Gimv sells Scana Noliko to PinguinLutosa for €155m

Gimv believes the integration of Scana Noliko within a larger group will enable it to benefit from increased consolidation opportunities in the sector, in which scale is an increasingly important factor.

The private equity house acquired a 46.3% stake in the company in 2004 from NeSBIC, a deal that valued Scana Noliko at around €78m. Gimv doubled its stake to 92.6% in 2008 by acquiring LRM's share of the business. Since Gimv's initial investment, both sales and cash flow have grown by 60%.

Founded in 1960, Bree-based Scana Noliko produces preserved vegetables and fruit, meals, soup and sauces in bottles, cans and synthetic packaging. 80% of its production is exported, mainly to EU countries.

The company employs 563 staff - it expects sales of more than €180m and a 13% EBITDA for the financial year ending 31 March 2011.

In addition to the sale, Gimv also took a 13% stake in PinguinLutosa by investing €60m from the Gimv-XL fund.

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