3i completes acquisition of Daalderop
3i, Europe's leading private equity and venture capital company, today announces that it has completed the acquisition of Daalderop.
Daalderop is a leading supplier of innovative heating equipment and solar energy systems in the Netherlands. The company also develops, manufactures and sells high quality electric water heaters. Daalderop occupies a strong position in the Benelux and is expanding its operations into surrounding countries, including the UK and Germany. The company employs 140 people.
Bart Romeijn, Managing Director Daalderop, commented: "This acquisition enables us to accelerate the strategy change, which involves concentrating on our own label central heating boiler, the Combifort®, that we implemented last year. This change of strategy is already paying dividends: in 2004 we experienced record sales of central heating boilers. With 3i's knowledge, experience and international network, we will be able to continue our international expansion."
Guus Overdijkink, Investment Director 3i Benelux, commented: "We are delighted with this acquisition. Daalderop operates in a very attractive growth market and we fully support the management team and its new strategy. In partnership with Daalderop, we will continue the company's international growth strategy."
Notes to editors
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
Since its foundation in 1998, 3i Benelux has invested a total of €1.6bn in 11 companies, including Refresco, Hyva, UTT and van Wijnen.