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Acquisition of a 40% stake in TVH Parts

9 Jul 2021 - Group

D’Ieteren Group announces the acquisition of a 40% stake in TVH Parts and a long-term partnership with the Thermote family

- This is an abstract. For further details, please refer to the full press release -

D’Ieteren Group has signed an agreement to acquire a 40% stake in TVH Parts from the Vanhalst family and agreed on a partnership with the Thermote family to support the development of the company over the long term. The agreement values the company at an enterprise value of €3,650m.

TVH Parts, headquartered in Waregem (Belgium), was created more than 50 years ago, and has become the global independent leader for aftermarket parts related to material handling, construction & industrial, and agricultural equipment. It has continuously expanded its customer proposition and geographical presence and has today 81 branches in 26 countries across all continents, fulfilling more than 17,000 orders a day thanks to its 4,500 employees. The company has built a considerable amount of data over the years which together with its exceptional logistics capabilities, unmatched product availability, and multiple efficient e-commerce platforms are at the center of its competitive positioning.

The investment in TVH Parts as a new pillar to the D’Ieteren Group - next to Belron, D’Ieteren Automotive, Moleskine and D’Ieteren Immo - underlines our commitment to invest in and support the development of companies leading their industries, that enjoy long term growth perspectives, and have highly competent management teams with the ambition to make a difference.

- End of abstract -

Group profile

In existence since 1805, and across family generations, D’Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following activities:

  • Belron (54.85% of the voting rights) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating result reached respectively €3,899m and €583.1m in FY20.
  • D'Ieteren Automotive distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards improving the lives of citizens with fluid, accessible and sustainable mobility. Sales and adjusted operating result reached respectively €3,216m and €98.9m in FY20.
  • Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Sales and adjusted operating result reached respectively €102.3m and -€1.5m in FY20.
  • D’Ieteren Immo (100%) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages approximately 30 properties which generated €19.5m net rental income in FY20. It also pursues investment projects and carries out studies into possible site renovations.


Francis Deprez, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer

Stéphanie Voisin, Investor Relations - Tel: + 32 (0)2 536.54.39
E-mail: – Website:

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