IK Partners invests in Veldeman

IK Partners (“IK”), a European private equity firm, has reached an agreement to invest in Veldeman Group with its IK Small Cap III Fund. IK is acquiring its stake from the existing management team and a group of individual investors. Management will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Headquartered in Bree, Belgium, Veldeman was founded in 1950 and has evolved from a classic tent builder to a specialist in modular, demountable infrastructure and related services. The current management team has a total of 120 years of combined industry experience. The company provides customised solutions, in sales and rental, for a multitude of markets, including the industrial, retail and high-end events sectors. Veldeman is well-known for its innovative capabilities and offering of turn-key solutions, with a broad range of additional services, including, for example, electricity, climate-control, ventilation and decorations. This high level of customisation and broad suite of products and services allows Veldeman to differentiate itself from its main competitors.

Veldeman has 80 full-time employees, complemented by an extensive network of subcontractors, and serves customers in more than 60 countries out of its locations in Belgium, the USA and Chile. Production takes place in-house at its headquarters to ensure the highest level of quality control, increased reactivity and the ability to develop innovative solutions; all of which are overseen by the engineering team. The company is led by CEO Andy Moors who has been with the company since 2005.

Under the existing management team, Veldeman has gone from strength-to-strength and with the support of IK, it hopes to further improve digitalisation and operational efficiencies; expand into adjacent niches; increase the number of value-added services to become a comprehensive rental provider; and execute a targeted M&A strategy to accelerate growth in the rental offering through internationalisation.

Andy Moors, CEO of Veldeman: “We are thrilled at the thought of a partnership between Veldeman and IK Partners as we feel that its significant experience in the industrials sector and well-established track record in international expansion through buy & build will help us realise our ambitions. We are confident that together we can further develop the company and its offering to provide best-in-class service for our large and loyal customer base. We look forward to working with the team at IK and together further create a dynamic and exciting environment for our employees.”

Frances Houweling, Partner at IK Partners and Advisor to the IK Small Cap III Fund: “Veldeman is a leading provider of high-end temporary structures with ample opportunity for international growth. The fragmented nature of the market offers significant buy-and-build potential which will allow the company to both further develop its offering and expand into adjacent marketsand territories. We have been impressed by the company’s journey to date and look forward to working with Andy and the team at Veldeman to help unlock significant additional value.”

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