Tinsa continues expansion in Europe with the acquisition of Troostwijk Groep
Madrid, 23 May 2017 – Tinsa Group (‘Tinsa or ‘the Group’), the market leader in real estate valuation and consultancy services in Spain and Latin America, today announces that it has completed the acquisition of 100% of Troostwijk Groep (‘Troostwijk’), a Dutch-headquartered business specialising in the valuation of real estate, plant and machinery and the loss assessment of large insurance claims. The financial consideration is not undisclosed. Following this transaction, Tinsa’s expected turnover for 2017 is over €120 million, with an increase in the number of employees to more than 800.
Established in 1930, Troostwijk is the leading valuation business in the Netherlands. It is also the leading loss assessor of major claims and assets for insurance purposes in the Dutch market. It employs 160 people.
The acquisition of Troostwijk is a key milestone in Tinsa’s European expansion strategy. "This transaction is a very important step for Tinsa. It will enable the Group to both expand into Western Europe, as well as widen its product offering with Troostwijk’s insurance asset and plant valuation services.” Ignacio Martos, Chairman and CEO of Tinsa Group commented.
Ben Osnabrug, Senior Principal at Cinven, said: “Cinven has a strong track record of successfully growing businesses across Europe and internationally. Tinsa’s acquisition of Troostwijk reflects our strategy of supporting the companies in which we invest to grow both geographically and through product expansion.”
Troostwijk will continue to operate in the Netherlands under its own brand, led by Wiebe Westerhof, the current CEO. Mr. Westerhof will also join Tinsa’s Executive Management Committee.
Tinsa will continue to invest significantly in technology that enables the company to both improve its customer service, through the smart use of its database, and also drive solid growth across all markets in which it operates.
With revenues of €90 million in 2016, Tinsa is one of the largest independent real estate valuation companies worldwide and its growth strategy includes the continuing consolidation and strengthening of this position by acquisition and organic growth. Other recent acquisitions include Logical Value in Ecuador (April 2016) and Bancol in Columbia (July 2016). Following the acquisition of Troostwijk, Tinsa’s international activity will represent 30% of Group turnover.
About Tinsa (@Tinsa)
- Tinsa is one of the largest appraisers in the world and number one in Spain and Latin America, where it is a leader in valuation and real estate advice.
- It performs valuations of real estate for multiple purposes including mortgage applications and property evaluations for inheritance and accounting purposes.
- It also provides benchmark valuations in expert evidence, and in technical and energy consulting.
- Its real estate valuation activity is complemented by Taxo, a subsidiary specialised in the valuation of movable goods, works of art, jewellery and machinery.
- Tinsa has been certified by the Royal Institution of Chartered Surveyors (RICS) since 2011 to conduct assessments under the international standard IVS.
- In December 2016, Tinsa became the only Spanish company to be a member of the European AVM Alliance, the group of European companies that promotes the realisation of automatic valuations (AVM) with the highest standards of quality and reliability.
- Tinsa began its international expansion in 1999 and now operates in more than 25 countries. Tinsa has offices in Spain, Portugal, Argentina, Chile, Colombia, Ecuador, the Netherlands, Mexico and Peru.
For more information, please contact:
Susana de la Riva
Director of Marketing y Communication
(+34) 91 372 7769 / 629426603