TVH Parts finds partner in D’Ieteren Group

Parts specialist TVH, a global player in the field of spare parts and accessories for lift trucks, industrial vehicles, construction and agricultural machinery, has found a partner in D’Ieteren Group for 40% of the shares.

In October 2020, it was announced that TVH Parts was looking for a strong minority shareholder who is aligned with both the long-term vision and the culture of TVH Parts. That partner was now found in D’Ieteren Group. The shares concerned are the 40% of shares that were held by the Vanhalst family. The remaining 60% of the shares remain in the hands of the Thermote family.

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, for whom the development and well-being of the employees is a priority. The company firmly believes in the importance of sustainable business and long-term growth. In addition to these similarities, D’Ieteren Group originated from the automotive industry, which is of course related to the activities of TVH Parts.

Dominiek Valcke, CEO of TVH Parts, said. “I’m 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 dialogues with the management and founding families of the group. We truly believe that their values and their aspiration on seeking long-term growth are aligned with those of TVH Parts. Together we can continue to work successfully together on our mission to keep our customers and employees going and growing.”

Francis Deprez, CEO of D’Ieteren Group, said, “I’m very proud to announce the acquisition of the shares of TVH Parts. 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 convinced to support TVH Parts in its long-term development.”

The Thermote Family said “We are very grateful for having partnered with the Vanhalst family for the last 50 years and 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 for the next fifty years of sustainable growth together.”

Nicolas D’Ieteren, chairman of the board of directors of D’Ieteren Group, said, ”I warmly applaud this new partnership between the Thermote and D’Ieteren families. This acquisition is a new milestone in the long history of our Group, which illustrates our ambition to create value, through supporting innovative organisations driving change in their sector. We look forward to working with the people that make TVH Parts so unique and to draw together the promising future of the aftermarket parts business.”

Completion of the transaction is expected in Q4 of this year.