Reggeborgh, the private investment company of the Wessels family, has reached an agreement with CVC Capital Partners regarding the expansion of its shareholding interest in VolkerWessels. The family's current interest will be increased by 17.5%, to over 60%. This will give the Wessels family a controlling interest in the company.
CVC will continue to hold approximately 25% of the shares, with the remaining 15% being held by around 150 of the company's managers. In 2007 the Wessels family sold its majority interest to CVC. The family explained that its decision was motivated by its strong commitment to the company. The current economic climate requires the management to take various measures that can further strengthen and expand the position VolkerWessels.
The next generation in the family have expressed their confidence in VolkerWessels. Dik Wessels will stay on as a member of the Supervisory Board. CVC said it was pleased with these recent developments. ‘We are delighted that the Wessels family have decided to strengthen their ties with VolkerWessels through this transaction. We are confident that VolkerWessels faces a bright future.'
The announced transaction is pending approval by the Netherlands Competition Authority (NMa).
CVC Capital Partners ("CVC") and Reggeborgh have agreed on the final sale and exit of CVC's remaining stake in...