TVH

TVH, formally Thermote & Vanhalst, is a Belgian industrial-equipment company and brand founded in 1969 by Paul Thermote and Paul Vanhalst. The business began by serving lift trucks and agricultural machinery in Belgium, with an initial emphasis on replacement parts and related support. It subsequently expanded beyond its domestic market into the wider European market and later into Japan and Australia. The brand is primarily associated with spare parts and accessories for industrial and agricultural equipment. Its offering is aimed at helping equipment owners, fleet operators, dealers, rental companies, and service organizations maintain and repair machinery. This aftermarket orientation places TVH within the industrial distribution and equipment-support sector rather than the market for manufacturing complete lift trucks or agricultural machines. TVH's scope has also extended beyond parts distribution. The company has developed or maintained partnerships involving mining-related businesses, ergonomic seating, and diagnostic software. These relationships broaden its role from a conventional replacement-parts supplier toward a wider provider of maintenance, operator-comfort, service, and equipment-support solutions. A major structural change occurred in 2021, when the TVH Group was divided into TVH Parts and Mateco Holding after the co-founding families decided to separate their interests. Pascal Vanhalst, the son of co-founder Paul Vanhalst, sold his 40% interest in TVH Parts to D'Ieteren. Ann and Els, the daughters of co-founder Paul Thermote, retained a 60% interest. The restructuring separated the parts-focused TVH business from the activities placed under Mateco Holding and changed the ownership framework around the TVH name. Today, TVH is best understood as an active, internationally oriented aftermarket brand focused on parts, accessories, technical support, and related solutions for material-handling and agricultural equipment. Its historical development reflects the globalization of specialized industrial distribution: a Belgian lift-truck and machinery parts business that expanded across multiple regions and connected its core aftermarket activities with software, seating, mining, and other equipment-support capabilities.

Thermote & Vanhalst was established in Belgium in 1969 by Paul Thermote and Paul Vanhalst. Its early business was centered on lift trucks and agricultural machinery, particularly the supply of parts and related support for equipment used in industrial and agricultural operations. This starting point positioned the company in the specialized aftermarket rather than in the manufacture of complete vehicles or machines. The company initially served the Belgian market. As its parts business developed, it expanded into other European countries and later established an international presence in Japan and Australia. The geographic expansion reflected the practical nature of its offering: replacement parts and accessories can support equipment fleets across many markets, especially where customers need to reduce downtime and keep older or mixed-brand machinery in operation. Over time, the TVH business broadened beyond basic component distribution. In addition to spare parts for industrial and agricultural equipment, the company became associated with partnerships involving mining companies, ergonomic seating, and diagnostic software. These activities complemented its central aftermarket role by addressing several parts of the equipment-support chain, including machine servicing, operator comfort, fault diagnosis, and specialized industrial applications. The TVH name became closely connected with the group's parts activities. Its principal market identity has been that of a specialist provider for lift trucks, material-handling machinery, agricultural equipment, and other industrial assets. Rather than competing primarily as an original equipment manufacturer, TVH has operated as a service and supply partner to equipment users and businesses responsible for maintenance, repairs, and fleet availability. A significant ownership and organizational change took place in 2021. The co-founding families decided to separate their interests, resulting in the division of the former TVH Group into TVH Parts and Mateco Holding. Pascal Vanhalst, who is the son of co-founder Paul Vanhalst, sold his 40% holding in TVH Parts to D'Ieteren. Ann and Els, the daughters of co-founder Paul Thermote, retained a 60% holding. This transaction changed the ownership arrangement around the parts business and divided the activities historically associated with the broader group. Following the restructuring, TVH continued as an active brand focused on parts and equipment-support activities. Its history therefore combines family entrepreneurship, international expansion, specialization in industrial aftermarket distribution, and a later reorganization of ownership. The company remains linked to the maintenance ecosystem surrounding lift trucks, agricultural machinery, and other industrial equipment, with associated capabilities in accessories, diagnostics, seating, and specialized partnerships.

1. 2021TVH Group is divided

   The co-founding families separate their interests, creating the TVH Parts and Mateco Holding structure.

   Source
2. 2021D'Ieteren takes a 40% holding in TVH Parts

   D'Ieteren acquires Pascal Vanhalst's 40% interest in TVH Parts, while the Thermote family retains 60%.

   Source
3. 1969Thermote & Vanhalst is founded

   Paul Thermote and Paul Vanhalst establish the Belgian company, initially focusing on lift trucks and agricultural machinery.

   Source

A specialized global aftermarket partner for industrial and agricultural equipment, emphasizing replacement parts, accessories, maintenance support, and related technical solutions.

• Material-handling equipment spare partsAftermarket parts

  TVH supplies replacement parts for lift trucks and related industrial equipment. This category supports maintenance, repair, and fleet uptime for customers operating material-handling machinery. The offering is part of TVH's core aftermarket identity and distinguishes the brand from manufacturers focused primarily on selling complete new machines.

• Agricultural machinery spare partsAftermarket parts

  The company provides spare parts for agricultural equipment, extending its aftermarket model beyond industrial lift trucks. These products serve machinery owners and service organizations that need to maintain agricultural equipment and replace worn or damaged components.

• Industrial equipment accessoriesEquipment accessories

  TVH's accessories complement its replacement-parts business and support the operation, servicing, and adaptation of industrial equipment. The category covers equipment-related products associated with material handling and other industrial applications.

• Diagnostic softwareSoftware and technical services

  TVH is associated with diagnostic software partnerships that support the identification and servicing of equipment faults. This extends the brand's role from component supply into technical assistance for maintenance and repair operations.

• Ergonomic seatingOperator-support equipment

  The business has partnerships involving ergonomic seating for industrial and agricultural equipment. These products address operator comfort and workplace ergonomics as a complement to TVH's broader equipment-support activities.

• 2021Separate the former TVH Group into TVH Parts and Mateco HoldingStrategy

  The co-founding families decided to part ways and reorganize the group around separate ownership interests.

  What changed. The former group was divided into the parts-focused TVH Parts business and Mateco Holding.

  Aftermath. The reorganization established the ownership structure under which the Thermote family retained 60% of TVH Parts and D'Ieteren acquired a 40% holding.

  Ownership of TVH Parts. The former TVH Group was jointly associated with the co-founding families. → Thermote family 60%; D'Ieteren 40% (2021)

  Source

• 2021TVH Group separates into TVH Parts and Mateco Holding

  The co-founding families separated their interests in the group. TVH Parts became the parts-focused business, while Mateco Holding represented the other side of the former group structure.

  M&ALeadership change
  Source
• 2021D'Ieteren acquires Pascal Vanhalst's stake in TVH Parts

  Pascal Vanhalst sold his 40% holding in TVH Parts to D'Ieteren. The Thermote family retained a 60% holding through Ann and Els, daughters of co-founder Paul Thermote.

  M&A
  Source

1. Thermote & Vanhalst
2. TVH official website