3 July 2014
Press release Infestos / Verwater
ENSCHEDE/HOOGVLIET, 3 July 2015, The independent investment organisation Infestos (Enschede, the Netherlands), has acquired a majority stake in the leading tank construction and maintenance company Verwater Group (Hoogvliet, the Netherlands). Together with the entry of the new investor, there has been a refinancing in which additional capital was raised. Jointly these actions led to securing the company’s future. In addition the board of directors changed by the appointment of a new CEO and CFO.
Jacco van der Kamp (COO Verwater Netherlands): “In recent years, the Verwater Group experienced a strong and turbulent growth. Due to a number of large non-core projects, the company turned into a distress situation. These projects are now nearly completed and the focus has returned to our core business again. The capital contributions have resulted in a healthy capital structure, which forms the basis for sustainable future growth. We will continue to support our customers with their tank construction and maintenance challenges and keep on distinguishing ourselves by our high quality standards for health, safety and environment.”
Bernard ten Doeschot (new CEO Verwater): “The Verwater Group is a company with unique capabilities and knowledge of tank construction and maintenance. Especially in the field of jacking, it is the undisputed market leader. The Verwater Group services the largest oil companies, oil storage and (petro)chemical companies in the world. The stringent legislation has resulted in customers intensifying their maintenance programs. As such, the market for construction and maintenance of tank terminals and petrochemical installations is promising and full of opportunities. We have confidence in realizing the company’s full potential and look forward to a sustainable relationship with this wonderful company.”
Verwater consists of a leading group of companies specialized in construction, maintenance and jacking (lifting) of tanks. Founded in 1922, the company developed from a small civil contractor to an all-round contractor. The company is known for its high quality based on experience, knowledge and self-developed technology. With a dedicated team of over 600 employees, Verwater executes excellent, safe and high-quality projects throughout the world. The Verwater Group has offices in The Netherlands, Belgium, France, Turkey, Singapore and the United States. The company’s yearly revenue amounts to approximately EUR 200 million.