément (investment executive); Erik Fuchs (co-head of Benelux).
Boa CoreDux – Jan Hennipman (CEO).

Advisers
Equity – Advancy (commercial due diligence); De Brauw Blackstone Westbroek (legal); Ropes & Gray (legal); PwC (financial due diligence, tax); Intuitus (IT due diligence); ERM (ESG due diligence); Aon (insurance due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Benelux
• Industrials
• Netherlands
• Silverfleet Capital