CRH sells Benelux DIY retail business
20 Jul 2018
International law firm Simmons & Simmons has advised CRH plc, the global building materials group and a longstanding client of the firm, on the divestment of the complete DIY business in the Netherlands and Belgium, together with certain related property assets, to Intergamma (the Dutch DIY franchise organisation) and a US real estate investor for a total consideration of €510m.
CRH sold 156 Gamma and Karwei DIY stores in the Netherlands and Belgium owned by CRH's subsidiary Van Neerbos Groep to Intergamma Holding. In addition, CRH sold 37 store locations in the Netherlands owned by CRH subsidiary Van Neerbos Real Estate to US investor WP Carey.
Commenting on the transaction, corporate & commercial partner, Jean-Pierre van Leeuwe said: "When I started as a rookie in 1982 the first deal I worked on was the acquisition of two small Gamma-stores for our client Van Neerbos, which at the time had recently been acquired by CRH. Since then we were able to forge our relationship with the wider CRH group and assist them on virtually all their acquisitions in the Netherlands and also several in Belgium. Project Guinness and its real estate part project Daphne were highly complex transactions and I am proud to experience once again the high quality of our Benelux teams. It was a privilege to assist the CRH transaction team on this deal."
Counsel, Michiel Wurfbain commented: "I am delighted that after two years of hard work we were able to close this deal successfully for CRH. We would not have been capable to achieve this without the strong and hands on help of all members of the team in our Brussels and Amsterdam offices. This was a great reflection of a true partnership with the client's transaction team at all times. Real team work with good people!"
The Simmons & Simmons team was led by Michiel Wurfbain (counsel) and Jean-Pierre van Leeuwe (partner). The Amsterdam-Brussels multi-disciplinary team of M&A, tax, finance, real estate, employment, litigation and competition lawyers’ worked in a close and seamless cooperation to successfully complete this major, complex, high profile and sensitive transaction.
Other team members involved were Koen Platteau and Mathieu Vancaillie (competition), Peter Flipsen and Pim Duteweert (tax), Jan-Joost van Rijsbergen, Luke Benincasa and Niek Groenendijk (finance), Annemarie Elenbaas and Joris Oster (employment), Siemkje Batenburg (notary real estate), Cathelijne Otte, Tijmen Brüne and Luc Cohen (real estate), Johan Polet and Rogier Schellaars (litigation), Oscar Hoefnagels (notary corporate), Martijn Stuart and David van Kessel (corporate).