Leonard Green & Partners to acquire majority stake in TenCate Grass Holding


TenCate Grass Holding B.V. has reached a definitive agreement, where affiliates of Leonard Green & Partners, LP (“LGP”) will acquire a majority stake in the Company. This transition involves purchasing all shares of TenCate currently owned by Crestview Partners and select other shareholders. The current senior management team of TenCate will remain invested alongside LGP and continue leading the Company.

Strategic Shift and Leadership Remarks

Michael Vogel, CEO of TenCate, acknowledged Crestview’s instrumental role in the Company’s growth, leading to revenues of $1.5 billion and earnings exceeding $200 million. With the partnership ending, Vogel expressed excitement about moving forward with LGP, emphasizing strategic alignment and future growth prospects. Joe Fields, CEO of TenCate Grass Americas, also highlighted the cultural alignment between TenCate and LGP.

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LGP’s Investment Approach

Jonathan Seiffer, Senior Partner of LGP, lauded TenCate as an exemplary investment, valuing its people-centric culture and growth potential. LGP envisions TenCate’s best years ahead and aims to assist in the next phase of exceptional growth.

TenCate Grass Holding Enters New Era with Majority Stake Sale to Leonard Green & Partners

TenCate Grass Holding Enters New Era with Majority Stake Sale to Leonard Green & Partners

Transaction Closure and Advisors’ Role

The transaction is expected to close in February 2024, with terms undisclosed. BofA Securities and Baird acted as Financial Advisors to TenCate, while Lincoln International LLC advised LGP. Legal counsel was provided by Latham & Watkins LLP, Loyens & Loeff, and Paul, Weiss, Rifkind, Wharton & Garrison, LLP.

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TenCate’s Global Presence

TenCate, headquartered in the Netherlands, is a leading manufacturer, distributor, and installer of artificial turf and surfaces for various sports and outdoor living segments. The Company has significant manufacturing facilities in the Netherlands, the United States, and the United Arab Emirates and serves customers in over forty countries.

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Conclusion: TenCate’s New Growth Trajectory

The acquisition of TenCate Grass Holding B.V. by affiliates of Leonard Green & Partners marks a pivotal moment in the artificial turf industry. It reflects a strategic shift towards global expansion and further solidifies TenCate’s position as a leader in manufacturing and distributing innovative surfaces for sports and outdoor living. With LGP’s investment and expertise, TenCate is poised for unprecedented growth and success in the global market.

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