• Wed. Jul 24th, 2024

Crestview Partners sells TenCate Grass

TenCate Grass

TenCate Grass Holding B.V. has announced that a definitive agreement has been reached whereby affiliates of Leonard Green & Partners will acquire a majority stake in the Company. The new owners will purchase all of the shares of TenCate currently owned by Crestview Partners and select other shareholders.

According to a statement released by TenCate Grass, ‘the current senior management team of TenCate will remain invested alongside LGP and will continue to lead the Company’.

Michael Vogel, Chief Executive Officer of TenCate, said: “We were extremely fortunate to have had Crestview as our partner over the past two years. Crestview was instrumental in supporting our growth ambitions, enabling us to reach global revenues of $1.5 billion and earnings in excess of $200 million. While it is bittersweet to end our very successful partnership with Crestview, we are thrilled to be moving forward with LGP. The team at LGP is clearly aligned with our current strategic thinking. We expect to benefit greatly from their vast experience in investing in market leading companies and brands.”

Joe Fields, CEO of TenCate Grass Americas added: “In addition to being strategically aligned, our corporate values mirror those of LGP and we believe that we could not have found a better partner from a cultural alignment standpoint.”

Jonathan Seiffer, Senior Partner of LGP, added: “TenCate is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. We strongly believe that TenCate’s best years are ahead. We are thrilled to partner with their broad group of employee owners and to help deliver the next phase of outstanding growth.”

Brian Cassidy, Chairman of TenCate and President of Crestview, stated: “TenCate’s remarkable performance is a direct result of management excellence and their ability to drive continuous operational improvements while simultaneously executing multiple strategic acquisitions. We extend our sincerest gratitude to the entire TenCate team for our strong partnership and wish them all the best as they embark on their next stage of growth in partnership with LGP.”

The transaction is expected to close in February 2024. Terms of the transaction were not disclosed.

Guy Oldenkotte

Guy Oldenkotte is senior editor of sportsfields.info and has been covering the outdoor sportssurfaces market and industry since 2003

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