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P&V Panels acquires majority stake in sector partner EBB
Electrical panel specialist P&V Panels acquires a majority stake in Elektra Bree Bordenbouw (EBB). Joris Vrancken, CEO of P&V Panels, wants to form a single, strong group for the building market. “We are very proud to finally be able to announce this news. We want to change as little as possible and, above all, we want to continue playing to our individual strengths. But under the same banner, so that we can take full advantage of each other’s specific areas of expertise.”
With a consolidated turnover of EUR 8.5 million, Elektra Bree Bordenbouw is the second-largest independent panel builder in the Belgian market after P&V Panels. The company has approximately fifty employees and focuses mainly on the building segment with, among other things, total solutions for building automation.
“With this majority participation, we now form a single, strong group, especially in the building market. And we are expanding our strength and expertise in this field,” says Joris Vrancken. “Building is one of our most important sectors together with Infra, Industry, and OEM.”
Peter Hermans, Bert Denivel, Bart Geebelen and Joris Vrancken.
“Both companies will benefit from this new synergy,” says Bert Denivel. Bert is co-owner of EBB, together with Peter Hermans. “P&V Panels can make use of our knowledge in specific automation techniques and integration for the building market through our experience in HVAC, KNX, and BMS.”
“We, in turn, benefit from joining forces in the intelligent design, construction, and maintenance of electrical panels. This synergy enables us to be an even stronger partner for our customers as well as our suppliers. This allows us to compete for international projects in the long run, while remaining competitive here in Belgium.”
“Change as little as possible”
Vrancken emphasises that both companies will continue to do what they do best. “Nothing will change for EBB’s existing projects and customers. And we also want to change as little as possible for both companies. It is our ambition, as two strong companies under the same banner, to continue to work in our own way.”
“So Bert and Peter will continue to lead EBB. Bert as CEO and from the commercial perspective, and Peter from the operational perspective. With the same 100% focus on that highly competitive building market in the future. It’s precisely this formula that’s been responsible for their success in recent years. In that area, our vision is the same: focus on your core business as a company and become the best at it.”
Same company philosophy
The initial interviews made it clear early on that both companies share the same philosophy. In addition to the continuous improvement processes in order to achieve ever higher efficiency, EBB also has a ‘work hard, play hard’ mentality, which only makes working together more enjoyable.
New takeover imminent in the Netherlands
P&V Panels completed the acquisition of sector colleague Bekaert Electric in Kortrijk (Belgium) in February 2019. The company wants to announce a new acquisition soon, this time in the Netherlands. “We want to get a foothold internationally by 2021,” Vrancken concludes.