VolkerWessels reached an agreement in principle with Stedin Group to acquire Joulz Energy Solutions
Amersfoort, the Netherlands, 3 May 2018, Koninklijke VolkerWessels (KVW) through its subsidiary Visser & Smit Hanab (V&SH) has reached agreement with Stedin Group on the principal terms and conditions to acquire Joulz Energy Solutions (JES). JES is a market leading player in design, construction and maintenance of complex medium and high voltage infrastructure and installations. JES is one of the few players in the market capable of offering integrated electrification solutions to its clients.
The energy infrastructure market benefits from growing demand to support the energy transition and the electrification trend in the Netherlands. JES will add substantial engineering and construction experience to V&SH. The combined activities allow V&SH to better cater for the increasing needs of clients and will enable V&SH to successfully expand in this market segment. This strategic bolt-on acquisition, with an approximate annual revenue of € 60 million, is fully consistent with the strategy and medium term objectives of VolkerWessels.
“We welcome all 160 highly skilled and qualified employees to our company. JES will operate as a separate subsidiary of V&SH going forward. The complementary nature of JES and V&SH will enable us to successfully contribute to the energy transition in the Netherlands“ says Jan de Ruiter, Chairman of the Management Board of VolkerWessels.
V&SH and Stedin Group have signed a Term Sheet detailing the principal terms and conditions relating to this transaction. The transaction will have no consequences for the terms of employment of the transferring JES employees. The transaction encompasses the commercial activities of JES. The regulated activities of JES are not part of this acquisition and will remain with Stedin Group. Subject to the required approvals from the ACM and Works Councils we expect the transaction to be finalized in the 3rd quarter of 2018.