The Stiho Group (DSG) heads a portfolio of companies specializing in the distribution of building materials and tools. With over 40 branches spread across the Netherlands, the group serves various segments within the construction sector through the Stiho, Bouwmaat, and Baars & Bloemhoff formulas. When Bouwcenter Blauwhoff presented itself as an acquisition candidate, DSG saw a strategic opportunity to strengthen its position in North Holland and to implement the Stiho formula in a new location. Maasdael was brought on board as a financial advisor to guide this process.
The challenge
In the acquisition of Bouwcenter Blauwhoff, the complexity lay in the fact that the transaction did not consist of a simple share transfer. Prior to the acquisition, a carve-out of a loss-making business unit had to take place first, after which the remaining company could be acquired. Such a structure simultaneously impacts the financial, fiscal, and legal aspects of the transaction and requires an advisor who has sufficient knowledge in all these areas to bring the transaction to a successful conclusion, in collaboration with the lawyers and tax specialists involved.
Beyond the deal
Maasdael guided the entire buy-side process: from preparing a valuation of Blauwhoff based on the provided information memorandum and formulating an NBO and LOI, to conducting negotiations, performing buy-side due diligence, and providing support in drafting the transaction documentation. The special transaction structure required continuous alignment between the financial, tax, and legal advisors.
Maasdael has been involved with DSG as a financial advisor for a considerable time and therefore knows the organization, its way of working, and its strategic ambitions well. This relationship of trust makes the collaboration effective: DSG gives Maasdael the room to fully take charge, and Maasdael knows exactly where the interests of the group lie.
The value of sector knowledge
In the building materials industry, national players are increasingly continuing their growth through the acquisition of regional family businesses in order to strengthen their geographical coverage. Rising costs and the necessary investments in logistics, digitalization, and sustainability are making it increasingly difficult for smaller independent merchants to remain competitive, presenting them with a strategic choice. The acquisition of Bouwcenter Blauwhoff illustrates how this consolidation trend translates in practice. For similar family businesses in the sector, this may be the right time to join a larger player. Maasdael guides both buyers and sellers considering this step, from orientation to closing.
