Environmental due diligence, technical due diligence and real estate valuation for AxLoad’s majory stake in Mennens Group

In March 2012 AxLoad, top-ranking supplier of lifting and cargo securing products and services, acquired the majority of the shares in Mennens Group from De Hoge Dennen Capital, a Dutch privately held investment company. AxLoad is part of Axel Johnson International, a Swedish Multinational, and with the Mennens acquisition AxLoad has some 1,500 employees and presence in all countries in Northern Europe.

In the framework of the acquisition, Tauw performed environmental due diligence (EDD) and technical due diligence (TDD) assessments, as well as a second opinion of existing real estate valuations. The portfolio included seven production sites in the Netherlands and Belgium.

The EDD involved Phase I compliance and liability checks including dataroom desk studies and site inspections. In follow-up Phase II soil and groundwater assessments a number of sites with potential soil and groundwater liabilities were investigated in more detail and where needed remediation cost estimates were produced.

The TDD comprised the technical scrutiny of the buildings, installations and utilities. Cost estimates for technical remedial actions were produced and prioritized as immediate, short term, mid term or long term. The TDD was performed in cooperation with CVO Group.

Real estate valuations (market values) were performed on the basis of site visits and existing recent valuation reports. The valuations were carried out in cooperation with Troostwijk Valuations.

Tauw also provided specific advice in the elaboration of the Sales and Purchase agreement.

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