Vendor Environmental Due Diligence for the successful sale of Muon Group

Project description 

TAUW provided Vendor Environmental Due Diligence support to Muon Group in preparation of the sale of Muon Group by its owner Rivean Capital to IDEX Corporation.

As the Rivean Capital news release states, “an agreement with NYSE listed, diversified industrial technology group IDEX Corporation (“IDEX”) for the sale of Muon B.V. and its subsidiaries (“Muon Group”) has been reached”. The acquisition of Muon Group will provide IDEX with complementary precision technology capabilities. The transaction involves the acquisition of Muon Group for an enterprise value of €700 million.

TAUW is proud to have been part of the deal team, working on behalf of the seller as Environmental Due Diligence (EDD) provider. TAUW conducted vendor EDD assessments at five production facilities located in the Netherlands, the UK and India. The production facilities included:

• A micro-precision (atomic scale) metal parts manufacturer operating under a strict post-Seveso regime, operating in the Netherlands and in India (Veco)
• A technical glass, ceramics, other special material combinations processing facility creating complex and high-precision solutions for high tech companies (Louwers Hanique, the Netherlands)
• A specialist laser materials processing technologies company (Millux, the Netherlands)
• A precision chemical etching company (Tecan, UK)

The work was supplemented by extensive Q&A support involving pivotal stakeholders in the intended transaction.
 

The results

Based on TAUW’s 30 year-experience in environmental and health & safety due diligence work for the M&A market, Muon Group was presented with concise reporting of the due diligence findings. Co-operating with Rivean Capital and other stakeholders, TAUW further advised on how to value the findings in a vendor context.

Rivean Capital, a major mid-market private equity firm with offices across Europe, approached TAUW for due diligence support in this transaction. Given the long-term relationship between Rivean Capital and TAUW and having worked together on scores of successful transactions, Rivean’s Ruben Maase expressed that they were once more satisfied with TAUW’s support. A similar endorsement was given by the CEO of Muon Group, Mr Michiel Barendse.