Bahrain-based Investcorp, a leading global provider and manager of alternative investments, has sold Veco Precision, a Dutch-based division of SGPrints to Gilde Buy Out Partners and Management.
Veco is being carved out of and sold by SPGPrints Group B.V, a leading global provider of integrated solutions for rotary screen and digital printing for textiles and industrial applications, acquired by Investcorp in July 2014.
Veco, founded in 1934, manufactures high-precision metal components for a broad range of applications and is based in Eerbeek, The Netherlands and employs approximately 350 full time employees. The company serves over 1,500 customers across approximately 85 countries worldwide from its sites in The Netherlands, UK, Germany and India.
Working alongside the management team, Investcorp has supported Veco to identify and establish Joost Smits’ leadership as the Company’s chief executive officer and to grow organically as well as through add-on acquisitions, building scale and enabling the Company to establish itself as a standalone business. Throughout this period, Veco has maintained a track record of innovation and has built a strong pipeline that supports its leading market position and supports the future growth of the company.
Andrea Davis, managing director, Corporate Investment Europe at Investcorp, said: “Veco is an enormously successful subsidiary of SPGPrints with a proven track record of innovation and is now well-positioned as a standalone company.
“By identifying the growth potential in key applications and new clients, through successful add-on acquisitions and significant investments into Veco’s technology, we have seen the business prosper. Joost Smits and his team have done an excellent job in preparing Veco for its next phase of growth as an independent business and we wish them every success in the future.”
Joost Smits, chief executive officer of Veco, said: “We have greatly enjoyed our partnership with Investcorp and their valuable support in realizing significant growth. There is a solid foundation to continue our journey as a standalone business. We remain committed as a management team to our ambitious growth strategy and look forward to the opportunities that lie ahead with our new partner.”
William Blair acted as exclusive financial advisor on the transaction. – TradeArabia News Service