The Gimv-XL fund has reached agreement with Vandemoortele Group to invest EUR75m in the food group in view of strengthening its equity.
The Gimv-XL fund has reached agreement with Vandemoortele Group to invest EUR75m in the food group in view of strengthening its equity.
Food group Vandemoortele is a Belgian family business which focuses on three market segments: frozen bakery, lipids and soy foods (Alpro). It was founded in 1899 and achieved in 2008 sales of about EUR1.2bn with 5,600 employees in 12 European countries.
Gimv-XL is a recent initiative of Gimv, aimed at growth companies in Flanders with an enterprise value between EUR75m and EUR750m. The fund had an initial closing at EUR500m and intends to raise additional capital from other institutional investors later this year.
Jean Vandemoortele, president of the executive committee of Vandemoortele Group, says: ‘With this capital injection of Gimv, Vandemoortele Group has taken another important step after the takeover of the French group Panavi. Gimv’s minority stake strengthens the equity of Vandemoortele, enabling the family group to realize its growth plans in the divisions of frozen bakery and margarines and fats. Our company fits entirely into the plans of the Gimv-XL fund that specifically focuses on growth companies. It’s a win-win partnership clearing the path for future growth.’
Peter Maenhout, executive vice-president responsible for Gimv-XL, says: ‘The Gimv-XL fund wishes to invest in growth companies with a sound business model. This will allow them to pursue their growth plans, even in the current difficult and insecure market conditions. Vandemoortele Group fully meets the criteria: it is an ambitious company with excellent products, a strong market position and impressive industrial machinery. We fully support the strategic decisions the group has taken and we are convinced of Vandemoortele’s growth potential.’
No further financial details on this transaction will be disclosed.
