16 | 03 | 2018

Equistone acquires BOAL Group

Munich/Naaldwijk, 15 March 2018 – Funds managed by Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity investors, have invested in BOAL Group (“BOAL” or “the Group”), a leading designer and manufacturer of high-performance aluminium greenhouse roof and side-wall systems for glass and poly greenhouses.
Equistone will acquire a majority stake in BOAL Group from its current CEO Ronald Boers and the founder of the business, Marinus Boers, both of whom will retain a minority shareholding. BOAL’s management team will also acquire a minority stake in the business. The financial terms of the deal are undisclosed and the acquisition remains subject to clearance from anti-trust authorities.

Headquartered in Naaldwijk, the Netherlands, BOAL Group has 48 years of experience in designing and manufacturing aluminium roofing and sidewall systems for greenhouses and holds a market leading position in the horticultural greenhouse industry. It also supplies the construction, engineering, and transport sectors with aluminium extrusions. The production of its high-performance products is underpinned by its in-house experience, know-how, innovation and aluminium extrusion capabilities across its sites in the Netherlands (‘s-Gravenzande, Maasdijk, De Lier) and the UK (Shepshed). BOAL Group currently employs c.370 people and generated revenues of c.€155m in 2017.

Together with Equistone, BOAL plans to further develop its market-leading position in the horticultural greenhouse industry through continued product innovation, geographic growth and further expansion into the poly-greenhouse roofing systems market. It will do this whilst remaining a reliable partner to its existing customers for greenhouse systems as well as aluminium extrusions.

Marc Arens, Partner at Equistone, said: “BOAL Group already has an impressive market position which provides an outstanding foundation for the next phase of growth. Together with its exceptional management team, Equistone will build on BOAL’s strengths and continue its growth strategy. Our key priorities will be geographic expansion, product innovation and an extension of the Group’s existing product portfolio.”

Ronald Boers, CEO of BOAL Group, commented: “The greenhouse industry is growing rapidly, a development from which BOAL Group is set to benefit enormously. Equistone is the perfect partner for our ambitions and together we will continue to drive the company’s growth plans forward.  We can rely on our long-term strategic partnerships with our customers and our long-standing experience and core competence in the extrusion of high-quality aluminium profiles for the greenhouse industry and other markets.”

Marc Arens, Roman Emanuel Hegglin and Moritz Treude led the transaction for Equistone. Equistone was advised by h&z (commercial), Deloitte (financial), Allen & Overy (legal), PwC (tax), ERM (environmental), GCA Altium (debt advisory), Shearman & Sterling and Stek Advocaten (financing, legal). BOAL was advised by William Blair (M&A), Roland Berger (commercial), Deloitte (financial/tax), Houthoff (legal), Tauw (environmental), Oaklins (financial), VanDoorne (legal), Yeald (management). The completion of the transaction is expected to take place in April 2018.

About Equistone Partners Europe 
Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €125m of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 35 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018.

Equistone is authorised and regulated by the Financial Conduct Authority. Further information can be found at

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For further information about the BOAL companies please refer to the BOAL Group website.
Visit website BOAL Group
For further information about greenhouse roof systems please refer to the BOAL Systems website.
Visit website BOAL Systems