Smile Invest buys Gimv's Oldelft Ultrasound

The sale sees Smile Invest back the management buyout of Oldelft.

Gimv was selling the company based on EBITDA of approximately €6m, according to Unquote sister publication Mergermarket. Smile Invest typically invests €10-50m in companies with revenues of €10-150m.

Smile Invest will help the business in the acceleration of its product development and commercialisation, according to a statement by the firm. The GP's maiden fund, Smile Invest Fund, closed on €350m in 2017.

Previous funding
Gimv acquired a majority stake in the business in 2012 from AlpInvest. The deal was valued at 1% of Gimv's net assets, which were announced in November 2011 to be €960.3m, leaving this deal valued at just less than €10m. ABN Amro provided debt facilities for the deal.

Company
Based in Delft, Oldelft makes specialised transesophageal echocardiography probes for applications including cardiac imaging via the esophagus. The company recently developed and tested in the market a new type of probe based on matrix/3D technology.

People
Smile Invest – Ivo Vincente, Bart Cauberghe (managing partners).
Oldelft Ultrasound – Rob Smallenburg (CEO).
Gimv – Elderd Land (partner).
Smile Invest – Ivo Vincente, Bart Cauberghe (managing partners).

Advisers
Vendor – William Blair & Company (financial).

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