TenCate Grass bought by Crestview Partners
Crestview Partners from the US are the new owners of TenCate Grass. Crestview Partners is a value-oriented private equity firm and has strong ties to the media, financial services and oil and gas industries.
Brian Cassidy, Co-President and Partner of Crestview, said, “The artificial grass market is growing rapidly due to a number of compelling secular trends that Crestview has been investing behind for a number of years. The importance of sports and fitness for consumers is increasing while urbanization is putting a premium on space. We also view artificial grass as part of a broad range of solutions that can help address water scarcity issues around the world. We believe TenCate Grass’ best-in-class research and product development and world-class leadership team will allow it to capitalize on these growth opportunities. We look forward to partnering with management and expanding the Company’s reach both organically and inorganically.”
Michael Vogel, CEO of TenCate Grass, stated, “We look back with pride on the years of being part of the TenCate family and the partnership with Gilde. We are very excited to have Crestview as a new investor for this next chapter in TenCate Grass’ history. They share the passion we have for our products and services and have highly complementary experience in the sports and leisure segments. We are confident that Crestview’s expertise, resources and global reach, along with their commitment to an acquisition expansion strategy, will enable us to reach our growth potential.”
Headquartered in Nijverdal, the Netherlands, TenCate Grass, with approximately $600 million in revenues, has grown substantially over the past five years, leveraging its historic position as the world’s largest artificial grass and yarn backing manufacturer to become a full-service, vertically integrated provider of comprehensive artificial turf solutions ranging from manufacturing to distribution, installation and maintenance.
Through a combination of organic growth and M&A, TenCate Grass has expanded into the high-growth landscape end market, complementing the Company’s leading position in sports, and has gained a leadership position in the United States, which is experiencing rapid growth supported by secular tailwinds, including water conservation and increased participation in sports, fitness, and leisure experiences. As the market leader in an estimated $5 billion a year market, TenCate Grass takes pride in its track record of sustainability-linked innovation throughout the entire artificial turf product lifecycle.
Today, the Company has a global footprint, including manufacturing and distribution facilities in the Netherlands, the United States, and the United Arab Emirates, and does business in more than forty countries across North America, Europe, Asia, Oceania and Africa.