Waterland sells mobility aids provider Harting-Bank to NPM Capital

Bussum (The Netherlands), 6 September 2006 – Waterland, the investor who focuses on controlling participations in quality companies active in fragmented growth markets, announced today that they sold their stake in Harting-Bank, a leading Dutch supplier of mobility aids and care provider, to NPM Capital, a Dutch private equity firm.

Harting-Bank is a supplier of mobility aids and a care provider collaborating with healthcare insurance companies, municipalities, labour safety services and institutions for the disabled. The company, set up in 1836, runs about 20 establishments throughout The Netherlands. Thanks to the strong growth in recent years, Harting-Bank today is one of the bigger players in the market of mobility and revalidation aids, with a staff of approximately 500 people.

Waterland acquired Harting-Bank in September 2003 through its second fund (Waterland Private Equity Fund II). Since then, Harting-Bank has experienced strong growth, a.o. through a number of acquisitions including Wevri and Orthototaal (both in 2003), Verhoef Revalidatie Techniek (2005) and Ligtvoet (2006). As a result of both this strategy and autonomous growth, revenues have almost doubled: from € 43,5 million (2003) to nearly € 80 million (2006).

Waterland and the management now sold their stake in Harting-Bank to NPM Capital, a Dutch private equity company.

Lex Douze, principal Waterland, commented: “The buy & build strategy that Waterland and Harting-Bank’s management successfully implemented, greatly boosted Harting-Bank’s growth resulting in a strong revenue increase as well as a significant increase in profitability. Those are important assets for a company active in a sector that is expected to consolidate even further."

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