IK and management acquire Doedijns International
IK Investment Partners (IK) has agreed to acquire a majority stake in Doedijns International from Friesland Bank Investments. Doedijns provides engineered solutions in the area of hydraulics, instrumentation, pneumatics and control systems. The company combines engineering, in-house development and distribution with global service support. The financial details of the acquisition are not disclosed.
Following the acquisition by IK, the management team, led by CEO Juul IJzermans, will remain in place and retain a significant minority stake in the business. The management team will work in partnership with IK to grow and develop the company.
Based in the Netherlands, and founded in 1879 as a distributor of drive belts, Doedijns was acquired by local Dutch Friesland Bank Investments and a limited group of managers in 2005. Supported by Friesland Bank Investments, Doedijns made the successful transition from a pure technical component distributor to an integral engineering solutions provider. The company’s main focus is on the Energy & (Petro) Chemical, Maritime & Dredging and High-End Machine Building industries. Doedijns has developed four proprietary technologies that will be important drivers for organic growth going forward.
Doedijns has offices in the Netherlands, Belgium, France, the United Kingdom, Dubai and Malaysia. It has approximately 275 employees and benefits from strong financial characteristics.
Juul IJzermans, CEO Doedijns International commented: “We are delighted with the new partnership with IK. They will facilitate growth in our selected end markets and the development of our international organisation. IK has a strong track record in supporting management teams that have international growth ambitions. Our clients increasingly operate on a global basis and expect local support from their suppliers. IK’s financial strength and international experience will enable us to structurally position Doedijns as a preferred supplier to its clients. We thank Friesland Bank Investments for the support and pleasant cooperation since 2005.”
Remko Hilhorst, IK Deputy Director commented: “Doedijns is a very attractive company with a leading position in a number of markets, excellent proprietary technologies, strong fundamental growth outlook together with an ambitious, quality management team. We are looking forward to working alongside the team to help grow the business, diversify it internationally and transform it into a global niche engineer in selected growth markets.”
The transaction is subject to customary legal and regulatory approvals.
Advisors to IK Investment Partners were Kempen & Co Corporate Finance, Clifford Chance and Deloitte. Advisors to Friesland Bank Investments and Doedijns were ING Corporate Finance, CORP. advocaten and PwC Transaction Services.
IK Investment Partners
Remko Hilhorst, Deputy Director
Tel: +44 20 7304 4300
Charlotte Laveson, Communications manager
Tel: +44 20 7304 7136
Juul IJzermans, CEO
Tel: +31 182 30 28 88