ABN AMRO tunes out of Radio Holland

ABN AMRO Capital, the buyout arm of the Dutch bank, has agreed to sell portfolio company Radio Holland Group for €47m (US$57.2m) to local satellite company Imtech Marine & Offshore.

Radio Holland provides maritime navigation and communication equipment for the ship operating and ship building industry and will nearly double Imtech’s revenues to €350m and give it a top five position in the global market.

Imtech’s marine division has sales of about €200m, while Radio, which was founded in 1916, had turnover of about €150m in 2004.

ABN AMRO led a management buyout of the company, then called SRH Marine, from Belgium’s Zenitel and Germany’s RheinMetall’s equal joint venture EMG EuroMarine Electronics in June 2002. ABN AMRO owns 56% of Radio’s equity with a Stichting co-investment group and management holding the remainder.