The Competition Authority yet has to approve the acquisition. The Works Council also has to give its counsel. With the sale, Scheuten definitively sets aside old burdens from the past and paves the way for a solid future with an improved financial situation.
The acquisition concerns the entire company, including all employees and all subsidiaries in the Netherlands, Belgium and Germany (including BGT Bischoff Glastechnik AG and SITEC Produktions GmbH).
The anticipated sale will therefore as such not affect the workforce, nor the current activities, which will be continued on the earlier set course, focusing on the three core activities (insulation glass, projects and base glass).
Independence remains guaranteed
Donald Eshuis, CEO of Scheuten Glass Holding, welcomes the planned acquisition. "VEP is a practical private equity investor and as such a perfectly suited partner for Scheuten. We wanted to remain an independent player in the market, and that is herewith guaranteed. At the same time, the refinancing improves the company's continuity and our opportunities for the future. We are also looking forward to working with VEP's team to further shape our challenging ambitions."
Chris de Weers, Senior Partner at VE Partners, illustrates further: "The construction industry is currently booming, and Scheuten is one of the market leaders in the field of flat glass in the Netherlands. Due to the good perspective and the professionalism of the Scheuten team, the company fits perfectly into our portfolio and we are therefore very pleased with this acquisition."
This acquisition also arranges follow-up of founder Jacques Scheuten (69).
About Value Enhancement Partners
Value Enhancement Partners (VEP) is an actively involved investor in medium-sized companies funded by institutional investors. In total, VEP has about EUR 200 million under control. In addition to providing capital, the highly experienced team of professionals works as a sparring partner with entrepreneurs and managers.
Where appropriate, VEP provides strategic, operational and financial support, for example in implementing operational improvement projects, investment projects and acquisitions that further drive a business. For more information: www.vepartners.com.