Omnistor

Exit deal

GIMV has sold its stake in Omnistor to Sweden-based Thule, the world's leading manufacturer of load carriers for cars. The deal will increase GIMV's net asset value by E8.4m, compared to 31 December 2004. No further financial details have been disclosed, although there was a partial recapitalisation in 2004.The company was founded in 1967 and is a European supplier for aftermarket accessories for recreational vehicles, such as awnings, safari rooms, vents, steps, rooftop boxes and bike carriers. The company registered sales of around E34m in 2004, with an operating margin of 23%. Based in Menen, the Flemish region in Belgium, it employs 156 staff.

Previous funding

Since a MBI in 2001, GIMV jointly owned about 90% of the company alongside Buy-Out Fund. The company was acquired from the Brutsaert family. In return for the investment, the two institutions acquired approximately 89% of the shares, split evenly, while the Brutsaert family retained a 10% interest. KBC Bank provided a senior debt package to support the transaction. Hans de Smet was brought in to assume the general management of the company, and he took a stake of just under 1%. Since the buy-in, Omnistor has realised organic growth of almost 40% while maintaining its margins.

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• Benelux