04 January 2022
Silverfleet announces the sale of CoreDux
Silverfleet is pleased to announce that Arcline Investment Management has undertaken to acquire CoreDux, a manufacturer of flexible gas and fluid artery systems headquartered in The Netherlands. The consultation process of CoreDux’s work councils is to be launched shortly. Completion of the transaction is subject to customary regulatory approvals and is expected by Q1 or Q2 2022.
Founded following a carve-out of two entities from the BOA Group in 2019, CoreDux is today a vertically integrated provider of mission-critical flexible gas and fluid artery systems used in the most demanding high-tech applications such as semiconductor production equipment and aerospace equipment. The firm employs c.300 staff and has manufacturing facilities in The Netherlands and France with further sales and engineering support activities in Germany and the US.
Silverfleet acquired a majority stake in CoreDux in 2019, having identified strong growth in the semiconductor equipment specialty parts market and an opportunity to build a leading full-service provider of flexible gas and fluid artery systems with significant application and engineering capabilities. Since then, Silverfleet has supported CoreDux to consolidate the two BOA entities into one group and to invest in capacity expansion and business development, which has helped drive a revenue CAGR of +20% between 2019 and 2021.
Rob Knight, Partner at Silverfleet says: “Coredux is a differentiated technology business, operating in exciting markets supported by various megatrends, and led by a very high quality management team. It has been a pleasure to work with the team and I wish them well in the next stage of their journey.”
Adrian Yurkwich, Partner at Silverfleet and Board member says: “We are delighted with the development of CoreDux over the last few years and the execution of our investment thesis following a complex carve-out, resulting in another excellent return for our investors. Our thanks go to Jan and his team - we wish them good luck together over the coming years.”
Jan Hennipman, Chief Executive Officer of CoreDux says: “Silverfleet’s investment and strategic guidance has helped us successfully transition the firm’s focus to the most attractive end markets with a business model based on customer intimacy and vertically integrated supply to OEMs. We now look forward to a bright future with Arcline as we embark on the next stage of our growth.”
Silverfleet was advised by Lincoln International (corporate finance), De Brauw Blackstone Westbroek and Jeantet (legal) and PwC (financial and tax due diligence). The Silverfleet team that worked on the exit included Adrian Yurkwich, Rob Knight and Jesper Steffensen.