SHV acquires majority in Mammoet
18 April 2008
Netherlands: Netherlands-based international heavy lift and specialized transport company Mammoet will get a new majority shareholder. Subject to approval from competition authorities, existing shareholder SHV Holdings N.V. will increase its stake in Mammoet to 75%.
The Van Seumeren family, owner of the company with that name that in 2000 acquired Mammoet and adopted its name, will reduce its majority interest from 51% to 25%. SHV will acquire the 26% share of what is now a $510 million-turnover company that employs more than 2,000 people worldwide.
A Mammoet statement read, “The change in shareholder structure is a logical step in light of Mammoet's current size, international market position and growth plans.” The statement continued, “Mammoet, within the SHV family of companies, will have the necessary support to implement its growth strategy.”
Joost van Klink, SHV company secretary, told ACT sister magazine International Cranes and Specialized Transport, that at Mammoet it will be, “Business as usual, including support for its growth strategy,” and that there will only be changes to the composition of the supervisory board. Roderik van Seumeren will continue as Mammoet CEO.
The $19 billion SHV Holdings, one of the largest companies in the Netherlands with interests that include Kuiken Cramat, Calor Gas and Makro, took an indirect stake in Mammoet in 1999 when it acquired investment company NPM Capital, which holds a 24.5% share. SHV will get the remaining 24.5% of Mammoet from a third shareholder, ABN Amro, to give it a total of 75%. Figures for the transactions were undisclosed.