London-headquartered private equity firm Equistone has made the first investment from its €2.8bn new fund, in greenhouse manufacturer Boal Group.
The firm has bought Netherlands-based Boal, which does a significant amount of business in the UK and has a site in Shepshed, from its current chief executive Ronald Boers and founder Marinus Boers, both of whom will retain a minority stake.
Boal specialises in designing and making aluminium roofing and sidewall systems for greenhouses, with most of its business centred around the horticultural greenhouse industry.
“The greenhouse industry is growing rapidly, a development from which Boal Group is set to benefit enormously," said Ronald Boers. "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.”
As well as greenhouses, Boal also supplies aluminium extrusions to the construction, engineering, and transport sectors.
It employs around 370 people and generated revenues of €155m in 2017.
Under Equistone's ownership, the business plans to grow its presence in the horticultural greenhouse industry through innovation, geographic growth and expansion into poly-greenhouse roofing systems.