TenCate acquisition planned

TenCate is poised to be acquired by Tennessee Acquisition – a consortium of Dutch investors – in a deal which values the company at €674 million. 

The offer is being unanimously recommended by Ten Cate’s executive and supervisory boards and the investors have pledged full support for TenCate’s long-term growth strategy, including potential acquisitions. 

If the deal goes ahead, TenCate headquarters, central management and key support functions will remain in Almelo in the Netherlands, and there will be no reorganisation or restructuring plan resulting in significant job losses. 

“This offer represents positive news for all stakeholders involved in our company,” said Ten Cate president and CEO Loek de Vries. “Both our employees and our customers will benefit from the longer-term horizon the consortium will bring. There is a clear commitment to support our strategy, which means we can invest in our product-market-technology combinations, further strengthening our leading market positions. In addition, we can continue our buy and build approach and we will benefit from the capabilities, experience and financial support of our new shareholders. Last but not least, the offer represents a fair price for our existing shareholders. The boards consider the offer to be in the best interest of TenCate and we therefore fully support and unanimously recommend the offer.”