Axload Acquisition of majority of shares in Mennens Group

AxLoad, top-ranking supplier of lifting and cargo securing products and services acquires the majority of the shares in Mennens Group from De Hoge Dennen Capital, a Dutch privately held investment company. Mennens is the leading provider of steel wire rope, cranes, lifting products and related services in the Benelux region with sales of 83 MEUR in 2011 and 420 employees.

The combined revenue of AxLoad and Mennens will be approximately 350 MEUR. Tauw was involved in Project Flower by providing Environmental Due Diligence, Technical Due Diligence and a second opinion on existing Valuation reports. Tauw was retained by AxLoad of Sweden.

The Tauw team was led by Flip Kips, Senior project manager, he commented: “Target Mennens Group in the Netherlands is a mid-sized company in hoist and lifting equipment, inspection and consultancy operating from seven sites in the Netherlands and Belgium. Tauw also performed follow-up Phase II soil & groundwater investigations as zero-level benchmarks. Furthermore Tauw was involved in specific SPA advice. The DD process can be characterised as very thorough in-depth assessments. The process was excellently led by the Swedish management. Enough attention and time was given to communication between the different DD parties, which contributed to the success of this deal.”

Mannheimer Swartling in co-operation with De Brauw Blackstone Westbroek represented AxLoad in the transaction. Mannheimer Swartling’s team was led by partners Martin Ericsson (M&A), Stefan Perván Lindeborg (competition law) and Thomas Pettersson (banking and finance). Ericsson commented: “It was a relatively complex transaction which included a roll-over concept with management as well as a simultaneous signing and closing.”

As a result of our good relationship with AxLoad, KPMG and KPMG Meijburg M&A Tax were mandated as financial and tax advisor to AxLoad on the acquisition of the Mennens Group. The joint Swedish/Dutch KPMG team was led by Anders Johansson (Financial) and Arnout Haeser (Tax) and performed both due diligence, structuring and SPA assistance. The close cooperation between all parties involved and the good coordination of the transaction has significantly contributed to the success of this deal.