Ballast Nedam exits CNG, LNG markets
Ballast Nedam said it has completed the sale of CNG Net, LNG24 and CNG Net Realisatie en Onderhoud to funds managed by Bencis Capital Partners.
This package of divestments represents a total selling price of approximately €26.5 million, and generates a book profit of over €5 million for Ballast Nedam. The number of jobs involved will not be affected by this transaction.
Ballast Nedam founded CNG Net in 2008 and LNG24 in 2011, to deliver sustainable mobility. These companies develop, invest in, and operate CNG and LNG filling stations for the private and public transport markets, as well as for personal vehicles.
CNG Net is the market leader in this segment in the Netherlands. The company, which recently opened its 58th public filling station, operates 11 dedicated filling locations for customers whose vehicles are fuelled with green gas. LNG24 has been operating an LNG filling station in Zwolle since 2012. The company’s ambition is to expand its network of LNG filling stations.
The divestment of CNG Net, LNG24 and related activities mark Ballast Nedam’s departure from the niche market for alternative fuels.
Press Release, September 12, 2014; Image: CNG Net