Severfield acquires leading Dutch steelwork contractor
Severfield has entered into an agreement to acquire 100% of Voortman Steel Construction Holding (VSCH) for a net consideration of €24M.
The company said the acquisition of the Netherlands-based steelwork contractor will offer greater access to the growing European market and will open up attractive opportunities in the electricity distribution sector.
Combining the two businesses will enhance Severfield’s position as one of Europe’s most diverse structural steel service groups.
Primarily operating in the Dutch market, VSCH has an output of around 15,000 tonnes of steelwork per annum. It is co-located in Rijssen with Voortman Steel Machinery Holding, a leading manufacturer of steel fabrication machinery.
Severfield Chief Executive Officer Alan Dunsmore, said: “Severfield has been growing and developing its European presence over recent years and the acquisition of VSCH will help the Group continue to deliver on its growth strength.
“VSCH is highly regarded in the Netherlands delivering a quality service to its large European customer base and has been growing its capabilities in the high growth electricity distribution sector and through new design and build (turnkey) solutions.”
The acquisition is expected to be completed by April 2023.