Listen to this articleGlobal firm TenCate has acquired a majority stake in The LandTek Group, a Long Island provider of athletic turf fields.
Terms of the deal were not disclosed.
Headquartered in the Netherlands, TenCate is a manufacturer, distributor and installer of artificial turf and other surfaces for a variety of sports, including football, soccer, baseball, softball, field hockey and others.
The company, which has manufacturing facilities in the Netherlands, U.S., and United Arab Emirates, serves customers in more than 60 countries.
Founded in 1979, Bay Shore-based LandTek is a provider of athletic field engineering, construction and project management services. The company also has operations in New Jersey, Pennsylvania, Virginia and Florida, and serves customers in 12 states.
LandTek has collaborated on projects for more than 5,000 school districts and private schools, professional sports teams, and professional and private organizations. Its portfolio of projects includes Citi Field, Yankee Stadium, Columbia University, JFK Airport and Stony Brook University, according to its website.
The founders and management team of LandTek will continue to be substantial shareholders and will also continue to lead the company, according to a joint statement.
“This partnership represents a culmination of the full LandTek team’s efforts since I started LandTek in my mother’s garage 45 years ago,” Mike Ryan, founder and CEO of LandTek, said in the statement. “TenCate is the ideal partner with experience, capabilities and know-how needed to support LandTek’s long-term growth strategy.”
Established in the Netherlands in 1704, TenCate’s global group of companies create synthetic grass surfaces for sports and landscaping, employing nearly 3,000 people in the U.S., Middle East, Europe and Asia Pacific regions.
“LandTek has a proven track record of sustained growth in geographies that have been underserved by TenCate,” Joe Fields, CEO of TenCate Grass Americas, said in the statement. “We are very excited about the combination of LandTek’s unparalleled customer service and quality with TenCate’s market-leading product portfolio and unparalleled U.S.-based supply chain.”
Raymond James served as financial advisor and Ruskin Moscou Faltischek P.C. served as legal advisors to LandTek in the deal, while Burr & Forman and Latham & Watkins served as legal advisors to TenCate.