Agilitas buys TenCate Armor from Gilde's Royal TenCate

The deal is understood to value the company at around €200m, which would equate to approximately 10x its EBITDA, according to Dutch press reports.

Barings Bank has provided financing to support the transaction.

Following the deal, Agilitas's Kevin Iermiin will join the board of TenCate.

The GP intends to support the company in further developing its product offering and accelerating its global growth.

This is the sixth platform deal made by Agilitas via its second fund. The vehicle invests in companies with enterprise values in the €50-300m range, operating across various sectors with a special focus on environmental services and technologies, as well as TMT, healthcare and aerospace.

Gilde Buy Out Partners, Parcom Capital and ABN Amro Participaties took Royal TenCate private in a €675m deal in July 2015. TenCate's de-listing was supported by a €520m debt package supplied by ABN Amro Bank and Rabobank, as well as an additional €75m revolving facility.

TenCate Advanced Armor was put on sale in July 2019, when Gilde mandated Houlihan Lokey to advise on the sale. The process was stalled following the coronavirus outbreak but recently restarted.

This is the second subsidiary of Royal TenCate that has been sold, following the divestment of TenCate Advanced Composites, which was acquired for an enterprise value of €930m by Japanese conglomerate Toray in March 2018.

Company
Headquartered in Nijverdal, TenCate Advanced Armour is a manufacturer of lightweight protection equipment for soldiers and people working in hostile environments.

Its portfolio of defensive products includes personal protection tools, body armour plates, armour systems and applications for land vehicles, aircraft and naval vessels.

The company employs 300 staff across its production facilities located in Denmark, France and the US. Its client base comprises governments and private companies.

People
Agilitas – Martin Calderbank (managing partner); Kevin Iermiin.
TenCate Advanced Armor – Steen Tanderup (CEO).

Advisers
Equity – Ashurst (legal); Houthoff (legal); Choate Hall & Stewart (legal); Lund Elmer Sandager (legal); Baker & Hostetler (legal); Duff & Phelps (debt advisory); EY (financial due diligence); CSP Associates (commercial due diligence); GK Strategy (ESG due diligence); Marsh (insurance due diligence).

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

• Topics
• Buyouts
• Exits
• Benelux
• Consumer
• Industrials
• Agilitas
• Gilde Buy Out Partners
• Netherlands