Nordian Capital sells BouWatch to Haniel

BouWatch will operate as an independent business unit under Haniel's ownership, according to a statement.

Unquote sister publication Debtwire reported in January 2021 that BouWatch was being marketed based on EBITDA of €17.5m and posted €16.9m in EBITDA in 2020. The company's EBITDA doubled under Nordian's ownership, the report added.

Nordian said in a statement that the company's revenues quadrupled during the investment period.

Mergermarket reported in February 2021 that Haniel had secured exclusivity in the sale process for BouWatch via an offer that valued the company at €325m, implying an 18.5x entry multiple.

Nordian acquired a majority stake in BouWatch in February 2016 via a carve-out from its parent company, Dutch construction business Visser Assen. At the time, the GP was deploying equity via Nordian Fund II, which held a final close in September 2014 on €300m. The fund invested in Dutch companies with operating profit of at least €3m.

Company
Founded in 2009 and based in Apeldoorn, BouWatch installs security systems for use in outdoor sites, with a focus on construction sites, although its systems are also used in places including car parks and recycling bays. It offers products including access control, live surveillance and camera masts.

People
Nordian Capital – Joost Verbeek (managing partner).
BouWatch – Maarten de Roos (CEO).
Haniel – Thomas Schmidt (CEO); Stefan Zobel (responsible investment partner).

Advisers
Vendor – Houlihan Lokey (corporate finance); De Brauw Blackstone Westbroek (legal).
Acquirer – Rabobank (corporate finance); Loyens & Loeff (legal).

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• Topics
• Exits
• Benelux
• Technology
• Nordian Capital Partners
• Netherlands