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Mon May 20 2024

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Wessels family takes back control at VolkerWessels

2 Oct 12 The Wessels family has reached an agreement to expand its interest in VolkerWessels and will once more have a controlling interest in the company.

VolkerWessels has companies in the Netherlands, North America and the UK, where its businesses include VolkerFitzpatrick, VolkerHighways, VolkerRail and VolkerStevin.

Reggeborgh, the family’s private investment company, reached the agreement with CVC Capital Partners to increase its current interest by 17.5% to more than 60%.

CVC will continue to hold approximately 25% of the shares, with the remaining 15% being held by about 150 of the company's managers. In 2007 the Wessels family sold its majority interest to CVC. The family said that its decision was motivated by its strong commitment to the company. The current economic climate requires the management to take various measures that can further strengthen and expand the position VolkerWessels.

Dik Wessels will stay on as a member of the supervisory board. CVC said it was pleased with the recent developments. WWe are delighted that the Wessels family have decided to strengthen their ties with VolkerWessels through this transaction,” it said. “We are confident that VolkerWessels faces a bright future.”

The transaction is pending approval by the Netherlands Competition Authority (NMa).

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