LOUISVILLE, Ky.--(BUSINESS WIRE)--Material Handling Systems, Inc. (“MHS”), a leading provider of advanced parcel sortation systems, engineering and equipment, today announced that it has entered into a definitive agreement to acquire VanRiet Material Handling Systems (“VanRiet”), a leading global provider of integration systems, equipment, and after-market services solutions, from Avedon Capital Partners (“Avedon”) and management.
Founded in 1948 and based in the Netherlands, VanRiet offers a complete range of automated sortation systems, integration and engineering services, sortation equipment, and after-market services solutions to its global, blue-chip customer base. With an experienced and highly qualified management team and employee base, VanRiet serves high-growth end markets, with a focus on courier and express parcel, traditional postal, third party logistics, and warehouse and distribution customers.
“We look forward to welcoming VanRiet to the MHS family as we continue to expand the capabilities, product set and geographic reach of MHS. MHS has always been focused on putting outstanding customer service first, and we believe VanRiet will provide MHS with a platform to support both companies’ customers with excellent products and services throughout the world,” said Tony Mouser, Chief Executive Officer of MHS. “We have considerable respect for VanRiet’s management team and employee base and look forward to supporting both as we take advantage of each other’s highly complementary products, services, and expertise. VanRiet shares the same core values and commitment to excellence that have made MHS an established leader in the material handling market, making them the ideal cultural fit."
“Over the last 70 years, VanRiet has grown from a small family business into a leading global systems integrator by operating with the highest standards, while delivering our customers tailored solutions that address their most complex logistic challenges. We are very pleased to align ourselves with Tony and his talented team at MHS, and look forward to working alongside them as we continue to enhance our ability to meet a broader set of customer needs around the world,” said Rik van den Boog, Chairman and Chief Executive Officer of VanRiet.
PricewaterhouseCoopers acted as an Accounting and Tax Advisor and Kirkland & Ellis LLP acted as legal counsel to MHS. Robert W. Baird Limited acted as financial advisor and Allen & Overy LLP acted as legal counsel to VanRiet. The transaction is subject to customary closing conditions. Financial terms for the transaction were not disclosed.
About Material Handling Systems, Inc.
Founded in 1999 and headquartered in Louisville, Kentucky, Material Handling Systems, Inc. has drawn from its employees’ experience and expertise to become one of the leading material handling system integrators in North America. The Company provides the parcel industry with best-in-class design, implementation, and maintenance of turnkey material handling sortation and distribution systems. For more information, please visit http://www.mhsglobal.com.
About VanRiet
VanRiet is a global, fast-growing, and leading system integrator and equipment supplier. The Company strives to improve the global competitiveness of its customers by designing, integrating, installing, and maintaining automated sorting solutions. VanRiet focuses its solutions on the high-growth end markets of courier, express and parcel services, e-commerce, and warehouse & distribution. VanRiet is headquartered in Houten, the Netherlands with additional locations in the USA, UK, China and Poland. For more information, please visit https://www.vanrietgroup.com.
About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. is a premier private equity firm investing in middle market growth companies, headquartered in North America, exclusively in four industry sectors: Business & Financial Services, Consumer & Retail, Healthcare, and Media, Information Services & Technology. Using the firm's deep domain expertise and the internal operating capabilities of its Strategic Resource Group, THL seeks to create deal sourcing advantages, and to accelerate growth and improve operations in its portfolio companies in partnership with management teams.
Since its founding in 1974, THL has raised over $22 billion of equity capital, acquired over 140 portfolio companies and completed over 360 add-on acquisitions which collectively represent a combined enterprise value at the time of acquisition of over $200 billion.
About Avedon Capital Partners
Avedon is a leading lower mid-market private equity firm in the Benelux and Germany, providing growth capital in partnership with strong management teams that have distinctive and ambitious growth plans requiring a step change. Through dedicated sector teams, Avedon seeks proprietary investments within the following four sectors: (i) Industrial & Engineering (ii) Software & Technology, (iii) Business Services and (iv) Consumer & Leisure. Through its Alpha teams, Avedon endeavors to support its portfolio companies in the fields of Sales & Growth Strategy, HR, Operational Improvement and Positioning.