By Shayndi Raice And Simon Clark
Buyout firm Advent International said Tuesday it plans to buy
Dutch conveyor belt company Ammeraal Beltech BV.
Advent will pay between 450 million euros ($502.3 million) and
EUR500 million, according to a person familiar with the matter.
The private-equity firm is buying Ammeraal Beltech from a
holding company owned by Dutch buyout firms Gilde Buy Out Partners
and Parcom Capital Management.
The announcement comes after a report of the deal was published
earlier Tuesday by The Wall Street Journal.
Netherlands-based Ammeraal makes process and conveyor belts used
in a wide range of industries, including airports, food processing
plants, textiles and printing companies. The company has affiliates
in 25 countries with close to 2,500 employees.
Last year, the company said its global turnover was EUR325
million.
Jan Janshen, managing partner at Advent, said the firm plans to
help Ammeraal Beltech increase its presence in China and the
Americas.
Ammeraal was created in 1950 by Thomas Ammeraal, who invented a
woven conveyor belt for the biscuit industry. In 1964, he began
expanding internationally. The company ultimately merged with
Verseidag AG in 2001 to create Ammeraal Beltech.
Write to Shayndi Raice at shayndi.raice@wsj.com and Simon Clark
at simon.clark@wsj.com
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