Bregal Freshstream today announces it has acquired a majority stake in Verwater (“the Group”), a global industrial and petrochemical contractor specialising in storage tank maintenance, from Infestos, a privately held Dutch investment firm.
Founded in 1922 and headquartered in Rotterdam, Verwater primarily operates in the Amsterdam-Rotterdam-Antwerp region but has global capabilities supported by three international sales offices in Oman, USA and Singapore, working with a blue chip client base including ExxonMobil, Shell, Total, Vopak, Odfjell, Shin Etsu and Dupont.
Verwater is a “one-stop shop” for storage tanks and related infrastructure, providing a range of services including oil tank maintenance, construction and repair as well electrical & instrumentation and engineering & automation services via its Verwater Industrial Services business.
The Group is the market leader in tank related services in North-West Europe, home to Europe’s largest refining and petrochemical hub and the second largest petrochemical cluster in the world. The tank storage industry is governed by strict health and safety and regulatory requirements with Verwater’s specialised equipment and range of sophisticated services, particularly its renowned tank jacking capabilities, consequently in high demand.
The Netherlands is one of the key strategic areas of focus for Bregal Freshstream. Following the transaction, Bregal Freshstream will hold a majority stake in the business alongside Infestos, Verwater’s management team, the Verwater family and others.
Commenting on the investment, Pascal Keutgens, partner at Bregal Freshstream, said:
“Verwater’s focus on health and safety and their understanding of the regulatory backdrop means they are seen as a highly prized partner by a host of blue chip companies for whom safety is the number one priority. We see great potential for the business to expand internationally and increase the range of products and services it offers and we are very excited about working with both Verwater’s management team and Infestos.”
CEO of Verwater, Filip De Wilde, commented:
“In recent years we have delivered a strong operational and financial turnaround by realigning our strategy and investing to strengthen our business and sharpen our operational activities. Consequently, we now have a solid platform on which to build thanks to our market leading position, strong recurring sales and proven international rollout strategy. Bregal Freshstream’s investment will help us to service our existing customers even better while growing into adjacent markets and geographies and I am very much looking forward to working with them on this exciting new stage of our development.”