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Down2Earth acquires Gimv’s majority shareholding in Grandeco

Antwerp-based Down2Earth Capital (D2E) has acquired Gimv’s majority shareholding in Grandeco, with both Gimv and the Grandeco management team maintaining an investment in the business.

By broadening its investor group, Grandeco is seeking to strengthen its position within the decorative wallpaper area, including through potential strategic acquisitions, according to the company.

“Grandeco is a market performer in a highly fragmented industry, the company has achieved above-average growth and profitability in recent years,” said Alain Keppens, partner at Down2Earth Capital. 

“In addition to its strong reputation in analogue printing, the company has a clear advantage in the area of digital printing,” he added.

Grandeco has six sales offices in Belgium, the United Kingdom, France, Poland, Russia and Germany. With a compound average growth rate of 3.2 percent in recent years, it is largely outperforming the market, the company said in a statement. 

Patrick Molemans, CEO Grandeco, said: “With Gimv’s unconditional support we have succeeded in transforming ourselves into an attractive and strongly market-oriented company.”

“With carefully targeted acquisitions and a continued focus on organic growth and returns, we will maintain our leading sustainable position and achieve the best results in the worldwide market for decorative wallpaper,” he added.

“After the difficult years at the time of the financial and economic crisis in 2008, Grandeco has become the future-proof market leader in decorative wall-covering thanks to the continued efforts of its staff and management, through forward-looking investments in growth and technology and through its commercial repositioning,” commented Tom Van de Voorde, managing partner at Gimv.
 

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