Houlihan Lokey Advises Royal TenCate

Houlihan Lokey is pleased to announce that Agilitas Private Equity LLP (Agilitas) has acquired TenCate Advanced Armour Holding BV (TCAA) from Royal TenCate BV, a portfolio company of Gilde Buy Out Partners BV (Gilde). The transaction closed on 18 March 2021.

TCAA is the global leading provider of lightweight survivability solutions providing to militaries and law enforcement personnel. The company offers an extensive portfolio of body armour, aircraft survivability, and naval protection solutions. With more than 300 employees, TCAA is one of the only vertically integrated armour solutions providers with the ability to develop, test, and manufacture armour products in-house. TCAA has utilised the latest technology to develop an active armour solution that, while combined with passive armour, will provide additional protection for vehicles against large IED blasts. TCAA has facilities in Denmark, France, and the US, providing local access to customers across the globe.

Founded in 2011 and headquartered in London, Agilitas is a leading private equity firm, focused on making transformational investments in defensible businesses. Agilitas closely cooperates with management teams to develop transformational and multidimensional business plans.

Gilde is a leading European private equity investor in middle-market transactions. Founded in 1982, Gilde has been supporting management teams in over 100 buy-out transactions. Gilde manages funds in excess of €3 billion and has a controlling interest in companies such as Albelli, Caseking, Eichholtz, Esdec, Oystershell Laboratories, and Xindao. Gilde acquired Royal TenCate in a take-private transaction and has exited two of the five diverse operating businesses of the investment.

Houlihan Lokey served as the exclusive financial advisor to Royal TenCate and assisted in initiating, structuring, and negotiating the transaction on its behalf. This deal highlights Houlihan Lokey’s global, cross-border execution capabilities and dedicated sector expertise within the aerospace and defence industry.