In May 2014, the private equity fund Avedon Capital Partners acquired a majority interest in VanRiet Material Handling Systems. Based in Houten, in central Netherlands, VanRiet serves the market for automated transport and sorting systems for clients shipping products as varied as shoes, tyres and flowers.
With Avedon’s capital injection of some €30 million, VanRiet will expand its Dutch and Chinese facilities, increase R&D and personnel investments, and grow global markets.
Rik van den Boog (CEO VanRiet): “With Avedon, we have a shareholder who also brings expertise and help to achieve the envisaged growth in the right way.”
Michel Verhoog (Avedon): “Thanks to its software and engineering skills and investments in system development, VanRiet can offer unique customized solutions. We look forward to continued fruitful cooperation with management in realizing their ambitious growth objectives.”
The deal captain, Frank Verbeek of IMPROVED Corporate Finance, explained he was approached by van den Boog to review several growth scenarios. “We short-listed five potential partners. Then there were three, and then there was Avedon.”