Pressrelease
H2 Equity Partners and Gerritse IJzerwaren enter into collaboration
Amsterdam, August 2010Investment company H2 Equity Partners and ironmongery & hardware wholesaler Gerritse IJzerwaren announce that H2 Equity Partners has acquired a controlling interest in Gerritse IJzerwaren. The objective of the participation is to realise accelerated growth for Gerritse via a variety of measures, including acquisitions. The parties have reached an agreement regarding a transaction whereby the ownership of Gerritse IJzerwaren shares will be divided between H2 Equity Partners, Kees Gerritse and the management of Gerritse IJzerwaren. The amount involved in the H2 participation will not be publicised.
Gerritse IJzerwaren is a chain of ironmongery & hardware wholesalers, with 23 stores in the western and central Netherlands. In addition, the firm serves its clientele, which is mainly made up of construction and installation companies, via a webshop for online orders. Gerritse IJzerwaren is known for its extensive range of tools, fasteners, door and window fittings, furniture fittings and other ironmongery products, and for its high level of service. All local Gerritse stores follow the ‘1-2-3 concept’: the customer is the central focus and can count on convenience, speed and delivery as promised. In 2009, the firm, which employs around 300 people, achieved a turnover of approximately EUR 65m, with excellent profitability.
Harmen Geerts, partner at H2 Equity Partners, says: ‘Gerritse IJzerwaren is a very strong business that distinguishes itself from its competitors through its extensive product range and high-quality service. This allows Gerritse to keep its turnover and profitability at the required level, even in these troubled times. This achievement provides a strong platform for accelerated growth and expansion throughout the Netherlands, by opening new stores and making add-on acquisitions. The participation by H2 Equity Partners provides Gerritse with this growth opportunity, as besides capital, we can also contribute know-how and operational experience. The ’1-2-3’ service concept will not be altered.’General Manager of Gerritse IJzerwaren, Kees Gerritse, says: ‘It is precisely during a time of recession in the construction sector that Gerritse IJzerwaren will continue to invest in growth. Over the course of the past year, Gerritse has once again invested in three new stores. And for the coming years, we see opportunities to accelerate this growth. Besides capital, H2 Equity Partners has the operational knowledge to support Gerritse IJzerwaren in this strategy.’
About Gerritse IJzerwaren
Gerritse IJzerwaren BV is the leading wholesaler of builder’s fittings, tools and fasteners in the central Netherlands. The company was established in 1928. With 23 local stores, a unique distribution centre and an in-house MBO-3 study programme (the Gerritse College), Gerritse is strongly geared towards the construction and installation sector. The service provided to the customer is the central focus of the entire organisation. Besides 23 brick-and-mortar stores, Gerritse also offers an online shop (www.gerritse.nl). Over 18,000 items are offered in this webshop, divided across 13 product groups. Besides hardware and tools, Gerritse Online also offers products that are relevant to a specific profession or job. Gerritse IJzerwaren is a sustainable company and offsets the CO2 emissions that result from its consumption of gas, petrol, diesel fuel and electricity. See www.gerritse.nl.
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