Silverfleet Capital invests in BOA CoreDux

Munich, London, Paris, Tilburg, Chateau-Thierry — Silver­fleet Capi­tal, a pan-Euro­­pean private equity firm, has acqui­red majo­rity stakes in BOA Puri­fied Solu­ti­ons and BOA Flexi­ble Solu­ti­ons. The seller of the shares is the German BOA Group. The two comple­men­tary busi­ness units with loca­ti­ons in Tilburg, the Nether­lands, and Chateau-Thierry, France, now operate under the umbrella of “BOA Core­Dux” and are leaders in the produc­tion of custo­mi­zed high-purity metal hoses for criti­cal indus­trial appli­ca­ti­ons. The parties have agreed not to disc­lose details of the transaction.

BOA Flexi­ble Solu­ti­ons deve­lops and manu­fac­tures flexi­ble metal hoses used prima­rily for trans­port­ing liquids and gases in envi­ron­ments with high tempe­ra­ture and vibra­tion loads, such as gas turbi­nes, avia­tion and other indus­trial appli­ca­ti­ons. BOA Puri­fied Solu­ti­ons produ­ces high purity tubing and systems for use in the High Tech and Health Tech indus­tries. BOA Core­Dux covers the entire value chain and often deve­lops products toge­ther with key customers.

The majo­rity invest­ment in BOA Core­Dux is part of Silver­fleet Capital’s stra­tegy to invest in markets with strong growth momen­tum — at BOA Core­Dux this is driven by tech­no­lo­gi­cal advance­ments driven by higher demands in purity control as well as precis­ion engi­nee­ring and precis­ion manu­fac­tu­ring in indus­tries such as semi­con­duc­tor, aero­space and life science.

Silver­fleet Capital’s invest­ment will enable BOA Core­Dux to conti­nue its solid growth trajec­tory. The product port­fo­lio and the current market presence are to be expan­ded and new markets opened up; in addi­tion, the focus is on impro­ving opera­tio­nal proces­ses and buil­ding an inter­na­tio­nal plat­form through targe­ted add-on acquisitions.

BOA Core­Dux marks Silver­fleet Capital’s tenth invest­ment from its current mid-market fund and second in the Nether­lands this year. BOA Core­Dux thus comple­ments a broad port­fo­lio that alre­ady includes compa­nies from the UK, France, Scan­di­na­via, the Bene­lux count­ries and Germany.

“BOA Core­Dux is a clear leader in a promi­sing indus­try with strong, tech­­no­­logy-driven growth and has mana­ged to build long-stan­­ding and stable inter­na­tio­nal custo­mer rela­ti­onships. In the future, we want to further deve­lop the product port­fo­lio and open up new markets. To achieve this, we will work closely with the new Chair­man Simon Bambach, the manage­ment team and the employees,” says Jean Châtil­lon, Part­ner at Silver­fleet Capi­tal in Paris.

Jan Hennip­man, CEO at BOA Core­Dux adds: “I am deligh­ted that we have attrac­ted Silver­fleet Capi­tal as an inves­tor. Silver­fleet Capi­tal has alre­ady supported nume­rous Euro­pean compa­nies in their deve­lo­p­ment and inter­na­tio­na­liza­tion and is an ideal part­ner for our upco­ming growth phase. Both their many years of expe­ri­ence with compa­nies in the manu­fac­tu­ring indus­try and their inter­na­tio­nal network repre­sent an inva­luable advan­tage for achie­ving our growth targets.”

At Silver­fleet Capi­tal, Jean Châtil­lon and Vincent Clément from the Paris office and Erik Fuchs from the Amster­dam office were respon­si­ble for the current transaction.

Advi­sor Silver­fleet Capital:
Advancy (Commer­cial), De Brauw Blackstone West­br­oek, Ropes & Gray (both Legal), PwC (Finan­cial & Carve-Out, Tax & Debt Advi­sory) Intui­tus (IT), ERM (Envi­ron­ment) and Aon (Insu­rance). Debt finan­cing was provi­ded by Muzi­nich & Co and Rabo­bank.

