Iconic manufacturer acquired in multi-million European takeover

WARWICK bin lorry manufacturer Dennis Eagle has been acquired in a major international takeover deal funded by a syndicate of European banks.

The deal sees Dutch-based Terberg, a long established fourth generation family owned business, acquire Spanish group RosRoca Environmental – a major European manufacturer of refuse collection vehicles and parent of Dennis Eagle.
 
The newly-formed group will merge the existing Terberg environmental companies with RosRoca and the combined business will be headquartered in Warwick.

The merged company will have annual revenues of approximately £300m (€385m), together with a combined workforce of 1,300 employees.
 
The existing UK businesses of the two groups – Dennis Eagle of Warwick and Terberg Matec UK of Warrington and Worksop are being brought together, having enjoyed a commercial relationship for many years.

The funding provided by the banking group, which includes Barclays, will enable the future growth of the two UK businesses and support new product development.

Commenting on the acquisition, George Terberg, chairman of the Terberg managing board said: “This merger will allow us to share our technological expertise and enhance our market leading position in the UK market.”

He praised the banks for their support saying the tight timescales and the international dimensions meant it had not been an easy project to manage.

Andrew Budenberg, Relationship Director at Barclays, said: “We have been following the progress of Dennis Eagle for some time and this acquisition by Terberg provides an exciting opportunity for the merged businesses to achieve further growth and unlock considerable operational synergies in the period to come.”
 
The bank syndicate was organised by Dutch Banks ING and NIBC, Spanish Bank BBVA and Barclays.