Baker Tilly Corporate Finance - Recair B.V.

Description

Waalwijk business Recair joins Swiss Zehnder
The Waalwijk-based Recair, a producer of energy-efficient heat exchangers, has been acquired by the Swiss company Zehnder. Baker Tilly, Dommerholt Advocaten and De Jong & Laan provided deal advice and brought the transaction to a successful conclusion.

Zehnder Group is one of Europe's larger manufacturers of radiators, cooling systems and ventilation systems for indoor spaces. The business serves both consumer segments - such as apartments and homes - and business segments - including hospitals, offices, schools, sports halls and warehouses.

It was 2002 when the originally Swiss business first entered the Dutch market with the purchase of Zwolle StorkAir, which was founded in 1937 as a fan specialist. Now - seventeen years after this purchase - comes Zehnder's second acquisition in our country. With the acquisition of Recair, the business expands its market share in heat exchangers for the residential market. Recair develops, manufactures and markets energy-efficient heat exchangers developed primarily for use in ventilation units for residential construction. Through a subsidiary, Metis, Recair also controls its own thermoforming of plastic parts. The business exports its products to more than 25 countries.

"The future requires major investments. Under the Zehnder umbrella, Recair's future is guaranteed," state Henk Reijneveld and Gerard Merkx, the two shareholders of the Waalwijk-based business. They look back on a pleasant takeover process: "The entire process went flawlessly."

This process was guided by Baker Tilly Corporate Finance, the M&A arm of business services provider Baker Tilly. "In close consultation with Lorijn van Leersum and Bas van Klaveren (the deal makers, ed.), we drew up a list of potential buyers," says Reijneveld: "With the help of Baker Tilly's international network, the potential buyers were approached anonymously and, after signing a confidentiality agreement, the parties received Recair's information memorandum. From this process, several parties - both competitors and customers - submitted bids for the shares. We entered into discussions with these parties and from this Zehnder emerged as the most suitable candidate."

Now that it was clear who the desired buyer was, Baker Tilly set up the data room for the due diligence, after which the firm supported Recair in drafting and negotiating the various contracts. The legal aspects of the transaction were in the hands of colleagues Marcel Ploegsma and Lex Janssens. On the other side of the deal table were the M&A advisers hired by Zehnder from Dommerholt Advocaten (Edo Nijdam and Rick van Betten) and De Jong & Laan (Peter Miedema).

As part of the integration, Recair will continue as an independent business within the Zehnder Group. All employees will retain their positions and the company's two founders will remain active in support of the business.