Triton backs Royal Reesink SBO

Francesca Veronesi
12 June 2019

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Triton Partners has acquired a majority stake in Netherlands-based industrial equipment distributor Royal Reesink from Gilde Buy Out Partners, Teslin Participaties and Navitas.

Triton invested alongside Reesink's management team. In March, Unquote sister publication Mergermarket reported the vendors marketed the business based on €55-60m EBITDA.

The GP is currently investing via its Triton Fund V vehicle, closed on €5bn in Q1 2019.

Under its previous owners, Royal Reesink acquired the companies now named Reesink Production and Reesink Logistic Solutions and the activities of De Bruycker.

Triton declined to comment, and Gilde Buy Out Partners was unavailable for comment at the time of publication.

Previous funding
Gilde, Teslin – via its Todlin vehicle – and Navitas launched an offer for the business, listed on Euronext Amsterdam, in Q1 2016. At €101 per share, the offer valued the entirety of Reesink's shares at €133.6m, according to a statement by Gilde published in June 2016.

The purchase was financed via a €279m mix of equity and debt; Gilde, Todlin and Navitas committed €109m in capital, while ABN Amro, Commerzbank, Filiale Luxembourg, ING Bank and Rabobank provided a joint €170m in debt, Unquote reported at the time.

Gilde drew equity for the transaction from its Gilde Buy Out Fund V vehicle, which closed on €1.1bn in 2015.

Company
With roots dating back to 1786, Royal Reesink distributes agricultural machinery products such as tractors and harvesters, and steel components including bars, pipes and thin plates. The business focuses on the robotisation, engineering, connectivity, measurability and the use of big data to increase the efficiency of its machinery.

The company achieved a pro forma annual turnover of around €720m in 2018 with an expected annual turnover of around €850m in 2019, according to its website.

Headquartered in Apeldoorn, its current main market is the Netherlands, though it also provides its end-to-end services in Canada, Germany, the UK, Kazakhstan, Denmark, South Africa and Turkey. Royal Reesink employs around 2,100 people.

People
Triton Partners – Peder Prahl (director); Luc Hendriks (operating partner).
Royal Reesink – Gerrit van der Scheer (CEO).