INTERDEAN Group Changes Hands
MBO of Interdean Group European leader in corporate removal services is taken over by Management and Legal & General Ventures.
With effect from June 1st, Interdean Holdings B. V. has been taken over by financial investors and Management in a Management-Buy-Out orchestrated and financed by Legal & General Ventures Ltd. (“LGV”). In the transaction, the current owners, IIPC N.V., are selling a 75% interest in Interdean Holdings B.V. to LGV and Management. Schroders advised the sellers on this transaction. Interdean , the largest corporate removal specialist in Europe, generated a turnover of NLG 200 million in 1998 and employs more than 600 people throughout Europe, with the two largest operations being based in the UK and Germany.
Interdean Group, known for its excellence in providing corporate removal services through its unique network of offices in Europe, is committed to further expanding its presence throughout Europe. Management and LGV are convinced that they can grow market share considerably by further focussing on providing services to blue-chip multinationals which are increasingly globalising their operations. Christopher Baker (49), new CEO of Interdean Group who joined the Company 25 years ago and had formerly been in charge of Interdean’s UK operations, explained the rationale for the move: “It is our aim to be the natural choice for all top of the range corporate removals by offering first class service and an uncompromising level of customer care. With the help of LGV, we will continuously invest in upgrading our facilities and further developing our network in Europe and the emerging markets.”
Viktor Bondarenko, Chairman of Interdean Group says: “Chris is a first-class leader and he and his team will invest a lot of effort in further nurturing our client contacts on both sides of the Atlantic to take the Group to a new stage in the next millennium. We will win further market share by virtue of our unique network with more than 40 offices in around 30 different countries and our entrepreneurial management culture.” Commenting on Legal & General Ventures, he adds: “LGV was quick to understanding the key success factors in our industry and blended particularly well with our management team. Together we are now in a position to fully tap the huge growth potential our specific niche of the relocation service industry offers.”
LGV fully supports the vision and philosophy of Interdean. Commenting on their investment in the Group, Andrew Cole, Director at LGV, stated: “Interdean struck us as being the model of an entrepreneurial service industry company, The whole management team and every employee fully embrace the principle of putting the customer first. We are here to support the growth of Interdean together with Management by investing in people, new facilities and possibly acquiring companies with a strategic fit.” LGV is one of the most active UK financial sponsors and specialises in pan- European Buy-outs. It is part of Legal & General plc, one of the major European insurance companies.
