Case Study

Foreman Capital has secured acquisition financing from BNP Paribas for its acquisition of THB Holding.

Lindenaar & Co assisted Foreman Capital (“Foreman”) in obtaining financing for its acquisition of THB Holding, the parent company of, amongst others, a manufacturer and distributor of high-quality cleaning equipment and a technical wholesaler of pumps, pressure systems and piping systems.

Following a competitive process, BNP Paribas was selected as financier. BNP Paribas has offered the most suitable solution, with attractive conditions and maximum flexibility for the further roll-out of THB Holding’s strategy.

Lindenaar & Co advised Foreman throughout the entire financing process. The activities included exploring the interest of financiers (both banks and private debt providers), drafting the financing memorandum, structuring the financing and negotiating the terms and conditions.

What we have done

Contact with potential financiers

In the conversations with Foreman, it became clear that both bank and private debt solutions would be suitable. Subsequently, Lindenaar & Co explored the interest of both banks and private debt providers.

Financial model

Lindenaar & Co made an extensive forecasting model based on the existing financial model of Foreman, with various scenarios and different financing structures. This was used as the basis for the structuring of the financing and for determining the covenants.

Financing memorandum

In order to give financiers a clear picture of the activities of THB Holding, the plans of management and Foreman, and to substantiate the capital needs of THB Holding, a financing memorandum was drawn up with information about the company, positioning, strategy and the financials. The main point of attention was properly establishing the overall strategy of at-first apparently different business models. This underpinned TBH Holding’s excellent positioning and positive future expectations for financiers.

Financing structure

Lindenaar & Co developed various financing structures based on the wishes of Foreman and management. The scope and flexibility for future growth were important factors. Lindenaar & Co presented the various structures to the potential financiers, in which much attention was paid to the future financing of the working capital, as this is a determining factor for the growth of the company in terms of scalability. Therefore, in addition to acquisition financing, various banks also offered commercial finance solutions. As it became clear that several Dutch and Belgian banks could offer attractive conditions, the transaction was further negotiated with them in a second phase.


Lindenaar & Co invested a lot of time in the preparation phase in promoting the attractiveness of the company. This translated into smooth negotiations afterwards, as several financiers were enthusiastic about welcoming the company as a client. During the further negotiations, much attention was paid to the market conformity of conditions, in which the differences between the financing options by the Dutch versus Belgian banks became clear. Ultimately, the acquisition financing and working capital financing were realized at BNP Paribas under favorable financing conditions.

Extensive unburdening

During this process, Foreman and management of THB Holding have clearly seen that the services of Lindenaar & Co go beyond just raising financing. In addition to unburdening Foreman, Lindenaar & Co also paid a lot of attention to informing and involving the management team. After the financing documentation was negotiated and fully committed, Lindenaar & Co also assisted – where necessary – in the completion of the transaction.

THB Holding
THB Holding

THB Holding is the parent company of, among others, the companies DiBO and Van den Borne. DiBO produces and distributes (parts for) high-quality cleaning equipment. Van den Borne is a technical wholesaler in the field of pumps, pressure systems and piping systems. The company, with a revenue of over €50 million, has nine locations in the Netherlands, Belgium and Germany and serves customers throughout Europe.

Foreman Capital
Foreman Capital

Foreman Capital is an entrepreneurial investment company focused on growing profitable SMEs, active in trade, services, manufacturing and e-commerce. From its offices in Amsterdam and Copenhagen, the Foreman team has been supporting entrepreneurs, shareholders and family businesses for 25 years in realizing their growth ambitions and further professionalizing their company.