Stenman Holland Acquires De Woerd
VEENENDAAL, The Netherlands – Axa Stenman Holland BV, manufacturer of locks and lighting sets for bicycles, has taken over De Woerd BV, the Dutch maker of chain guards. With this takeover Stenman Holland is
VEENENDAAL, The Netherlands – Axa Stenman Holland BV, manufacturer of locks and lighting sets for bicycles, has taken over De Woerd BV, the Dutch maker of chain guards. With this takeover Stenman Holland is able to expand its range of bicycle components and accessories and with that enhance its position at bicycle manufacturers and distributors on the national and international markets.
De Woerd and Stenman Holland share for the biggest part the same customers. One of Stenman Holland’s objectives with this takeover is to grow De Woerd on its export markets. For that De Woerd will keep its identity and will be operated as a separate company like the Basta Group A/S that is also owned by Stenman Holland.
De Woerd BV develops and produces plastic bicycle components, mainly chain cases, chain guards and clothing protectors for OEM and aftermarket. The family enterprise, originally a shoe factory, was founded in 1919 in Barneveld, the Netherlands. The company recently modernized its injection moulding department. De Woerd has seven injection moulding presses ranging from 25 to 350 ton, covering a major part of its total production. The company employs 38 people and its yearly turnover is estimated at about € 6 million.
Stenman Holland employs about 450 people and manufactures metal products divided into two ranges: builders hardware & bicycle components and accessories. The builders hardware range includes products such as hinges, casement stays & door locks. Bicycle components and accessories include ring, U-bar & cable locks and lighting equipment such as dynamos, front lights and electronic rear lights. The company has production facilities in the Netherlands and Poland.
Further expansion by acquisitions
Stenman recently changed its financial structure in which private equity firm Bencis Capital and Stenman’s management have gained 100% of the shares. In a September 2007 press release on these changes Stenman CEO Cees Oosterhoorn said that: “The management team, supported by Bencis, will continue its current strategy of further expansion by growth as well as acquisitions. The new financial structure makes it much easier for us to respond quickly on market developments, for example with acquisitions.”
The 2007 turnover of the company that is headquartered in Veenendaal, The Netherlands is estimated at about € 100 million.