AAC backs Lubbers MBO

AAC acquired its stake - believed to sit at around 65% - from shareholders Ronald Lubbers and Tony Tailford, who retain the remaining shareholding in Lubbers alongside the company's management team, which is investing with AAC.

The deal marks the first for AAC's recently raised Benelux Fund III, which was launched in 2011 and had raised $60m at the start of this year, according to a filing with the US Securities and Exchange Commission (SEC). The fund reportedly closed on somewhere between €200-300m in October.

AAC operates in the mid-market space, typically leading buyout deals with a value of €50-350m.

Company
Originally founded in 1929, Lubbers is headquartered in Schoonebeek with two more offices in the Netherlands and further offices located in the UK, Poland, Denmark, Italy, Romania and Germany.

Lubbers provides transport and logistics services for the oil and gas industry, operating a 120-strong fleet of trucks as well as 290 trailers. As well as its road transport services, Lubbers offers storage and container rental solutions, hoisting and lifting facilities, dangerous goods transportation and rig-moving services.

In 2002, Lubbers (which at the time was wholly owned by Ronald Lubbers) bought a 50% stake in UK company RTH International Transport to enter the UK market. In 2005, Lubbers acquired the remaining 50% stake in RTH via a share swap with Tony Tailford, the remaining shareholder of RTH - Lubbers' 2002 stake was acquired from Tailford's father, Ron Tailford.

Lubbers employs approximately 270 staff and recorded turnover of €55m in 2012, as well as an EBITDA of €7m.

People
Ger Engelsman is the CEO of Lubbers and led the management team in the transaction. Marc Staal is a managing partner at AAC.

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• Topics
• Benelux
• Buyouts
• Industrials
• Netherlands