16 September 2019
Silverfleet Capital invests in leading European hose and subsystem designer and manufacturer BOA CoreDux
Silverfleet Capital, the pan-European private equity firm, has acquired a majority stake in BOA Purified Solutions & BOA Flexible Solutions ( the “Company”). As from today, the Company’s new name will be BOA CoreDux. With operations in Tilburg, the Netherlands and Chateau-Thierry, France, the Company is a leading designer and manufacturer of ultra-purified and highly customised metallic hoses that are used in critical industrial applications. The terms of the transaction were not disclosed.
BOA CoreDux is being divested by BOA Group and operates two complementary divisions: (i) BOA Flexible Solutions, which predominantly focuses on designing and manufacturing metallic flexible hoses which are principally used to transport fluids and gases in high temperature and high-vibration environments for gas turbines, aerospace and other industrial applications; and (ii) BOA Purified Solutions, which produces ultra-purified hoses and systems that are primarily used in the High Tech and Health Tech industries. BOA CoreDux operates across the entire value chain, often co-developing products with its key customers.
The investment is representative of the firm’s strategy of investing behind strong underlying market growth dynamics – in this case technology change driven by the need to develop higher purity control, precision engineering and manufacturing across a range of industries including semiconductors, aerospace and life sciences.
Silverfleet’s investment will enable BOA CoreDux to continue its strong growth through: (i) broadening the Company’s product mix; (ii) increasing existing market share and penetrating new markets; (iii) focusing on operational improvements; and (iv) selective add-on acquisitions to build an international platform.
BOA CoreDux represents Silverfleet's tenth investment from its current mid-market fund, and Silverfleet’s second investment in the Netherlands this year; adding to a portfolio containing companies headquartered in: UK; France; the Nordics; Benelux and Germany.
"BOA CoreDux is a clear market leader operating in an exciting sector with strong growth fuelled by rapid advancements in technology. The Company benefits from the strong and longstanding relationships it has developed with its international client base, and we are excited by the potential to continue to develop its specialist products and penetrate new markets. We look forward to working closely with the Company’s management team and employees as well as with our appointed Chairman, Simon Bambach" comments Jean Châtillon, Partner from Silverfleet’s Paris office.
Jan Hennipman, CEO of BOA CoreDux, adds: "I am delighted that Silverfleet has invested in BOA CoreDux. Their longstanding track record of supporting European businesses develop and internationalise means they will be the ideal partner to take our business through the next stage of growth. The combination of Silverfleet’s extensive investment experience in the Manufacturing sector and international network will be invaluable as we look to execute on our growth objectives."
The Silverfleet team that worked on the transaction included Jean Châtillon and Vincent Clément based in Silverfleet Capital’s Paris office and Erik Fuchs who is based in Silverfleet Capital’s Amsterdam office.
Silverfleet was advised by Advancy (Commercial), De Brauw Blackstone Westbroek and Ropes & Gray (Legal), PwC (Financial & Carve-out, Tax and Debt Advisory), Intuitus (IT), ERM (Environment) and Aon (Insurance). Debt finance was provided by Muzinich & Co and Rabobank.