Smile Invest buys Magnum Heating

Unquote understands that a debt package of around 3x EBITDA was provided by ING Bank to support the acquisition.

The GP deployed equity from its Smile Invest Fund, which held a final close in December 2017 on its €350m hard-cap. The vehicle acquires majority and minority stakes in companies headquartered in the Benelux region, operating in information and communications technology, healthcare, and innovative consumer products and services. It provides equity tickets in the €10-50m range and targets businesses generating EBITDA of more than €2m and revenues of more than €10m, with high-growth potential.

This is the fifth deal made by Smile Invest Fund in the last year, following its investments in SmartSD, Rovers Medical Devices, Oldelft Ultrasound and Microflor. 

Smile Invest plans to boost Magnum's growth and international expansion, and pursue a buy-and-build strategy via additional bolt-ons, primarily in the Benelux region, Germany and Scandinavia, the GP told Unquote.

Company
Established in 1992, Tholen-headquartered Magnum specialises in manufacturing and supplying electric, water-based, underfloor, wall and ceiling heating systems for residential, industrial and commercial applications. The company employs 70 people and generated revenues of €25m in 2018, Unquote understands.

People
Smile Invest – Ivo Vincente (managing partner).
Magnum Heating – Alex van Haaren (CEO). 

Advisers
Company – DRV Corporate Finance (corporate finance); Faasen & Partners (legal).
Equity – Corp Advocaten (legal).

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• Topics
• Buyouts
• Benelux
• Consumer
• Netherlands
• ING