BNP Paribas Fortis PE backs JAC

The growth transaction saw BNP Paribas Fortis PE source the deal in a bilateral fashion and invest via its balance sheet, Unquote understands.

BNP Paribas Fortis PE's backing will help the group make external acquisitions, according to a report by Belgian publication De Tijd. 

The transaction coincides with the stepping down of JAC's president, Baudouin Van Cauwenberghe. His daughter, the financial director of JAC, and his son-in-law, the CEO, will take over the management of the company, according to the report.

BNP Paribas Fortis PE invests both as a fund-of-funds and as a direct investor. It typically completes around two direct investments per year, Unquote understands. The GP was part of the consortium that invested €40m in a series-C round for Belgium-based iStar Medical, a medical devices company, in Q3 this year. 

Company 
Founded in 1946, JAC produces bread slicers and dough processing machines. It has two plants in Belgium and generates a €35m turnover. The company is headquartered in Liège.

People 
BNP Paribas Fortis PE – Raf Moons (head of private equity). 

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