Aviapartner

Exit deal

Sofinim NV has sold its 25% stake in Aviapartner in a secondary buyout to 3i. The newco created for the transaction by 3i through its fund Eurofund IV and management, Aviapartner LH3 SARL, now holds 100% of the company. The exit is expected to fully close by September 2005, pending customary approval from authorities. Sofinim will realise a capital gain of about E33m, which represents E24m for Ackermans & van Haaren, the 74% shareholder in Sofinim. Jan Suykens and Sofie Beernaert worked on the exit for the divestor.Aviapartner, headquartered in Brussels, offers a range of ground handling services via its international network of 31 airports across five European countries. It employs around 5,000 staff, and last registered net profit of E12.8m on turnover of E268m.

Previous funding

Sofinim originally invested in Aviapartner over ten years ago, gaining 25% through a capital increase. There was no shift in the equity balance between this investment and the exit. No other financial details have been disclosed.

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