Ecu-Line

Exit deal

GIMV has sold its shareholding in Ecu-Line to the management and Allcargo. Following completion of the transaction, the acquirers will hold all the shares in the group. The sale will raise GIMV's net asset value by E2.9m compared to the published net asset value as of 31 December 2004. No further financial details on the transaction will be disclosed. GIMV's Belgium-based corporate investment team worked on the exit.Based in Antwerp, Ecu-Line was founded by Raymond Van Achteren in 1987 and quickly became active in more than 60 countries. The consolidated turnover of the group exceeded E180m in 2004.

Previous funding

GIMV has been a shareholder since 2000 when it provided E1.5m of the total E6m, ABN AMRO contributed the balance. GIMV secured an approximate 20% stake for its investment. The company secured a second round of funding in 2001, from the same investors, worth E3m. This time, both groups contributed equal amounts of E1.5m each (page 22, August 2001).

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• Benelux