Equistone Partners Europe said July 24 that it agreed to buy Heras from CRH plc. Company management is buying a minority stake in the business. Financial terms weren’t announced. Heras, of Oirschot in the Netherlands, provides mobile and permanent perimeter protection systems and products including fencing systems, manual and automated gates, hostile vehicle mitigation barriers and electronic perimeter detection products.
Equistone to acquire Heras
Munich/Amsterdam/Oirschot, 24 July 2019 – Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity firms, has agreed to acquire Heras (“Heras” or “the company”) from CRH plc. Heras, headquartered in Oirschot in the Netherlands, is a leading provider of perimeter protection solutions. The company’s management team will also acquire a minority stake in the business. Heras will continue to be led by Gilles Rabot, who joined the business in 2015. The financial terms of the transaction are undisclosed and the acquisition remains subject to clearance from the relevant competition authorities.
Founded in 1952, Heras provides mobile and permanent perimeter protection systems and products including fencing systems, manual and automated gates, hostile vehicle mitigation barriers and electronic perimeter detection products.
The company’s portfolio of medium- to high-security permanent solutions are used in applications ranging from border control, military bases and critical infrastructure through to schools and playgrounds. Its solutions can be tailored and specified to customer needs and supplemented with installation, systems integration, commissioning and maintenance and repair services. The company’s range of mobile protection products are primarily used to secure construction sites and major events, with customers including construction companies, public authorities, event organisers, rental companies, distributors, wholesalers and installers.
The company has a strong European presence, with sales offices in the Netherlands, United Kingdom, Sweden, Norway, Germany and France. Its production facilities are in the Netherlands, Belgium, France, Sweden and the UK. Heras has over 1,100 employees and generates annual revenues of over €220 million.
Following the carve-out of the company from CRH plc by Equistone, Heras intends to grow as a platform for consolidation by identifying potential add-on opportunities in a fragmented market. The company also plans to grow organically by developing new products and services, building new customer relationships and strengthening its existing network.
Hubert van Wolfswinkel, Director at Equistone, said: “We are very impressed by Heras’ leading position in the market, which it has achieved by having a strong European manufacturing footprint, long-standing customer relationships and a highly experienced management team.” Dirk Schekerka, Senior Partner at Equistone, added: “In partnership with Heras’ excellent management and employees, we will support the company’s continued growth trajectory and its expansion into new markets and regions.”
Gilles Rabot, Managing Director at Heras, commented: “We are delighted to have Equistone as a reliable and financially strong new partner. Having them on board will support our continued growth and enable us to expand our business. Together we will continue to develop and provide high-quality, innovative mobile and permanent perimeter protection solutions to meet the ever-evolving safety and security needs of the market.”
Dirk Schekerka, Hubert van Wolfswinkel and Moritz Treude led the transaction on behalf of Equistone. The firm was advised by Munich Strategy (Commercial), EY (Financial, IT, Operations & Tax), Clifford Chance (Legal), ERM (Environmental, Health & Safety) and Houlihan Lokey (M&A, Financing).