D'Ieteren Group SA completed the acquisition of 40% stake in TVH-Group Thermote & Vanhalst from Vanhalst family.
October 30, 2021
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D'Ieteren Group SA (ENXTBR:DIE) signed an agreement to acquire 40% stake in TVH-Group Thermote & Vanhalst from Vanhalst family for €1.2 billion on July 9, 2021. As a part of acquisition, the agreement values the TVH-Group at an enterprise value of €3.65 billion. D'Ieteren Group has funded the acquisition with it's excess liquidity, with an expected provisional investment of €1.17 billion representing 40% of the capital of the company. The 60% of remaining portion of the equity will remain owned by the Thermote family. TVH-Group has generated a total of 2021 May LTM revenue of €1.2 billion and an EBITDA of €250 million. The transaction is subject to customary merger control filings and regulatory approvals and expected in the course of Q4 2021. BofA Securities acted as sole financial advisor in the transaction. Allen & Overy LLP acted as a legal advisor to TVH-Group Thermote & Vanhalst.
D'Ieteren Group SA (ENXTBR:DIE) completed the acquisition of 40% stake in TVH-Group Thermote & Vanhalst from Vanhalst family on October 1, 2021. The transaction is financed through D'Ieteren Group's excess liquidity, valuing TVH Parts at an Enterprise Value of €3.65 billion. The final acquisition price will be determined based on TVH Parts' actual levels of net financial debt and working capital at closing. TVH Parts will be equity-consolidated in D'Ieteren Group's.
In existence since 1805, and across family generations, D'Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following businesses:
- Belron (equity-accounted investee) has a clear purpose: "making a difference by solving people's problems with real care". It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands - including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers;
- D'Ieteren Automotive distributes Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Rimac, Cupra and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards "improving the lives of citizens with fluid, accessible and sustainable mobility";
- TVH Parts (equity-accounted investee), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of "keeping customers going and growing";
- Moleskine is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to "unleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world";
- D'Ieteren Immo groups together the Belgian real estate interests of D'Ieteren Group. It owns and manages 37 sites. It also pursues investment projects and carries out studies into possible site renovations.
D'IETEREN GROUP 
