Swedish private equity firm EQT has bought a majority stake in Dutch wellington boots manufacturer Dunlop Protective Footwear, while previous owner Gilde Equity Management has retained a significant minority.
EQT invested via its EQT Mid Market Europe vehicle, which typically invests €80-150m for European deals, according to Unquote Data.
The existing executive team, led by CEO Allard Bijlsma, will continue to lead Dunlop.
The deal was supported by a strong club of Dutch and international banks on the first lien and a fund providing a second lien loan.
EQT plans to support Dunlop in its continuing penetration of the market in the US, general international expansion and product development.
Gilde initially bought a stake in the company in 2004, which at the time was called Hevea. The buyout saw Gilde taking a majority stake, while the management retained a substantial minority stake. Debt was provided by ING Bank, and was around 70% of the total consideration of the deal.
Dunlop, previously known as Hevea, was founded in 1904. The firm is a manufacturer of branded protective wellington boots serving professionals in the agriculture & fishery, food processing, and oil, gas and mining sectors. With more than 500 employees and production sites in the Netherlands, Portugal and the US, Dunlop serves customers in more than 50 countries. The business is headquartered in Raalte.
EQT Partners – Florian Funk (partner, Mid Market Europe).
Gilde Equity Management – Thijs van Remmen (partner).
Dunlop Protective Footwear – Allard Bijlsma (CEO).
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