March 17, 2023

HAL Buys Offshore Installation Equipment Firm IQIP from Royal IHC

Credit: IQIP

HAL, the Dutch investment subsidiary of HAL Holding, has acquired IQIP, a supplier of foundation and installation equipment to the offshore wind, coastal & civil, and oil & gas markets from Royal IHC for an undisclosed fee.

IQIP is active worldwide and both sells and rents out equipment. According to HAL, IQIP's revenue over the financial year ending December 31, 2022, amounted to € 102 million. IQIP is based and has approximately 300 employees.

The sale involves the transfer of 100% of the shares of IQIP Holding B.V. to HAL.

"For Royal IHC, this is an important step in the financial restructuring of the company, which will strengthen Royal IHC’s own balance sheet and allow the existing credit and guarantee lines with the existing bank consortium to be repaid largely in advance. For IQIP, this is an important step in strengthening its financial balance sheet and an opportunity to independently create further growth," Royal IHC said.

Jan-Pieter Klaver, CEO Royal IHC: "The sale of IQIP to HAL creates more financial space for both Royal IHC and IQIP. The direct proceeds from the IQIP shares will mainly be used to reduce borrowings and improve Royal IHC’s liquidity. With the sale, IQIP will leave the Royal IHC family, but I am very confident that IQIP and its employees will have a very bright and healthy future."

Royal IHC had initiated WHOA proceedings (Homologation Private Agreement Act) to convince all financial stakeholders of a financial restructuring plan which included the sale of IQIP. The court ratified this plan last week.

Robert Diepenbroek, CEO IQIP: "We want to strengthen and further expand our position in both the offshore energy market and the civil market. With this independent position, we can continue on this course and continue to offer our customers total solutions and support them in the challenges in the field of technology, safety, and sustainability. This enables us to guarantee our contribution to the energy transition worldwide."