- Greenhouse builder Prins Group brings financially strong shareholder HAL Investments on board
03 November 2020
Kwintsheul, 3 November 2020 | Kwintsheul-based Prins Group has reached agreement with HAL Investments on a minority stake that the investment company intends to acquire in the greenhouse builder. Prins Group is a family business and one of the leading independent greenhouse builders in the Netherlands, generating approximately 90% of its turnover abroad and intending to grow substantially in the coming years._Kwintsheul, 3 November 2020 | Kwintsheul-based Prins Group has reached agreement with HAL Investments on a minority stake that the investment company intends to acquire in the greenhouse builder. Prins Group is a family business and one of the leading independent greenhouse builders in the Netherlands, generating approximately 90% of its turnover abroad and intending to grow substantially in the coming years.
Prins Group has found a financially strong partner and a stable long-term shareholder in HAL investments, who can help realize the company’s international growth ambitions. The company currently has offices in Kwintsheul and Dokkum, with global net sales of approximately €37 million at the end of 2019 and approximately 44 FTEs. The Van Veen family will maintain a shareholding with founder Geert van Veen (CEO, 56), son Tom (25) and son-in-law Marco Zwinkels (35), both in charge of commerce and MT team members.
Geert van Veen, CEO of Prins Group, ‘This is a fantastic moment for our company. Many private equity investors have approached us in recent years, but HAL was the obvious choice. We need growth capital to stay at the forefront internationally, but not at any price. The continuity of our family business, securing employment for our employees, and the prospect of an incredibly dynamic future with a new stable shareholder who’s committed for the long term were the key considerations for us.’
HAL Investments is working on a new portfolio of companies in the horticultural supply chain that can support each other on an individual project basis for large, complex and international projects that are increasingly initiated by investors. In the light of these developments, HAL Investments has also reached an agreement to acquire an interest in Stolze, an installation company that has partnered with Prins Group for many years.
‘Unlike in the Netherlands, these large projects usually come to us first,’ says Van Veen. ‘It all starts with a greenhouse exterior. And when that is finished, there is a whole range of systems that need to be installed inside. We are often asked to provide turnkey solutions for these kinds of projects. To do that, you need close collaboration with reliable partners who understand each other in doing business internationally. Partners you can work with to practically solve the challenges that come your way. HAL’s plans are promising. We have already worked on a number of large projects with Stolze, but HAL wants to bring in even more specialised companies that can be the point of contact for large growers and investors looking for integrated cultivation solutions, including all the services that go along with it.’
The other members of the Prins Group management team, Nico van de Laar, Sebastiaan Vroegop and Rob Schulte, also characterise the move as ‘a great development for the company’. ‘Not only will HAL give us extra resources for expansion, we can also benefit from the experience they have with growing international organisations. We are looking forward to working together.’
Prins Group was advised on the transaction by Bram Breederveld from Blaak & Breederveld Accountants.
The proposed transaction is subject to standard conditions for transactions of this nature, including approval by competition authorities, and is expected to close in the first quarter of 2021. Further financial details of the transaction will not be disclosed.