SEGUIN, Texas, February 21, 2019 -- Alamo Group Inc. (NYSE: ALG) announced that it has entered into an agreement to acquire 100% of the outstanding capital shares of Dutch Power Company B.V. (“Dutch Power”), a privately held equipment manufacturer based in the Netherlands.
Dutch Power designs, manufactures and sells a variety of landscape and vegetation management machines and attachments under several different brand names including Herder, Conver, Roberine, Votex and Precision Makers. The company’s annual sales in 2018 were approximately US $45 million and the purchase is expected to close in the first quarter of 2019. Dutch Power is majority owned by a private equity group based in the Netherlands, and by Mr. Peter Mouthaan, the company’s managing director. Mr. Mouthaan will continue managing the company upon completion of the transaction.
Alamo Group was initially introduced to Dutch Power through Rabobank, who is a member of Alamo’s banking facility and acted as an advisor to the company. Ron Robinson, Alamo Group’s President and Chief Executive Officer commented:
“We are very pleased to have Dutch Power join the Alamo Group. This is a mature, well-managed company with excellent products that complement Alamo’s existing lines of equipment. This acquisition enhances our platform for growth by increasing both our product portfolio and our capabilities in the European market.”
Mr. Mouthaan added:
“The Dutch Power brands will benefit from the extensive Alamo Group network and this combination offers opportunities for accelerated growth."