Alvarez & Marsal and Oaklins advise on deal in footwear market

13 February 2020 2 min. read

Swedish private equity firm Investment AB Latour has acquired Emma Safety Footwear, a Dutch manufacturer of premium safety footwear and accessories.

The deal, which closed last week, sees Hultafors Group, a portfolio company of Investment AB Latour, acquire 80% of the shares in Daan Holding, which is the parent of Emma Safety Footwear. In the coming three years, the Swede’s will gradually buy the remaining 20%, a process set to be completed in the first quarter of 2023. 

According to Ole Kristian Jødahl, CEO at Hultafors Group, Emma Safety Footwear forms a “perfect match” with the firm’s existing safety footwear business, “especially with respect to product portfolio aspects, geographical sales footprint and customer segment presence.” 

Hultafors Group owns a portfolio of brands focused on functionality, safety and protection, ranging from workwear and safety shoes to personal protection equipment. Brands include Snickers Workwear, Hultafors, Wibe Ladders, Solid Gear, Dunderdon, Toe Guard, Hellberg Safety and Johnson Level.

Alvarez & Marsal and Oaklins advise on deal in footwear market

The addition of Emma Safety Footwear adds net sales of €23 million and around 140 employees to its footprint, as well as a new state-of-the-art production facility for safety shoes in Kerkrade, the Netherlands. Emma Safety Footwear, which is led by CEO Tom Hermans, sells its products mainly in the Benelux and central Europe, with a focus on clients in the logistics, oil & gas, chemicals and construction sectors.


The deal between the two parties was successfully advised on by dealmakers from Alvarez & Marsal, Oaklins Netherlands and JSA Tax. Alvarez & Marsal, a global consulting firm with an M&A arm, provided financial due diligence services, delivered by Pieter Vink and Michael Bos. The Dutch wing of Oaklins, in a team led by Adse de Kock, Marc van de Put, Silke Kranz and Nicole Zomerhuis, provided merger & acquisition and transaction support services.

JSA Tax, an Amsterdam-based boutique specialised in taxation M&A, provided a team consisting of Ronald van de Merwe, Anne Jorritsma and Olaf Kroon – who supported with tax due diligence and transaction services. Meanwhile, legal consultancy was provided by Bram Caudri, Richard Witvliet and Floor de Graaff from law firm Houthoff.