The EQT Mid Market Europe fund has reportedly agreed to sell its majority stake in Dunlop Protective Footwear to Gilde Equity Management (GEM). Dunlop manufactures protective Wellington boots that distributors sell to professional customers.

Financial details of the transaction were not disclosed.

Headquartered in Raalte, the Netherlands, Dunlop serves professionals in the Agriculture & Fishery, Food Processing, Functional Leisure, Industry, and Oil, Gas & Mining sectors. With over 400 employees and production sites in the Netherlands, Portugal and the U.S., Dunlop serves customers in over 50 countries.

EQT acquired Dunlop in June 2018. During EQT’s ownership, Dunlop has reportedly “enhanced its go-to-market approach in the U.S., cemented its sustainability credentials, and made substantial investments in its digital platform.” EQT also said the company has “significantly expanded its e-commerce business, directly and indirectly, and achieved EcoVadis Gold for the third straight year.”

Floris van Halder, managing director within the EQT Private Equity advisory team, said, “Dunlop is a true example of innovation and sustainability leadership, empowering the doers and makers of the world to get their job done safely. We want to thank the management team and all the employees of Dunlop for their commitment and hard work over the past years.”

Maurice Hansté, CEO of Dunlop, said, “We would like to thank EQT for supporting us as responsible owners and helping us navigate the uncertain market environment over the last few years. Together, we have further professionalized Dunlop, enhanced our U.S. go-to-market approach, and expanded our e-commerce platform. Today, we are well-equipped to continue on our growth journey with our new owners and dedicated colleagues. We look forward to continue working with our distribution partners and suppliers to deliver high-quality, safe, durable, and comfortable products to the end-customers.”

The transaction is subject to customary conditions and approvals.

Image courtesy Dunlop Protective Footwear