The Belgian investment company CIM Capital wants to reopen the bidding process for the ‘Industrial Vehicles’ department of bus builder Van Hool from Lier. CIM Capital is partly owned by Marc Van Hool, part of the family branch that did not own shares in the bus company.
CIM Capital has started legal proceedings. Third-party opposition was filed with the Antwerp Commercial Court, Mechelen department. It had made a bid for Van Hool’s trailer division at the beginning of April, but ultimately missed out. The trustees assigned the department to Schmitz Cargobull.
For his third-party opposition, Marc Van Hool relies on “manifest procedural errors, where other bidders were not given any chance, were not given access to company information and improper use was made of insolvency law.”
CIM Capital points out that its offer was “substantially better in all areas than the offer chosen by the trustees.” The investment company wanted to take over the department in its entirety and give it a restart, so that 550 of the 750 jobs could be retained. The offer was also better on a financial level, it sounds, and CIM Capital also wanted to take over the real estate. Now the site is rented under a short-term agreement.
Flemish top technology
“We want to guarantee the local anchoring of engineering, Research & Development and production in the long term and ensure that Van Hool can once again achieve success in Flanders and Belgium, as is our strategy for all our investments,” says CEO Erik Verkest in the press release.
The investment company strongly believes in the future of the Industrial Vehicles department. “The use of high-tech tank transport for the transport of hydrogen, CO2 and other gases will be an important link in the greening of our economy. The reputation of these products is today very strong at home and abroad and the world is looking at this Flemish top technology. The other products of the Industrial Vehicles activity are also known for their quality and have a strong market position.”
The legal procedure was initiated together with Lasertek, a subcontractor of Van Hool, and with real estate investor Delcrinvest. CIM Capital was previously involved in the restructuring of Veritas and Neckermann.
“Quick clarity”
The joint trade union front at bus builder Van Hool “hopes for quick clarity in everyone’s interests”. It is highly questionable whether clarity will come soon. The legal procedure may take weeks or months. The unions once again point out the importance of employment and a quick restart, “which are of course inextricably linked.”
In the past, the curators at Van Hool always pointed out that they aimed for maximum employment, in combination with maximum value creation. CIM Capital, on the other hand, said it wanted to save more jobs.
PORTRAIT. Marc Van Hool also wanted to take over his grandfather’s company: even Tom Waes and Marc Coucke entrust him with their money (+)
Investment fund CIM Capital is making a new takeover bid for the Van Hool trailer department and promises to save 700 jobs
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Tags: Marc Van Hool cancel sale Van Hool trailer department offer areas Economy
