Equistone Partners Europe, one of Europe’s leading mid-market private equity firms, has agreed to acquire Heras from CRH plc. Heras, which is headquartered in Oirschot in the Netherlands, is a leading provider of perimeter protection solutions. The financial terms of the transaction are undisclosed, while the acquisition remains subject to clearance from the relevant competition authorities.
As part of the deal, the company’s management team will also acquire a minority stake in the business. Heras will continue to be led by managing director Gilles Rabot, who joined the business back in 2015. 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 is used in applications ranging from border control, military bases and critical infrastructure through to the education sector. Its solutions can be tailored and specified to customer needs and supplemented with installation, systems integration, commissioning and maintenance and repair services.
Mobile protection products produced by Heras are primarily used to secure construction sites and major events, with customers including construction businesses, public authorities, event organisers, rental firms, distributors, wholesalers and installers.
Heras has a strong European presence, with sales offices in the Netherlands, the UK, Sweden, Norway, Germany and France. Its production facilities are located 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 Partners Europe, Heras intends to grow as a platform for consolidation by identifying potential add-on opportunities in what is 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’re 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’ll support the company’s continued growth trajectory and its expansion into new markets and regions.”
Gilles Rabot responded: “We’re delighted to have Equistone as a reliable and financially strong new partner. Having Equistone on board will support our continued growth and enable us to expand our business. Together, we will continue to develop and provide high-quality and 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 have led the transaction on behalf of Equistone. The firm has been advised by Munich Strategy (commercial), EY (financial, IT, operations and tax), Clifford Chance (legal), ERM (environmental, Health and Safety) and Houlihan Lokey (M&A and financing).