Case Study

Imtech N.V. has acquired NVS Installation AB

Imtech N.V., a Dutch technical services provider in Europe, has acquired NVS Installation AB (NVS) from funds managed by Triton Managers II Limited for US$340 million.

Imtech N.V. is a European technical services provider in the fields of electrical engineering, ICT and mechanical engineering. Imtech, with approximately 19,000 employees, generates an annual revenue of over US$4.2 billion. The acquisition allows Imtech to implement its strategic plan for further growth. It also establishes a basis for further growth in Scandinavia, both organically and through additional acquisitions. The purchase price will be financed through a separate loan that Imtech has secured with a syndicate of banks. After the acquisition, the Imtech balance sheet will be sufficiently strong enough to continue implementation of the strategic plan 2012.

Imtech Chairman, René van der Bruggen, commented: "The acquisition of NVS represents a real breakthrough for us. Last year we drew up a strategic plan for achieving annual revenues of over US$4.2 billion in 2012. One of the growth axes in the plan is to obtain a strong position in Scandinavia, a region where at present Imtech is only modestly active. NVS focuses on a wide range of fast-growing and diversified activities within the fields of energy, air conditioning and climate technology, with an excellent spread across service, maintenance, management, renovation and new technology implementations. In the fragmented Scandinavian market, this focus will enable further short-term growth by additional acquisitions in electrical engineering and long-term growth by additional acquisitions in ICT. In fact, we are on the threshold of a similar and successful path which Imtech has followed in Germany via the acquisition of a strong mechanical engineering company, complete with electrical engineering and ICT activities, through which Imtech can now offer multi-disciplinary services packages to its customers. Moreover, NVS is an excellently managed company with motivated management, a high margin, strong cash generation, an active acquisition policy and an outstanding track record when it comes to growth. Besides further growth in Scandinavia, NVS is for the longer term aiming at the Baltic states, a region where Imtech does not yet hold a position. We are truly delighted to welcome NVS to the Imtech family."

NVS is one of the leading Nordic installation companies and has around 90 local offices in Sweden, Norway and Finland. NVS's activities comprise installation in the fields of heating and sanitation, fire protection, industry, cooling and ventilation. The entire management team of NVS will stay on after the acquisition, thus guaranteeing continuity.

Oaklins' teams in Norway and the Netherlands were the corporate finance advisors to Imtech in this transaction.

Tombstone image for Imtech N.V. has acquired NVS Installation AB

KEY DEAL CONTACTS

Odd Paulsen

Norway

Principal

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Dan Petterøe

Norway

Partner

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Maarten Wolleswinkel

Netherlands

Partner

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