Agilitas backs buyout of TenCate Advanced Armor

Agilitas announces the signing of an agreement to back the buyout of TenCate Advanced Armor Holding B.V. and its subsidiaries

November 4, 2020

Agilitas, the pan-European mid-market private equity firm, today announces the signing of an agreement to back the buyout of TenCate Advanced Armor Holding B.V. and its subsidiaries (together the “Company” or “TenCate Advanced Armor”), the global leading manufacturer of lightweight survivability solutions, from Royal Ten Cate.

TenCate Advanced Armor is a global provider of lightweight, mission-critical survivability and protection solutions for people working in hostile environments. Its portfolio of bespoke, highly engineered defensive products covers personal protection, as well as applications for land vehicles, aircraft, and naval vessels. Uniquely positioned as one of only two transatlantic and independent providers globally in the highly regulated survivability solutions industry, TenCate Advanced Armor is a key strategic partner to the world’s leading Original Equipment Manufacturers (OEMs), militaries and law enforcement agencies around the world.

The Company has 300 employees and is one of the only vertically integrated armor solutions providers with the ability to develop, test and manufacture armor products in-house. It does so through its facilities in Denmark, France and the US.

TenCate Advanced Armor serves society by providing high-quality protection to those who risk their lives in hostile environments. The buyout of the Company is the latest example of Agilitas’ strategy of backing ambitious management teams in high-quality and defensive businesses, with opportunities for multi-dimensional business transformation and a strong alignment between shareholder value and fundamental positive purpose.

Kevin Iermiin, of Agilitas, who will be joining the Board of TenCate Advanced Armor Holding BV, commented: “It has been a pleasure to work with management on identifying multi-dimensional transformational opportunities for TenCate Advanced Armor. We are excited to support their vision to become the leading OEM-independent manufacturer of lightweight survivability solutions across all platforms.”

Steen Tanderup, CEO at TenCate Advanced Armor, commented: “We are very proud of what we have achieved with TenCate Advanced Armor’s growth to date. Since the public-to-private of the TenCate group in 2016 we have invested significantly in our factories, our people and in R&D and have built a very strong business with the highest quality products and service for our customers. We look forward to partnering with Agilitas to continue to provide service of the highest quality and integrity to our customers and further accelerate our growth path.”

Martin Calderbank, Managing Partner at Agilitas, said: “TenCate Advanced Armor operates where the quality of protection is of the utmost importance. By supporting management to bring about step changes in the Company’s performance and continuing its global growth, we will help it provide even better protection for people working in hostile environments around the world.”

The closing of the transaction is subject to regulatory approvals.

Read the announcement on Agilitas' Website