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Crestview Partners Completes Acquisition of TenCate Grass
Wednesday 15 September 2021

US-based investment firm Crestview Partners has closed its acquisition of Netherlands-based artificial grass and yarn backing manufacturer TenCate Grass Holding B.V. from Royal TenCate, owned by a consortium led by Gilde Buy Out Partners, the firm said.

Crestview is investing alongside the existing management team, which will continue to lead the company's growth in the years ahead.

Headquartered in Nijverdal, the Netherlands, TenCate Grass, with approximately USD 600m in revenues, has grown substantially over the past five years, leveraging its historic position as the world's largest artificial grass and yarn backing manufacturer to become a full-service, vertically integrated provider of comprehensive artificial turf solutions ranging from manufacturing to distribution, installation and maintenance.

Through a combination of organic growth and M and A, TenCate Grass has expanded into the high-growth landscape end market, complementing the company's position in sports, and has gained a leadership position in the United States, which is experiencing rapid growth supported by secular tailwinds, including water conservation and increased participation in sports, fitness, and leisure experiences.

As the market leader in an estimated USD 5bn a year market, TenCate Grass takes pride in its track record of sustainability-linked innovation throughout the entire artificial turf product lifecycle.

Today, the company has a global footprint, including manufacturing and distribution facilities in the Netherlands, the United States, and the United Arab Emirates, and does business in more than forty countries across North America, Europe, Asia, Oceania and Africa.

TenCate Grass serves a broad range of global customers including The Home Depot, the University of San Francisco, Harvard University, and various professional sports teams including the New England Patriots and PSV Eindhoven.

TenCate was advised by Robert W. Baird and Co. and Clifford Chance LLP. Crestview was advised by Paul, Weiss, Rifkind, Wharton and Garrison LLP and Houthoff.

Societe Generale, ING Group and Jefferies Group represented Crestview and TenCate Grass in connection with the financing.

TenCate Grass is a leading, vertically integrated manufacturer, distributor and installer of artificial turf solutions. Headquarted in the Netherlands with manufacturing facilities in the Netherlands, the United States, and the United Arab Emirates, the company serves customers in more than 40 countries.

The company provides artifical turf solutions for both sports and landscaping applications with a portfolio of diversified brands.

Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately USD 10bn of aggregate capital commitments.

The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management.

Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials and financial services.
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Date Published: 15/09/2021

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