Gimv-backed Brakel acquires Argina Technics

The transaction marks the first bolt-on acquisition made by Brakel with Gimv's backing. Brakel wholly acquired Argina's shares. As a shareholder in Brakel, the company's management took part in the acquisition. 

Following up from the deal, Gimv will hold around two thirds of the share capital, with the balance going to management. Gimv provided additional capital for the acquisition through the listed entity Gimv NV.

The acquisition of Argina aims at strengthening Brakel's fire safety division, and is in line with the company's wish to expand internationally in the area of maintenance and services. Brakel expects to benefit from Argina's customer base in Belgium and from its specialised R&D team.

Argina will now be managed by Koen De Maeght, current managing director of Brakel Aero Belgium.

Previous funding
In December 2015, Gimv acquired a 75% stake in Brakel, previously owned by Nordian Capital Partners since 2011. The management team, who were shareholders prior to the deal, increased their previous minority stake. The deal was leveraged at a "moderate level", according to an unquote" source at the time.

Nordian became a shareholder in Brakel in March 2011. The transaction, valued at a reported €45m, saw Nordian carve the business out from Irish parent CRH alongside the management team.

Company
Founded in 1945, Brakel designs fire safety systems and climate control structures such as glass roofs, skylights and ventilation systems. Headquartered in Uden, the Netherlands, the business operates a production site in Slovakia and works out of offices in Belgium and the UK, and is active in additional countries via individual partnerships. The company employs 315 staff and posted a €45m turnover in 2015, against more than €50m in 2014.

Argina is a Belgian designer and producer of fire detection, gas detection and access control systems for businesses. The company also sells camera security and alarm systems. Founded in 1980, it is based in Sint-Niklaas, Belgium.

Together, Argina and Brakel post a combined €70m turnover with a 350-strong workforce.

People
Gimv – Ivo Vincente (managing partner); Rombout Poos (principal).

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