Bregal Freshstream Invests in Verwater

September 16, 2016

Bregal Freshstream acquired a majority stake in Dutch oilfield services company Verwater.

On September 8, Willkie client Bregal Freshstream announced its acquisition of a majority stake in Verwater, a global industrial and petrochemical contractor specializing in storage tank maintenance, from Infestos, a privately held Dutch investment firm. Willkie advised Bregal Freshstream on the acquisition as well as the equity and financing arrangements.

Founded in 1922 and headquartered in Rotterdam, Verwater works with a blue-chip client base including ExxonMobil, Shell, Total, Vopak, Odfjell, Shin Etsu and Dupont. Verwater is a “one-stop shop” for storage tanks and related infrastructure, providing a range of services including oil tank maintenance, construction and repair as well electrical & instrumentation and engineering & automation services. The company is the market leader in tank-related services in northwest Europe, home to Europe’s largest refining and petrochemical hub and the second-largest petrochemical cluster in the world.

Backed by Bregal Investments, London-based Bregal Freshstream focuses on mid-market investments across a wide variety of sectors, with a particular geographic focus on the UK and Benelux markets. The Netherlands is one of the key strategic areas of focus for Bregal Freshstream. Following the transaction, Bregal Freshstream will hold a majority stake in the business alongside Infestos, Verwater’s management team, the Verwater family and others.

The Willkie deal team was led by partner Claire McDaid and UK partner Mark Fine, and included associates Phil Coletto, Aymen Mahmoud, Mamoun Shafi, Gerry Kelly and Henri Weil.