The conservators at Van Hool have discussed and ultimately accepted the binding offer made by VDL Groep (Netherlands) and GRW (South Africa), a partner company of Schmitz Cargobull (Germany), with all relevant stakeholders to enable a swift restart of the company.

Other bids presented to the board of conservators in recent days were also discussed with the same stakeholders and not accepted, according to Van Hool.

The Long Road for Van Hool

The company was declared bankrupt by the Commercial Court of Mechelen, Belgium April 8. From the outset of their mandate, the aim of the board of conservators was to facilitate a swift restart to “on one hand, safeguard the intrinsic value of the entire company and, on the other hand, preserve as much employment as possible.”

"The interest from the various parties was very genuine and demonstrated a commendable appreciation for the bankrupt company Van Hool and its employees,” said Jeroen Pinoy, one of the conservators. “Upon comparing the totality of the various components of the recent bids and expressions of interest, it became evident that they were not significantly superior to the binding offer presented by VDL Groep and GRW. There was a risk that without an immediate restart of the company, the valuable employee pool at Van Hool would be lost. Furthermore, the delivery of ordered vehicles (including coaches, buses, and industrial vehicles) would be further delayed, inevitably resulting in lost revenues. This would effectively dry up both production and distribution channels, causing irreparable damage. In consultation with the relevant stakeholders, we are convinced that the acquisition of the bankrupt Van Hool by VDL Groep and GRW is the best solution for employment and enables a sustainable restart."

The Van Hool Transfer Process

The process was intensive, under immense pressure due to the liquidity position of the company, owing to the unresolved familial inheritance situation, according to Van Hool officials.

The company added that given the circumstances, the preliminary agreements reached with VDL Groep and GRW represented the best achievable outcome for all parties involved. However, it did not negate the fact that “many employees will unfortunately have to seek employment outside of Van Hool.”

With this preliminary agreement, a definitive end comes to Van Hool. Following the bankruptcy of Van Hool NV and the overarching family holding company, Immoroc NV, declared by the Commercial Court of Mechelen, the conservators were tasked with finding suitable takeover candidates.

Van Hool NV had found itself in an extremely challenging financial situation, partly due to external factors such as the impact of the coronavirus, global supply chain issues, significant inflation, and high energy costs, according to company officials.

Van Hool’s Road to a Solution

With the appointment of Marc Zwaaneveld as co-CEO alongside Filip Van Hool on January 17, it became clear that the tide needed to be turned in the short term, according to Van Hool.

From that point, the timeline included:

• A “Van Hool Recovery Plan” announced on March 11, outlining a strategic reorientation of the company and an intention for collective dismissal of 1,100 employees. Given the urgency of the situation, a short deadline of March 31 was set.

• Discussions with various stakeholders including banks, government agencies, shareholders, the board of directors, trade unions, and potential investors.

• Van Hool received temporary protection against its creditors by the Court of Mechelen on March 19.

• The company announced that a familial inheritance dispute among shareholders and the Van Hool family remained unresolved, prompting immediate efforts toward an alternative exploration of scenarios on March 25. Talks were intensified with potential acquirers to explore the possibility of a rapid restart, with consideration for all stakeholders and especially the company's employees.

Ultimately, VDL Groep (for coaches and buses) and GRW (for industrial vehicles) emerged as the most suitable candidates for the acquisition of Van Hool.

In response to the announcement, ABC Companies, Van Hool's distribution partner in the U.S., released the following statement:

"ABC Companies has been officially notified that the VDL Group is the successful bidderfor the Van Hool motorcoach division. In anticipation of a quick restart, and while thedetails of the next steps are still unfolding, ABC Companies is committed to ensuringthat the transition will be as smooth as possible for our customers."