AAC Capital (“AAC”), a leading Benelux mid-market buyout firm, today announced the acquisition of a majority interest in Hobré Instruments B.V.( “Hobré” ), from Parcom Capital ( “Parcom” ). The company’s management team, headed by CEO, Jeannot Kok, will invest alongside AAC. The acquisition fits with AAC’s strategy to invest in companies with strong international growth potential.
Hobré designs and manufactures online analysers, sample systems and complete turnkey systems and solutions for the Oil & Gas and Process industries. Founded in 1978 as a distributor of analytical instruments and equipment, the company has since expanded into a leading player in their market, with strong engineering capability and a unique portfolio of proprietary, in-house developed products.
Hobre’s product portfolio includes the WIM Compas Wobbe analyser, with the fastest response time in the world. This analyser is used to measure the Wobbe Index, combustion air requirement (CARI) and calorific value of natural and fuel gases. The technology enables clients to optimize their processes, but also to reduce the environmental impact of these operations. The product portfolio further includes the Hobré Laser Technology analyser, which uses innovative photoacoustic laser technology to measure H2S, H2O, CO2 compounds in gas streams.
The company is headquartered in Purmerend, the Netherlands, and employs 85 staff. Hobré serves a broad, global portfolio of longstanding, blue-chip customers, including Oil & Gas operators, OEM’s and engineering companies such as SBM, GE, Nestlé, Hyundai, Gasunie, BP, Exxon and Shell. The company’s turnover is some EUR 20 mln.
Financial details of the transaction have not been disclosed. William Blair acted as advisor to the seller.
Jeannot Kok, CEO of Hobré Instruments, says:
“Together with Parcom, we have grown and enhanced our market position, developing our international sales and marketing activities, and working on our product portfolio. AAC’s investment is a validation of the course we have embarked on. In AAC, we find a like-minded partner, who shares our ambition for accelerating growth, delivering innovative, value-add solutions to our worldwide customers, and being able to support them globally. We have the ambition to double our business in the next four years, further internationalising the company by realising a presence in one or more major Oil & Gas hubs around the globe.”
Marc Staal, Chairman at AAC, says:
“We are impressed by Hobre’s uniqueproduct portfolio and their ability to provide integral solutions for online analysis and sampling in high value at stake processes in the Oil & Gas, energy and process industries. We highly appreciate their long-standing relationships and close cooperation with their blue-chip customer base. We look forward to working together with Jeannot and his team to achieve strong international growth, supporting new and existing clients all around the world.”
Piet-Hein de Jager, Partner at Parcom, says:
“Parcom is pleased to have found a new shareholder for Hobre. During our holding period, Hobre achieved tremendous growth in its organisation–almost doubling the number of employees–, product portfolio and international sales network. Selling off subsidiary CN Rood in 2012 and acquiring Hilase in Hungary last year, have increased the focus on the Oil and Gas markets and broadened the product portfolio. It has been a great pleasure to partner with Hobre's management on the company’s growth strategy over the last couple of years. We believe the company is now well positioned to benefit from the positive market outlook, and we wish AAC and Hobre all the best in the next phase.”
About Hobré Instruments B.V.
Hobré Instruments is a leading company in the field of design, manufacturing, marketing and maintenance of online analyzers, sample systems and complete turn key analyzer systems. The Company provides mission critical on line analyser products, solutions and services to the Oil & Gas and Process industries. The Company was founded 36 years ago and has a recurring base of international Oil & Gas customers covered through own sales people as well as a global network of agents. Hobré has a state-of-the-art product portfolio, which is based on a strong base of proprietary technology. Its development and engineering capabilities combined with its reputation and extensive regulatory know-how on product certifications is a differentiator in the market. Hobré ’s production and HQ is located in the Netherlands, where the company employs 85 people. Hobré has a strong R&D team. The company is continuously developing its own products and building client-specific systems and solutions.
About AAC Capital
AAC is a leading Benelux mid-market buy-out firm, which has to date completed 27 management buyouts, of which 20 have been realised. It targets opportunities for majority stakes in profitable, cash-generative companies headquartered in the Benelux. AAC’s deal size is typically between €10 and €150 million, and it is currently investing from its third, Benelux focussed fund. AAC is a growth oriented investor, with such companies in its portfolio as Desotec, Orangefield Group, Salad Signature and Lubbers Transport Group.
About Parcom Capital
Parcom Capital is a leading mid-market private equity firm active in the Benelux. Parcom was founded in 1982 as one of the first buy-out and expansion capital funds in the Dutch market. Over the past 30 years, Parcom achieved highly attractive returns for its investors, built a strong reputation in the market, invested directly in over 75 companies since inception, and helped multiple management teams torealize their growth ambitions.
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