Avedon Capital Partners sells Seebach to strategic buyer Smiths Group
Avedon Capital Partners, together with management and its co-investors has sold Seebach, the Germany based provider of metallic filtration solutions to John crane, a division of UK-based Smiths Group plc.
Seebach is a leading supplier of bespoke, highly engineered, premium quality filtration solutions, including both full systems and replacement filter elements, for critical applications particularly in the polymer and oil & gas markets. The Company’s headquarters and main production facility are located in Vellmar, Germany. Seebach operates an additional production plant in Pune, India. The company employs c. 110 staff.
Avedon and its co-investors acquired Seebach in 2012. Together with management, Avedon supported the company in its successful transition from a small family-owned business into a professional organisation with global reach, while further strengthening its reputation as innovation leader in its segment. Particularly in the Polymer segment Seebach has brought innovative solutions to market and shown substantial growth in recent years.
On behalf of Avedon Capital Partners, Hannes Hinteregger comments: “The management team has done a great job of building on Seebach’s attractive business model in executing our mutual strategy, which has put the company on a tremendous growth track in recent years. We are positive that with access to Smiths Group’s distribution network, Seebach is bound to realize its untapped potential.”
About Smiths Group / John Crane
Smiths Group is a global technology company listed on the London Stock Exchange. A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the medical technology, security & defence, general industrial, oil & gas, and space & aerospace markets worldwide. John Crane, a subsidiary of Smiths Group, is a global leader in rotating equipment solutions, supplying engineered technologies and services to process industries. The company designs and manufactures a variety of products including mechanical seals and systems, couplings, filtration systems and predictive digital monitoring technologies. John Crane customer service is accessed through a global network of more than 200 sales and service facilities in over 50 countries. www.smiths.com
About Avedon Capital Partners
Avedon is a leading lower mid-market private equity firm in Germany and the Benelux, providing capital in partnership with strong founder/owners or management teams that have distinctive and ambitious growth plans requiring a step change. The Avedon team is located in Düsseldorf (GER) and Amsterdam (NL) with managed assets of more than €500 million. Through dedicated sector teams, Avedon seeks opportunities in niches within four sectors: i) Software & Technology, ii) Business services, iii) Industrials & Engineering, and iv) Consumer products & Leisure. Throughout the cycles the team has supported 23 growth companies in the fields of strategy, sales growth, human capital, operational improvement and has achieved a strong track record of growth.
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Ben von Schulz,
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Avedon Capital Partners exits VanRiet to Material Handling Systems, Inc. (US) after successful growth strategy
Avedon Capital Partners and Management have announced the sale of VanRiet Material Handling Systems (“VanRiet”), a leading global provider of integration systems, equipment and after-market services solutions, to Material Handling Systems, Inc. (“MHS”) a leading provider of advanced parcel sortation systems, engineering and equipment, backed by Thomas H. Lee Partners, L.P. Closing is subject to regulatory approvals.
Both Management and Avedon are pleased with this transaction which confirms the value creation strategy that was actively pursued in partnership since 2014.
Founded in 1948 and based in the Netherlands, VanRiet offers a complete range of automated sortation systems, integration and engineering services, sortation equipment, and after-market services solutions to its global, blue-chip customer base. With an experienced and highly qualified management team and employee base, VanRiet serves high-growth end markets, with a focus on courier and express parcel, traditional postal, third party logistics, and warehouse and distribution customers.
With the support of Avedon, VanRiet has tripled its sales over the past 4 years, while expanding its global presence and further extending its product innovation capabilities. VanRiet doubled the size of its production locations in Houten and China, and opened new locations in Poland (PLC engineering), the UK and Atlanta (US, production). Next to continued innovations in its core product, the shoe sorter, VanRiet introduced the “IQ-grid” and several other product innovations. The investments in Demo3D (software that allows for system simulation and emulation and which automatically generates bills of material, electrical circuit layouts and now even PLC software), have accelerated the scalability of the company. On the back of the investments in R&D, sales and marketing, VanRiet’s customer base has been expanding continuously with recently blue chip customers like Amazon and Zalando. VanRiet’s organization doubled over this period, from around 100 employees in 2014 to around 200 now.
Michel Verhoog and Gerritjan Eggenkamp of Avedon Capital Partners: “We are very proud of what Rik van den Boog, his management team and the employees of VanRiet have realized. They have made bold decisions in focusing VanRiet’s strategy and made significant investments accordingly, strengthening and professionalizing the organization and investing heavily in sales, marketing and R&D to further extend the globally leading position of the shoe sorter, introduce new products such as the IQ-grid and in tooling to support the company’s core processes.”
“We would like to thank Avedon for supporting us by substantially investing in- and expanding of the organization to create a platform of excellence that enabled us to accelerate the growth during their ownership. We are now pleased to align ourselves with MHS, and look forward to working alongside them as we continue to enhance our ability to meet a broader set of customer needs around the world,” said Rik van den Boog, Chief Executive Officer of VanRiet.
VanRiet Founded in 1948 VanRiet is a leading global system integrator. The company strives to improve the global competitiveness of its clients by designing, integrating, installing, and maintaining automated sorting solutions. VanRiet focuses its solutions on the high-growth end markets of courier, express and parcel services, e-commerce, and warehouse & distribution. VanRiet employs over 200 people and is based in Houten, the Netherlands, with locations in China, Poland and the US. For more information, please visit www.vanrietgroup.com.
About Avedon Capital Partners
Avedon is a leading lower mid-market private equity firm in the Benelux and Germany, providing growth capital in partnership with strong management teams that have distinctive and ambitious growth plans requiring a step change. Through dedicated sector teams, Avedon seeks proprietary investments within the following four sectors: (i) Industrial & Engineering (ii) Software & Technology, (iii) Business Services and (iv) Consumer & Leisure. Through its Alpha teams, Avedon endeavors to support its portfolio companies in the fields of Sales & Growth Strategy, HR, Operational Improvement and Positioning. For more information, please visit www.avedoncapital.com.
About Material Handling Systems, Inc.
Founded in 1999 and headquartered in Louisville, Kentucky, United States, Material Handling Systems, Inc. has drawn from its employees’ experience and expertise to become one of the leading material handling system integrators in North America. The Company provides the parcel industry with best-in-class design, implementation, and maintenance of turnkey material handling sortation and distribution systems. For more information, please visit www.mhsglobal.com.
About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. is a premier private equity firm investing in middle market growth companies, headquartered in North America, exclusively in four industry sectors: Business & Financial Services, Consumer & Retail, Healthcare, and Media, Information Services & Technology. Using the firm's deep domain expertise and the internal operating capabilities of its Strategic Resource Group, THL seeks to create deal sourcing advantages, and to accelerate growth and improve operations in its portfolio companies in partnership with management teams.
Since its founding in 1974, THL has raised over $22 billion of equity capital, acquired over 140 portfolio companies and completed over 360 add-on acquisitions which collectively represent a combined enterprise value at the time of acquisition of over $200 billion.
Rik van den Boog/Johan Verhoeff
+31(0)88 60 68 111
Michel Verhoog/Gerritjan Eggenkamp
+31(0)20 568 26 21
For MHS or THL:
Sard Verbinnen & Co.
Robin Weinberg/Cameron Seligmann
‘Not for distribution or release, directly or indirectly, in or into the United States or Canada or any other jurisdiction in which the distribution or release would be unlawful. None of the information contained herein constitutes an offer of, or an invitation to purchase, any interests, shares or units, nor any investment advice or services. Neither the investment funds nor their managers mentioned herein are licensed or supervised by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) or by any other supervisory authority in any jurisdiction.’