H2 Equity Partners buys Mill Panel

The deal was sourced via a limited auction and it values the company at less than €25m, Unquote understands. 

The GP used its H2 Equity Partners NL fund for the transaction. The fund launched in July and closed in October on €150m, Unquote understands. 

Gert Jan van der Hoeven, one of the founders of H2, manages the vehicle. He has personally invested in the fund, alongside a handful of investors, Unquote understands. This fund was also used for the investment in Contiweb, which will close later in December. 

H2 stated it will support Mill Panel with the further professionalisation of the company and its international expansion.

Senior debt equating to 2.5x EBITDA was provided for the transaction, a source familiar with the situation told Unquote.

H2 declined to comment on the transaction.  

Company
Mill Panel has origins dating back to 1908, when the Van Hout company was first established. Van Hout's panel manufacturing department was set up in 1971 and then span out in 2001, becoming an independent company, today known as Mill Panel. Based in Mill, the business develops and manufactures flat wooden exterior door panels.

The company generates revenues of almost €20m, Unquote has learned. 

People
H2 Equity Partners – Gert Jan van der Hoeven (managing partner).
Mill Panel – Rob Besemer (managing director).

Advisers
Equity – Lexence (legal); Deloitte (financial due diligence).
Company – Kempen (corporate finance); Biesheuvel Jansen (legal).

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