Gilde acquires Veco from Investcorp's SPGPrints

Under Investcorp's tenure, SPG has expanded via an acquisitive growth strategy, with Veco itself acquiring Dutch micro-machining laser company Reith Laser in May 2017. The vendor also invested in new technology for Veco.

Financial details of the transaction remain undisclosed, though Unquote sister publication Mergermarket recently reported that the transaction was based from an EBITDA figure of €20m, with the company expected to sell for a multiple of at least 10x.

Previous funding
SPG first received backing from institutional fund managers in 2007, when Bencis Capital Partners acquired a 60% stake in the business via its €375m Bencis Buyout Fund III.

Investcorp then acquired the group from Bencis for €240m in July 2014.

Company
Founded in 1934 and headquartered in Eerbeek, Veco manufactures high-precision metal components for a broad range of applications. It uses electroforming, chemical etching and laser cutting technologies.

The business has additional operations in the UK, Germany and India, with a total headcount of 350. It exports its products to 85 countries.

People
Investcorp – Andrea Davis (managing director of European corporate investment).
Veco Precision – Joost Smits (CEO).

Advisers
Vendor – William Blair (corporate finance).

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• Topics
• Buyouts
• Exits
• Benelux
• Industrials
• Netherlands
• Gilde Buy Out Partners
• Investcorp
• William Blair