– Corporate Finance
– Private Equity
– Buy out
– Business services
Kiwa, active in the Testing, Inspection and Certification (TIC) industry with related auditing and laboratory activities, has been acquired by SHV, a family-owned company with a strong position in operational and selected investment activities, and management.
Kiwa, founded in 1948, has a sustainable and resilient business model with the opportunity to grow substantially, both organic and through acquisitions. NPM Capital became Kiwa’s main shareholder in 2011, when it was active in 9 European countries and since then has been growing sales and margins at a steady rate. Currently, Kiwa is a global player in the TIC industry, mainly active in Europe, but also in Asia, North and Latin America, with almost € 600 million in sales with approximately 5,500 people.
SHV is a family-owned company with a strong position in operational activities and selected investment activities. SHV is active in 64 countries and has more than 51,000 employees. SHV is active in energy distribution (SHV Energy), cash-and-carry wholesale (Makro), heavy lifting and transport activities (Mammoet), industrial services (ERIKS), animal feed and aquafeed (Nutreco) and private equity (NPM Capital). In addition, SHV has a minority shareholding in ONE-Dyas (exploration, development and production of oil and gas).
Vondel Finance is a long-standing, trusted advisor to Kiwa, in multiple stages of its lifecycle. Starting with the sale of Gastec to Kiwa in 2005 and its subsequent carve-out from 13 Dutch Drinking Water Companies in 2006, Vondel Finance has been a lead advisor throughout the years in multiple transactions, amongst others the exit to NPM Capital in 2011, and most recently the sale of the Shield division in 2019.
In the sale to SHV, Vondel Finance acted as lead advisor to the shareholders of Kiwa. As such, we initiated discussions between parties, led the negotiations, and advised management in their reinvestment in the new shareholder structure.