Saferoad Holding acquires PMF Stalen Masten

Name of the deal:           Saferoad Holding acquires PMF Stalen Masten
Date announced:            Closed 3 June 2025
Date closed:                      Closed 3 June 2025
Published value:              € 25 – 50 M
Buyer(s):                             Saferoad
Target:                                 PMF Stalen Masten
Seller:                                  Family shareholders

Involved firms and advisors
Involved firms and advisors buy side:
Baker McKenzie (Legal)  PwC (FDD, Tax, ESG DD)

Involved firms and advisors target:
N/a – see sell side advisor instead

Involved firms and advisors sell side:
ING Corporate Finance (M&A)  TRIP Advocaten Notarissen (Legal)

Pitch

Deal Outline
Saferoad Holding has acquired PMF Stalen Masten, a prominent Dutch company in the steel pole industry. This acquisition will increase Saferoad’s offerings and strengthen its position within the European infrastructure sector.

On 3 June 2025, the shareholders of PMF Stalen Masten completed the sale of 100% of their shares in the company to Saferoad, a portfolio company of FSN Capital, the Northern European private equity firm.

Why This Deal Should Win the Award for Best Deal Small-Cap 2025
About Saferoad Holding
Saferoad Holding is a leading European provider of road safety and infrastructure solutions. The company designs and manufactures products such as guardrails, traffic signs, road markings, lighting columns, and other infrastructure components. Active across many European countries, Saferoad focuses on improving road safety and sustainable mobility. It is backed by private equity firm FSN Capital.

About PMF Stalen Masten
PMF Stalen Masten is a Dutch manufacturer of steel poles and masts used for street lighting, traffic systems, signage, and public infrastructure. Based in Burgum and Veendam, the company has a long history of craftsmanship and offers customized, high-quality steel solutions.

PMF Stalen Masten, which was founded in 1854 and family-owned prior to the transaction, specialises in the design and manufacturing of steel poles for infrastructure projects. The products are used in street and highway lighting, traffic signalling systems, road signing, camera observation systems and overhead power supply for trams and trolley busses. The company operates two built-to-order forming machines, granting the capability of manufacturing steel poles in any shape and form. As these forming machines are relatively unique as there are in total only 4 of such machines operational in Europe (2 in NL, 1 in Italy and 1 in the UK), PMF Stalen Masten distinguishes itself as a specialist in customisation for an international client base. Besides a wide selection of customised street poles, PMF Stalen Masten is well known for its illustrious ‘Amsterdammertje’ sidewalk pole in our nation’s capital.

The partnership with Saferoad, a leading Scandinavian road safety solutions provider, specialising in the design, production and delivery of products that enhance road safety, is set to assist the PMF Stalen Masten in realising further growth and synergies.

Based on their relevant transaction experience, valuation expertise and high value add in processes for owner managed businesses, this sell-side transaction was coordinated and advised on by ING CF’s mid-market team, who have been closely involved with PMF Stalen Masten and its shareholders for over five years.

This transaction involving a national champion in a niche sector resulted, through a complex yet highly competitive international auction setting, in a landmark strategic combination for the 171 year old iconic Dutch company that is PMF Stalen Masten. The transaction is a testament to the importance for advisors of both relevant transaction experience and the ability to navigate both owner-managed business settings and the international M&A market.

Impact of This Deal on the Company
For the company and its shareholders, the strategic match with the acquirer was a very important factor to consider for the continuity of the business and their employees going forward. Therefore PMF Stalen Masten was very pleased with the partnership with Saferoad, a company active in the same industry, hereby being able to expand their geographic footprint and to realise various commercial and operational synergies, but also offering opportunities for the workforce to develop in a broader international group of culturally likeminded people.

Impact of This Deal on Direct Stakeholders
Based on a comprehensive preparation period, as well as ING’s deep sector expertise and relevant (owner managed company) transaction experience, we were able to execute a highly efficient and competitive sales process. As a result, the process yielded a premium valuation as we managed to increase the enterprise value of the business realised for the selling shareholders by over 40%.

For the acquirer Saferoad, the transaction enhances their position in the manufacturing of steel lightning poles – for which it already holds a strong position in Scandinavia through Vik Ørsta and Moramast – and expands its geographical footprint further into Western Europe, which forms a key step in Saferoad’s strategy to grow its infrastructure business, which focuses on the synthesis of safety, functionality and aesthetic appeal within roads and public places.

During the process, we successfully cooperated with all parties involved, including FSN Capital, the Norwegian private equity firm backing Saferoad. For them this acquisition marked a huge step forward in their internationalisation strategy to expand Saferoad into Western Europe.

Impact of This Deal on Society
We are very pleased to have realised this landmark international combination involving a 171 year old iconic Dutch company and a Scandinavian strategic partner backed by a reputable Northern European private equity firm. The great cultural and strategic fit of these companies is expected to generate significant synergies and increase safety for employees, clients and society.