Gimv in talks to sell Lampiris to Total

Alice Tchernookova
15 June 2016

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Gimv and SRIW, co-investors in Belgian gas and green electricity provider Lampiris since 2013, have entered talks to sell their shares in the group to oil and gas giant Total.

Founding shareholders Bruno Venanzi and Bruno Vanderschueren will also sell their shares as part of the deal, meaning Total will wholly acquire the company's capital.

The transaction will help Total capitalise on future opportunities in the gas and renewable electricity market, Gimv said in a statement. Lampiris will also look to strengthen its presence in the Belgian and French B2C markets.

Since SRIW and Gimv have been invested in Lampiris, the company has launched its French operations, which now account for 200,000 connections, and developed new services such as insulation panels, wood pellets and boiler maintenance.

Returns generated by the transaction for Gimv are "well above" its long-term average return, the GP reported.

The transaction is expected to close in Q3 2016.

Previous funding
In June 2013, Gimv invested €40m in Lampiris via its €609m Gimv XL buyout fund, alongside the Regional Investment Company of Wallonia (SRIW).

According to unquote" data, Gimv, SRIW and Lampiris filed an offer for the acquisition of the Belgian division of Nuon, a Dutch energy supplier, in 2011. The deal fell through when rival buyer Eni offered to pay a higher sum for the company, one that Gimv and Lampiris felt was not in keeping with the valuation it had placed on Nuon Belgium.

Company
Founded in 2003 and headquartered in Liège, Lampiris is an independent provider of gas and green electricity for private, corporate and public sector customers. According to unquote" data, in 2013 the company held a market share of 9% of the gas market and 6.5% of the electricity market, making it Belgium's third largest energy provider.

The company has held the rights to supply a gas and electricity package in France since 2011, although its main focus remains the Belgian market with 850,000 connections.

People
Gimv – Dirk Dewals (partner); Thomas Dewever (principal).