Case study

Armada Outdoor has been acquired by Andus Group

HVL, a subsidiary of TBI Holding, has sold Armada Outdoor to Andus Group.

Armada Outdoor is a leading Dutch company providing a unique total solution concept comprising design, prototyping, production, installation and maintenance of media facades, illuminated signs, innovative traveler information systems, signposting and outdoor furniture such as shelters and bicycle parking systems.

Andus Group is a holding company focusing on the petrochemical industry, infrastructure and the marine sector.

Joseph Kuling, CEO of HVL, said: “The sale of Armada Outdoor is part of TBI Holding’s strategic restructuring process. An important condition in the sale process was to find a buyer who could provide continuity to Armada Outdoor’s employees. Therefore, we are pleased that Andus Group, a stable and ambitious company, acquired Armada Outdoor."

Oaklins' team in the Netherlands acted as corporate finance advisor to the seller in this transaction.

Tombstone image for Armada Outdoor has been acquired by Andus Group

Key deal contacts

Adse de Kock



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Oscar van Leeuwen



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