TVH head office

Parts specialist TVH has sold the 40% stake previously held by the Vanhalst family to D'Ieteren Group.

The purchase price was not revealed, but the transaction follows the October 2020 announcement that TVH Parts was looking for a strong minority shareholder aligned with both the long-term vision and the culture of TVH Parts.

The TVH business was divided with the Vanhalst family taking full control of the Mateco machinery division, in which it previously held a 50% stake. The Thermote family retained control of the TVH Parts division, with a 60% stake. D'Ieteren Group will take over the Vanhalst stake, in a transaction expected to close in Q4 of this year.

D'Ieteren Group is a listed company and already comprises four activities: D'Ieteren Automotive, Belron (Carglass), Moleskine and D'Ieteren Immo.

Like TVH Parts, D'Ieteren Group is a family business with a long, successful history and clear Belgian roots. The company firmly believes in the importance of sustainable business and long-term growth, with the development and well-being of the employees as a priority - much like TVH. In addition to these similarities, D'Ieteren Group originated from the automotive industry, which is related to the activities of TVH Parts.

Dominiek Valcke, CEO of TVH Parts, says he is happy and honoured that TVH Parts can partner with D'Ieteren Group. "In the last months and weeks, we enjoyed the constructive discussions and open dialogue with the management and founding families of the group. We truly believe that their values and their aspiration of seeking long-term growth are aligned with those of TVH Parts. Together we can continue to work successfully on our mission to keep our customers and employees going and growing."

Francis Deprez, CEO D'Ieteren Group, says: "TVH Parts is a global leader in the growing and resilient business of machinery spare parts, whose purpose and values perfectly match our own. As with all our activities, D'Ieteren Group is (determined) to support TVH Parts in its long-term development."

A statement from the Thermote family acknowledges the 50-year partnership with the Vanhalst family, noting "we are proud of what we have built together".

"In D'Ieteren, we have found a long-term partner with a strong family history and with whom we feel a cultural fit. We are looking forward to the next 50 years of sustainable growth together," the statement adds.

D'Ieteren chairman Nicolas D'Ieteren describes the acquisition as a new milestone in his group's long history "which illustrates our ambition to create value, through supporting innovative organisations driving change in their sector".

As reported earlier, the split of TVH assets between the two founding families was amicable.

While the major assets of the group have been divided, both families retain their interests in TVH Equipment nv, the Belgian branch of Mateco. The business "where it all started 50 years ago remains in the hands of both families through a joint venture", according to reports.