09.07.2021

TVH ownership changes

The Vanhalst family (the VH in TVH) in the shape of Pascal Vanhalst, son of co-founder Paul Vanhalst, who died in 2002, has sold its 40 percent stake in TVH Parts. The buyer is publicly listed Belgian conglomerate D'Ieteren Group, which owns multi-franchise car dealer D'Ieteren Automotive, car glass supplier Belron, notebook manufacturer Moleskine and real estate business D'Ieteren Immo.

The Thermote family (the T in TVH) in the form of co-founder Paul Thermote’s daughters Ann and Els, will retain the majority 60 percent holding in the business. The move was prompted last year when the two families decided to go their own ways, before facing the complexities of handing the business on to a third generation, which would have led to a major fragmentation in ownership.

As a result, the group was divided into two separate entities - TVH Parts and the international rental business Mateco Holding, in preparation for this latest step. TVH Parts is managed by Dominiek Valcke, while Armin Rappen heads Mateco Holding.

It was then agreed that Vanhalst would sell his stake in the TVH Parts and take 100 percent of the Mateco rental equity. Thus, the need to find a minority partner for TVH Parts, ideally a partner with a similar outlook and philosophy as the current owners. D’leteren paid somewhere in the region of €1.17 billion, giving TVH Parts an enterprise value of around €3.65 billion. D’leteren will fund the purchase from its €1.5 billion cash pile, the transaction is expected to complete in the fourth quarter.
TVH headquarters in Waregem, Belgium

D’Ieteren was established in 1805 by Jean-Joseph D'Ieteren when he began a coach building business, which was to eventually take it into the automotive industry. In the 1930s it assembled Studebaker cars followed in 1954 by Volkswagen Beetles at a new plant in Forest, near Brussels. While it is publicly quoted on the Stock exchange the D’Ieteren /Périer family still owns 58.48 percent of the company’s equity. TVH will become a fifth long term activity alongside car distribution, car glass, Moleskine and real estate. D'Ieteren had revenues of €7.2 billion in 2020 (down from more than €8 billion in 2019) with a pre-tax profit of €332 million.

TVH Parts chief executive Dominiek Valcke said: “I am happy and honoured that TVH Parts can partner with D’Ieteren Group. In the last months and weeks, we enjoyed the constructive discussions and open dialogues with the management and founding families of the group. We truly believe that their values and their aspiration on seeking long term growth are aligned with those of TVH Parts. Together we can continue to work successfully together on our mission to keep our customers and employees going and growing.”

D’Ieteren chief executive Francis Deprez added: “I’m very proud to announce the acquisition of the shares of TVH Parts. TVH Parts is a global leader in the growing and resilient business of machinery spare parts, whose purpose and values perfectly match our own. As with all our activities, D’Ieteren Group is convinced to support TVH Parts in its long term development.”

A statement from the Thermote family said: “We are very grateful for having partnered with the Vanhalst family for the last 50 years and we are proud of what we have built together. In D’Ieteren we have found a long term partner with a strong family history and with whom we feel a cultural fit. We are looking forward for the next fifty years of sustainable growth together.”

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