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Axa Private Equity acquires a majority stake in food ingredients company Sfinc

Axa Private Equity has announced today that it has acquired a majority stake from Gimv in the Benelux food ingredients group Sfinc, alongside the company’s management and Axxess Partner

Axa Private Equity has announced today that it has acquired a majority stake from Gimv in the Benelux food ingredients group Sfinc, alongside the company’s management and Axxess Partners.

Sfinc was established in 2004 and is active in the food processing industry.

The company produces and distributes spices, marinades and functional food ingredient blends for food processing companies.

Sfinc is the result of a merger in 2004 between two Belgian companies, Rejo and Pellicula.

Rejo historically targets retail/distribution channels while Pellicula’s primary client segment is the food processing industry.

In 2007, Sfinc completed the acquisition of three complementary businesses: Maes Specerijen, Surplus and the FFI in the Netherlands.

As a result of a buy-in transaction in 2004, Gimv and buy-in manager Chris De Wolf acquired a majority stake in the newly formed group.

Since then turnover has more than doubled from EUR15m to an estimated EUR35m in 2008.

The existing management team, headed by chief executive Chris De Wolf, will remain in charge of the company and will pursue the group’s buy and build strategy.

‘We are pleased to have found in Axa Private Equity a first-class partner with a deep understanding of the food ingredient sector, strong track-record in build-ups and a well-rounded international network,’ says De Wolf.

The sale has a positive impact of EUR7.1m (EUR0.31 per share) on Gimv’s last published equity value as of 30 September 2008. No further financial details on this transaction will be published.

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