Altrad has entered into an agreement to acquire Hertel’s access, insulation, corrosion protection and mechanical businesses.
French mega company, Altrad is about to add yet another industry firm to it’s bursting business portfolio. Altrad and Hertel’s shareholders have reached an agreement for the acquisition of Hertel’s worldwide access solutions, insulation, corrosion protection and mechanical businesses. However, Hertel’s offshore business, which designs, constructs and delivers living quarters and accommodation modules, will not be included in the transaction.
The merger of Altrad and Hertel will have a joint annual turnover in excess of € 1.6 billion and employ approximately 17,000 people worldwide.
Hertel will continue to operate under its current leadership and the Hertel brand.
Previous UK acquisitions by Altrad include Trad, BarOmix, Belle Group, Beaver 84, NSG, Generation and MTD.
A statement on Hertel’s website reads:
Altrad and the shareholders of Hertel have reached an agreement with respect to the acquisition by Altrad of Hertel’s worldwide access solutions, insulation, corrosion protection and mechanical businesses. This agreement has the full support of Hertel’s management, and is subject to the customary approval of competition authorities as well as completion of the consultation process with Hertel’s works council. The transaction is expected to close in the second quarter of 2015.
The combination of Altrad and Hertel, which will have a joint annual turnover in excess of € 1.6 billion and employing approximately 17,000 people, will result in a leading company in its businesses in Europe, the Middle East, Caspian and Asia Pacific.
Hertel Offshore, which designs, constructs and delivers living quarters and accommodation modules, will not be included in the transaction. Hertel Offshore will be continued under the ownership of NPM Capital and Sofinim (the development capital affiliate of Ackermans & van Haaren). Hertel’s senior management will stay involved with the Offshore operations. The Offshore business had a turnover of € 60 million in 2014. The business will change its name going forward.
Altrad to acquire Hertel to create a leading company in multi-disciplinary technical services. Our press release:http://t.co/PeHnrAW2Bh
— Hertel (@hertel_global) March 17, 2015
Hertel announces the news on twitter
Altrad Group president Mohed Altrad said:
“We consider Hertel a promising and exciting company with an attractive long-term growth potential, solid management and corporate values very similar to Altrad. Combining management teams with different sets of experience will enable us to actively exchange ideas and best practices thereby making the combination a benchmark in its industries.”
Victor Aquina, CEO of Hertel said:
“We are excited about this new step in the rich history of Hertel, With dedication, we have been able to successfully finalise the turnaround of Hertel and developed a strong foundation, together with our shareholders, for a bright future for our company. Altrad will be an excellent partner enabling Hertel to realise its ambitions in accordance with our long term growth strategy. I am convinced that this transaction is in the best interest of Hertel , for our customers, our employees and our shareholders.”