Vanhalst family sells stake in TVH Parts
12 July 2021
D’Ieteren Group is set to acquire a 40% stake in TVH Parts from the Vanhalst family, which co-founded the company.
The remaining 60% will be retained by the Thermote family, which co-founded the company with the Vanhalsts.
Under the agreement, announced today, D’Ieteren group will acquire the Vanhalst’s 40% share of TVH Parts for around €1,172 million and valued the whole company at €3,650 million.
D’Ieteren Group, which owns Belgium Volkswagen distributor D’Ieteren Automotive and vehicle glass repair specialist Belron, as well as notebook producer Moleskine and real estate company D’Ieteren Immo, has committed to supporting TVH Parts’ development over the long term.
TVH Parts, headquartered in Waregem, Belgium, was created more than 50 years ago, and has become an independent global leader for aftermarket parts for material handling, construction, industrial, and agricultural equipment. Today it has 81 branches in 26 countries across all seven continents, with its 4,500 employees fulfilling more than 17,000 orders a day.
The Thermote family said, “We are very grateful for having partnered with the Vanhalst family for the last 50 years and we are proud of what we have built together. In D’Ieteren we have found a long term partner with a strong family history and with whom we feel a cultural fit. We are looking forward for the next fifty years of sustainable growth together.”
D’Ieteren Group said TVH Parts had built a considerable database over the years, which together with its logistics capabilities, product availability, and multiple e-commerce platforms was at the centre of its competitive positioning. A D’Ieteren Group spokesperson said, “The investment…underlines our commitment to invest in and support the development of companies leading their industries, that enjoy long term growth perspectives, and have highly competent management teams with the ambition to make a difference.”
TVH Parts chief executive Dominiek Valcke, added, “I am happy and honoured that TVH Parts can partner with D’Ieteren Group. In the last months and weeks, we enjoyed the constructive discussions and open dialogues with the management and founding families of the group. We truly believe that their values and their aspiration on seeking long term growth are aligned with those of TVH Parts. Together we can continue to work successfully together on our mission to keep our customers and employees going and growing.”
The deal is set to complete in the fourth quarter of 2021.