Finance

Brabant Ebusco wants 300 million for growth in Asia: ‘Large market arrives’

The company is thinking of North America and Asia, says CEO Peter Bijvelds. “We see that a large market is coming, that there is a demand for electric buses.” This demand is driven by governments, who are trying in all kinds of ways to reduce CO2 emissions.

Ebusco is located in Deurne, around the corner from the major competitor VDL. At the end of the month, King Willem-Alexander will open a new factory hall at the company. About 500 electric buses will be produced there next year.

Turnover has grown considerably

The company has grown considerably in recent years, with turnover increasing by 116 percent in the period 2018 to 2020. In 2020, the turnover amounted to 100 million euros. A profit before taxes, interest, depreciation and amortization of 27.1 million was realized. The company does not want to say how much profit was left at the bottom of the line.

A total of 346 company buses are currently operating in European cities such as Amsterdam, Frankfurt and Munich. By the end of September, the company had received orders for a total of 232 buses.

ING on board

The IPO is a ‘major milestone’ for the company, following ING’s investment in 2016. The bank has since owned a quarter of the company and has already committed to buy 32.5 million in new shares.

That will probably not be enough to prevent the interest from diluting after all. And that will also apply to the interest of the catering family Van der Valk (30 percent) and that of founder Peter Bijvelds, who currently owns 45 percent of the company.

Investors

Furthermore, two investment companies have already come forward to buy shares. It concerns the Dutch Teslin Management and the Alychlo NV, of the Belgian businessman Marc Coucke.

In addition to these already promised investments, there is even more ‘significant interest’ from other large investors from the Netherlands and Belgium and investment firms of wealthy families. No shares will be sold to private investors, the company said.

Additional staff

The growth of the company is already reflected in the workforce. Bijvelds welcomes between 10 and 15 new employees per month, despite the large staff shortage in the sector.

The fact that he still manages to find people is due to the ‘proactive policy’ that his company pursues. “A lot of collaborations with colleges, technical universities. We are always looking for the best boys and girls in the class to grow our business,” he says.

Prospectus

It is not yet clear when the IPO will be, if the plan goes ahead. More details about the share issue, such as the issue price, will be set out in the prospectus. When it is published depends, among other things, on approval by the Netherlands Authority for the Financial Markets (AFM).

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