Perusa sells Xindao to Gilde

Perusa made the divestment from Perusa Partners II, a €207m vehicle that closed in 2017 that is close to being fully deployed across 11 investments, according to Unquote Data.

Gilde drew equity for the buyout from Gilde Buy-Out Fund V, a €1.1bn vehicle that makes equity investments in the range of €30-120m.

Perusa said that Xindao completed the transition from an owner-led company to a management-led company during its holding period. The GP also supported the international expansion of the business, according to the statement.

Gilde said it plans to support the continuation of the strategy formulated by the current management team.

Deloitte acted as adviser on the sale and marketed the asset based on EBITDA of €17m, according to Unquote sister publication Mergermarket.

Previous funding
Perusa acquired Xindao from its founders in 2017. The founders were expected to leave by the end of the year, while the current management team reinvested in the business.

Company
Xindao was founded in 1986 and is headquartered in Rijswijk. The company designs and prints promotional items and gifts through a range of brands. It has offices in the Netherlands, Scandinavia, England, Germany, France, Italy, Spain, the US, Hong Kong and Shanghai.

People
Perusa Partners – Hanndo Schmidt-Gothan (managing director); Raphael Weller (investment director).
Gilde Buy Out Partners – Maurits Boomsma (partner).
Xindao – Albert van der Veen (CEO).

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