Advent International has submitted a binding offer to acquire Ammeraal Beltech, a global manufacturer of light-weight process and conveyor belting, from Gamma Holding, a holding company owned by Dutch private equity firms Gilde Buy Out Partners and Parcom Capital Management.
Financial details of the transaction were undisclosed, but a source familiar with the matter told PEI the deal value will be between €450 million and €500 million. Advent and Gilde declined to comment on deal financials.
It is understood the exit has yielded a return of more than 5x for Gilde’s Fund III, a €600 million 2006-vintage.
Based in the Netherlands, Ammeraal Beltech manufactures, distributes and services conveyor belts for a diverse range of applications in light industries, including food processing, automotive, logistics and textiles. The company provides products to more than 25,000 customers in over 150 countries through its nine production plants and more than 80 service centres.
Since its formation in 1950, Ammeraal Beltech has been at the forefront of manufacturing innovative belting solutions. Through its purpose built R&D centres, the company develops and launches new materials, products, accessories, profiles and tools and consequently has the largest portfolio of belting products worldwide and is renowned for its high quality, performance and customer service.
Last year, Ammeraal Beltech generated a turnover of €325 million, a significant proportion of which was derived from the maintenance, replacement and upgrade cycle of process and conveyor belting.
“Advent’s expertise and global network will help the business accelerate its already
growing international presence, particularly in China and the Americas, while maintaining investment in product development, ensuring customer satisfaction and product quality continues to improve,” Jan Janshen, Managing Partner, Advent International, said in a statement.
Advent will use capital from its Advent GPE VII vehicle, a €8.5 billion, 2012-vintage for the investment, it is understood.