Gimv invests €60m in PinguinLutosa

Funds were drawn form the Gimv-XL vehicle, which closed on €609m in 2010. The investment consists on the one hand of a €24m contribution to PinguinLutosa's €44m capital increase operation. On the other hand, Gimv also granted the company a €36m subordinated loan with warrants.

Gimv so far secured a 13% stake in the listed business, which could be increased up to 27% if all warrants were to be exercised.

The fresh funding will be used to finance the acquisition of Belgian food producer Scana Noliko, which Gimv agreed to sell to PinguinLutosa for an enterprise value of €155m. The transaction is expected to close in June 2011.

PinguinLutosa is a producer of frozen food established in 1965. Following the acquisition of Scana Noliko, the group will have 17 production sites in five different countries, 3,000 employees and revenues of more than €750m.

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