When Ballast Nedam started the process of selling its offshore activities, the construction company turned to NIBC for strategic advice and to manage the sales process. Ballast Nedam aimed to sell its offshore wind operations and wanted to conclude the transaction at short notice.
The sale was an extension of the programme of divestments announced by Ballast Nedam in February 2014, which was intended to strengthen its financial position.
Following careful evaluation of the indicative offers, Ballast Nedam agreed to sell the business to Van Oord, the leading international contractor for dredging, marine engineering and offshore projects. The agreement contained the customary suspensive conditions, including having to obtain approval from the competition authorities. The transaction involved the sale of Ballast Nedam Offshore assets, the staff of the EPCI services (design, procurement, construction and installation), the Heavy Lift Vessel Svanen and the Westermeerwind project in the IJsselmeer.
"The transaction was executed within a very short time. It generated a substantial book profit for us," says Ballast Nedam CFO Peter van Zwieten. NIBC is not one of Ballast Nedam’s house banks, but the company had worked with us before on project financing and other transactions and had been impressed by our expertise, speed and professionalism. This is why we were chosen to advise and support on the offshore project. The whole sales process lasted about seven weeks.
“NIBC was highly professional and managed the process extremely well within tight timelines,” Van Zwieten notes.
Ballast Nedam obtained a perfect buyer and a good price for its offshore activities. Importantly, it secured the jobs of all the unit’s employees. NIBC worked efficiently, ensuring that care, completeness and professionalism were never sacrificed to agility.