Marktlink Mergers & Acquisitions - Tessu Systems BV

Description

Tessu Systems, Dutch market leader in the field of commercial kitchen ventilation, has become part of the listed Absolent Group from Sweden, a group with several businesses in the field of air filtration. This was announced today by acquisition intermediary Marktlink, which oversaw the transaction. With the acquisition, Absolent Group strengthens its position in the large kitchen segment.

Tessu Systems was founded in 2006 by Frank Berghuis. Together with John van Wezep and Jeroen Berghuis, who joined as shareholders in 2007, Tessu Systems has grown to become the market leader in commercial kitchen ventilation systems. The business had revenues of over 7 million euros in 2019 and had about 20 employees. Tessu manages to distinguish itself with its total approach; an integrated solution delivered quickly and competently by one party.

Meanwhile, Tessu Systems has a solid foundation and there are (international) growth ambitions. With the help of Marktlink, the business sought a suitable partner to fulfill these ambitions, and this led to the acquisition by Absolent Group. In doing so, Frank Berghuis steps back and the daily management comes into the hands of John van Wezep and Jeroen Berghuis. "After fourteen years, Tessu Systems is ready to grow further," Frank Berghuis says. "We are happy for our employees and customers that we are now joining Absolent Group and can benefit from its network and knowledge. We are confident that together we can achieve our (international) growth ambitions."

Willem Mulder, M&A manager at Marktlink, adds: "Frank and Jeroen Berghuis and John van Wezep have built a solid and well-profitable business in recent years. As market leader in wholesale kitchen ventilation, Tessu serves the middle and high end of the Dutch hospitality industry. The fact that the company can write black figures despite corona underlines Tessu's smart business model."

World market leadership as ambition
Absolent Group is a global company with several subsidiaries that develop innovative air filtration systems for a variety of sectors. To expand its market share, the group aims not only to grow organically but also to focus on acquisitions. For example, seven businesses were acquired in 2019, including one active in the large kitchen segment, Finland's Jeven Global Oy. The acquisition of Tessu creates a combination in which Jeven Global Oy and Tessu Systems can benefit from each other's knowledge.

"We are delighted that the Tessu team is joining the Absolent family and look forward to the synergy we can realize with it," stated Axel Berntsson, CEO of Absolent Group. "As a market leader in the Netherlands, Tessu is a very well-performing business with committed employees. With the acquisition of Jeven and Interzon, we added commercial kitchen ventilation to our group a year and a half ago as a strategic growth platform. What we have seen so far proves that it was a good decision to become active in this sector and want to become world market leader."

The acquisition of Tessu Systems came about after mediation by Marktlink. Tessu will continue to operate as an independent business within Absolent Group, retaining its own people and thus its family character.