Proof of performance: IHC Merwede
One of IHC Caland’s two core activities - the construction of offshore platforms - generates a sizeable and predictable source of income. The other core activity - shipbuilding - produces results that are subject to fluctuation. Rabobank has ensured that three centuries of Dutch industrial heritage will not fall into foreign hands by separating the shipbuilding activities from the rest of the group and investing equity in the newly formed company.
Deal characteristics
- Buy-out of IHC Merwede with the following division of shares: 49% Rabo Capital, 33% management and employees, 18% Parkland.
Deal in a nutshell
The fact that IHC Caland was carrying out two distinctly different activities, namely building offshore platforms and dredging ships, led to a discount on the share.
Separation from the group via a management and employee buy-out of the shipyards.
IHC Caland, Indofin Group, Rabo Capital.
1 March 2005
Sliedrecht
Case in full
Contact Information
Rabo Private Equity
PO Box 94288
1090 GG Amsterdam
Nederland
T. +31 (0)88 72 00 100
F. +31 (0)88 72 00 117