‘Seagull takes off’: Tauw provided EDD services in confidential take-over process

You may have noticed the following press announcement some time ago: ‘Resinall Rütgers Resins GmbH (RRR) acquires Neville Chemical Europe BV (NCE). ’During the first three quarters of 2011 a multi-disciplined project team of Tauw has provided extensive Environmental Due Diligence (EDD) services to RRR in the framework of this contemplated takeover. This very confidential process all took place under the code name ‘Project Seagull’.

RRR, a joint venture between the German RÜTGERS Novares GmbH and the Belgian Resinall Europe bvba, approached us in December 2010 to ask for assistance. They indicated that the target company NCE, a producer of hydrocarbon resins for the printing inks, coatings, asphalt and rubber industry, has its operations at the former Cindu site in Uithoorn (the Netherlands). Given the long industrial history of the site (dating back to the second half of the nineteenth century and with the tragic 1992 Cindu disaster as a predominant historic landmark), combined with the site’s complicated ownership and permit situation, it became clear to us that this would become a complex and challenging project.

Environmental Due Diligence

The EDD process started in January with a screening of the environmental permit situation and in the course of the first quarter of the year expanded into a full Phase I EDD. In this Phase I EDD various subjects were profoundly scrutinized, such as (but not limited to) materials handling and storage, waste water treatment, noise emissions, soil and groundwater quality and external safety. Through this process, relevant material environmental issues were identified and directions were given for dealing with these issues and related potential business consequences.
In the subsequent second EDD phase, which started in May, further in-depth attention was paid to a selection of subjects. Specific Phase II EDD activities were carried out in the form of a tank farm inspection and a zero level soil and groundwater investigation. This last step was finalized in September

Throughout the entire time period, the process was interspersed with numerous meetings and conference calls and accompanied by strict and complex (virtual) data room procedures. All in all, Tauw has been able to assist RRR in this process in a proactive, professional and supportive manner. The EDD project resulted in a satisfied client who, based on our input, was able to successfully complete this transaction with a comprehensive view on the environmental status of the target company.

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Tauw Group
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