
Deal in focus: Gilde backs BIMBO of ISFI

Gilde Equity Management Benelux has supported the buy-in management buyout (BIMBO) of International Spice and Food Import, a Belgian spice wholesaler. Ellie Pullen speaks to Gilde partner Bas Glas about the deal
Members of the company's current management team including Pierre Stevens – the son of ISFI co-founder Anne-Marie Stevens – and entrepreneur Davy De Muyer acquired the company alongside Gilde. De Muyer has become the new CEO of ISFI following the deal.
De Muyer and Gilde have previously joined forces on the €60m buyout of Belgium-based Hamal Signature in November 2006.
"Davy and Gilde have worked together before and when this opportunity arose it was a good fit," says Gilde partner Bas Glas. "Davy is Belgian and he's a very experienced food entrepreneur. It was a good fit for everybody – for the sellers, for us, for Davy and for the business."
ING Bank provided a debt package for the Gilde-backed deal. The parties involved in the BIMBO acquired their stakes from private investors Charles de Liedekerke, Philippe Woitrin and Christophe de Limburg Stirum, who had bought ISFI from its founders in 2008.
Spicing things up
Founded in 1982 by Anne-Marie Stevens and Christian Vanvaek, ISFI is based in Braine-l'Alleud. The company produces herb and spice blends for the retail sector, namely supermarkets.
ISFI imports its ingredients from more than 15 countries and blends herb and spice mixtures that are traditional in their country of origin.
As well as traditional herb and spice blends, the company also produces a dozen varieties of herbs in oil, as well as dessert mixes such as orange and cardamom.
"This is a business with an extreme customer and quality focus and those aspects will stay," says Glas. "Our growth strategy is focused on customer service, product quality and development, as well as further internationalisation, including exporting to new markets."
While product development is first and foremost in Gilde and the new management team's growth plans for the company, further expansion in surrounding markets such as France and the UK is also on the cards. The growth of the company has so far been largely organic, but ISFI will also explore the possibility of strategic partnerships and acquisitions under its new shareholder structure.
ISFI claims to command a 40% share of the herbs and spices market in Belgium. Its revenues stand at around €26m, the majority of which are generated in Belgium. Around 22% of turnover originates in international markets comprising Asia (China, Japan and South Korea), Morocco, Greece, the United Arab Emirates, France, the Netherlands, Luxembourg, Germany and the UK.
The business started out with a staff of just six – it now has 60 employees.
People
Gilde – Bas Glas
Advisers
Equity – PwC, Lieven Adams, Didier de Smet, Dimitri Claes, Martijn de Meulemeester, Nancy de Beule, Florian Jacobfeuerborn, Jolien Van Landeghem (Financial due diligence, tax); Linklaters, Paul Van Hooghten, Tim Vandorpe, Jae Suk Van Wijngaarden, Mystica Van Belle (Legal); Baker & McKenzie, Michael Van Den Acker (Legal); Laurius, Dirk Wellens, Stefaan Wauman (Legal); ERM, Ruud Klein, Ronald Ruijter, Mieke Priem, Pia Verhofstede (Corporate finance); Irias, Jan de Mulder, Steven Van Keer (Insurance due diligence); Spring Associates, Ebel Kemeling, Judith Wierenga (Environmental due diligence).
Vendors – Fairfield Partners, Vartan Ibranyan, LeonardoStortini (M&A); De Le Court Wahis & Associés, Antoine De Le Court, Axelle Steurs (Legal).
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