Safinco takes 24% stake in Gimv's Vandermoortele

As a result of the transaction, expected to occur on 31 May, Vandermoortele's family shareholders will regain full ownership of the company via their Sofinco holding. 

Gimv had invested €75m in the food manufacturer in 2009 via its €500m Gimv XL fund, taking a minority stake in the business. With the support of Gimv, Vandermoortele launched an investment programme to improve operational performance and grow organically and through acquisitions. With Gimv's backing, its turnover rose from €970m in 2007 to €1.4bn in 2016, and its EBITDA from €79m to €130m.

Safinco will finance the acquisition partly by making use of its own credit facilities, and partly through a €145m dividend to be issued by Vandermoortele, funded by drawing on its existing revolving credit facility.

Gimv's representatives on Vandermoortele's board of directors will resign upon completion of the sale.

While Gimv refused to communicate precise numbers, it said its investment in the company "generated a return well above Gimv's long-term average".

Company
Belgian food group Vandermoortele was founded in 1899 and focuses on three market segments: frozen bakery, lipids and soy foods. 

The group is set to start operations in its new factory for bakery products in Poland mid-2016 to strengthen its position in the central and eastern European markets.

In June 2008, the company acquired French competitor Panavi to complement its bakery division. The business employs more than 5,600 people across a dozen European countries. Its recorded turnover for 2015 was around €1.4bn with EBITDA of €130m.

People
Gimv – Peter Maenhout (managing partner). 

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• Topics
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• Management buy-back