NIEUWEGEIN, The Netherlands, September 12, 2014 /PRNewswire/ --
- Letter of intent with H2 has not led to an agreement;
- The sale of the alternative fuel companies to Bencis has been completed.
The letter of intent (announced on 7 July) with H2 Equity Partners (H2) for the sale of the following businesses: Rademakers Gieterij B.V., TBS Soest B.V. and Recycling Maatschappij Feniks B.V. has not resulted in agreement. Ballast Nedam will pursue the planned divestment of these companies with other parties.
The sale of the following businesses: CNG Net B.V., LNG24 B.V. and CNG Net Realisatie en Onderhoud B.V. to funds managed by Bencis Capital Partners ("Bencis"), which was announced on 25 July, has been completed. This package of divestments represents a total selling price of approximately €26.5 million, and generates a book profit of over €5 million for Ballast Nedam. The number of jobs involved will not be affected by this transaction.
Ballast Nedam founded CNG Net in 2008 and LNG24 in 2011, to deliver sustainable mobility. These companies develop, invest in, and operate CNG and LNG filling stations for the private and public transport markets, as well as for personal vehicles.
CNG Net is the market leader in this segment in the Netherlands. The company, which recently opened its 58th public filling station, operates 11 dedicated filling locations for customers whose vehicles are fuelled with green gas. LNG24 has been operating an LNG filling station in Zwolle since 2012. The company's ambition is to expand its network of LNG filling stations.
The divestment of CNG Net, LNG24 and related activities marks Ballast Nedam's departure from the niche market for alternative fuels.
Bencis is an independent investment company that helps entrepreneurs and management teams to achieve their growth ambitions. Based in Amsterdam and Brussels, Bencis has been investing in strong, successful companies in the Netherlands and Belgium since 1999.
Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing, mobility, energy and nature in the Netherlands and internationally. We will expand related activities in niche markets and work on projects where we can make a difference for the client with our expert knowledge and skills. Ballast Nedam applies a differentiated market approach for its three divisions.
With further industrialization of the building process through the use of innovative modular concepts and standardization Ballast Nedam creates enduring quality at the lowest possible life cycle costs for its clients and society. The Ballast Nedam share is included in the Amsterdam Small Cap Index (AScX) of NYSE Euronext. http://www.ballast-nedam.com
SOURCE Ballast Nedam NV