About BOA CoreDux
BOA Core­Dux is part of the BOA Group, a German manu­fac­tu­rer of compon­ents for the auto­mo­tive indus­try and other indus­trial sectors. With appro­xi­m­ately 210 employees in Tilburg, the Nether­lands, and Chateau-Thierry, France, BOA Core­Dux is one of the leading produ­cers of custo­mi­zed, high-purity metal hoses for criti­cal indus­trial appli­ca­ti­ons. BOA Core­Dux consists of two comple­men­tary busi­ness units: BOA Flexi­ble Solu­ti­ons deve­lops and manu­fac­tures flexi­ble metal hoses used prima­rily for trans­port­ing liquids and gases in envi­ron­ments with high tempe­ra­ture and vibra­tion loads, such as in gas turbi­nes, avia­tion or other indus­trial appli­ca­ti­ons. BOA Puri­fied Solu­ti­ons produ­ces high purity tubing and systems for use in the high tech­no­logy and health­care indus­tries. www.coredux.com

About Silver­fleet Capital
Silver­fleet Capi­tal has been active as a private equity inves­tor in the Euro­pean mid-market for more than 30 years. The 30-strong invest­ment team works from Munich, London, Paris, Stock­holm and Amsterdam.

Nine invest­ments have alre­ady been made from the second inde­pen­dent fund closed in 2015 with a volume of 870 million euros: The Masai Clot­hing Company, a women’s fashion whole­sa­ler and retailer head­quar­te­red in Denmark; Coven­tya, a French deve­lo­per of specialty chemi­cals; Sigma Compon­ents, a UK-based manu­fac­tu­rer of precis­ion compon­ents for civil avia­tion; Life­time Trai­ning, a UK-based provi­der of trai­ning programs; Pumpen­fa­brik Wangen, a manu­fac­tu­rer of specialty pumps based in Germany; Riviera Travel, an opera­tor of escor­ted group tours and crui­ses based in the United King­dom; 7days, a German supplier of medi­cal work­wear; Prefere Resins, a leading phen­o­lic and amino resin manu­fac­tu­rer in Europe; and CARE Ferti­lity, a leading opera­tor of ferti­lity clinics in the United Kingdom.

Silver­fleet Capi­tal also main­ta­ins an invest­ment team focu­sed on smal­ler middle-market compa­nies, which has alre­ady made two successful invest­ments: STAXS Conta­mi­na­tion Control Experts, a leading supplier of clean­room supplies in the Bene­lux (closed in Janu­ary 2019), and Micro­gen Finan­cial Systems, a leading provi­der of trust and fund admi­nis­tra­tion soft­ware to the trust and corpo­rate services indus­try (pending share­hol­der appr­oval of seller Apti­tude Soft­ware Group plc).

Silver­fleet achie­ves value growth by inves­t­ing in compa­nies in its core sectors that bene­fit from speci­fic, long-term trends. Silver­fleet supports these compa­nies in their future growth stra­te­gies. As part of these stra­te­gies, invest­ments are made in orga­nic growth drivers, inter­na­tio­na­liza­tion, stra­te­gic acqui­si­ti­ons or opera­tio­nal impro­ve­ment proces­ses. Since 2004, Silver­fleet Capi­tal has inves­ted €2 billion in 31 companies.

Silver­fleet specia­li­zes in four key indus­tries: Busi­ness and Finan­cial Services, Health­care, Manu­fac­tu­ring, and Retail and Consu­mer Goods. Since 2004, the private equity inves­tor has inves­ted 31% of its assets in compa­nies head­quar­te­red in the DACH region, 34% in the UK and Ireland, 18% in Scan­di­na­via, and 17% in France and Bene­lux (includes a U.S.-headquartered invest­ment sourced in Belgium).

Silver­fleet Capi­tal has a solid invest­ment track record. Most recently, Silver­fleet sold Phase One, a leading tech­no­logy company in the field of high-end digi­tal camera systems and for image proces­sing soft­ware (invest­ment multi­ple 4.6x); Ipes, a leading provi­der of outsour­cing services for Euro­pean private equity compa­nies (invest­ment multi­ple 3.7x); CCC, one of the leading BPO services provi­ders in Europe; and Cimbria, a Danish manu­fac­tu­rer of agri­cul­tu­ral equip­ment (invest­ment multi­ple cannot be disc­lo­sed for legal reasons); Kalle, a German manu­fac­tu­rer of arti­fi­cial sausage sticks (invest­ment multi­ple 3.5x); OFFICE, a UK-based foot­wear retailer (invest­ment multi­ple 3.4x); and Aesica, a leading phar­maceu­ti­cal CDMO company (invest­ment multi­ple 3.3x).