Ackermans & van Haaren Acquisition Of 33.3% Stake In V.Group
AvH has announced that it has acquired 33.3% of V.Group for an equity investment of $150.0m (€140.0m; excl. acquisition debt financing). In this transaction, AvH teamed up with European investment fund manager ‘STAR Capital' and the transaction is expected to be closed during 2H24. V.Group is a market-leading ship management and marine support service provider to ship owners and operators around the world. V.Group is headquartered in London, United Kingdom. The company has a global presence with 50 offices across 30 countries and employs c. 2.900 employees worldwide. We welcome this news – AvH continues to put to work its excess capital. We currently estimate net cash to be around ~€260.0m which after the transaction will reduce to ~€120.0m thus reducing ‘cash drag' on AvH's portfolio. We currently estimate NAVps to be €199.6 which implies a discount of 18.4% vs. last close price. We reiterate our BUY rating and €200.0 TP.Ackermans & Van Haaren is an investment company. Co. operates in five sectors: Marine Engineering & Infrastructure, which includes DEME NV, a dredging and marine company; Private Banking, which includes BDM NV - Continentale Verzekeringen NV (ASCO NV), which focuses on marine and industrial insurance via brokers; Real Estate, Leisure & Senior Care, which includes Extensa Group NV, a real estate developer; Energy & Resources, which includes Telemond Group, a supplier to the crane and automotive industry; and Development Capital, which is engaged in ICT and engineering, retail and distribution, real estate development, and media and printing.
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