Twello, 21 December 2018 – Gilde Equity Management (GEM) Benelux and management will be the new shareholders of Wasco, a leading HVAC wholesaler in the Netherlands. The current owner Ferguson plc, the world's leading specialist distributor of plumbing and heating products, is bought out through a management buy-out. Wasco is a leading professional wholesaler in heating, sanitary, spare parts, ventilation and air-conditioning. Through 36 branches across the Netherlands, 2 distribution centers and an extensive webstore, installers are 24/7 provided with the best service and support.
CEO Herold van den Belt is pleased with Gilde as new partner: “Wasco was founded in 1970 and with close to 50 years of experience, we are grown into one of the largest technical wholesalers in the Netherlands. Together with Ferguson plc and now Gilde, another important milestone in the history of Wasco has been set. Looking to the future, we believe that the Dutch energy transition will provide new opportunities in our market, both for our clients as well as ourselves. Together with Gilde, I am convinced that we are able to realize our growth objectives.”
Remko Jager, managing partner at Gilde: “Wasco has strongly developed itself under the ownership of Ferguson plc. We look forward to acquiring Wasco together with management. The culture of Wasco highly appeals to us and we are very confident in the joint future.”
About Ferguson plc
Ferguson plc, which was rebranded from Wolseley in August 2017, is the world's leading specialist distributor of plumbing and heating products with yearly sales of over USD 20 billion. The Company has 35,000 associates throughout the business and 2,280 international branches spread across the United States, the United Kingdom and Canada.
About Gilde Equity Management
Gilde Equity Management (GEM) Benelux is one of the leading private equity firms in the Netherlands with over 30 years of experience and more than EUR 1 billion assets under management. Gilde has invested in numerous well-known companies and brands such as Leen Bakker, Dunlop, Fruity Line and EIFFEL.
The transaction is subject to the necessary approval of the relevant anti-competition authorities. No further details will be announced regarding the size of this transaction.