M80 has acquired a majority stake in temporary structures specialist Spantech.
The company's founder, Derek de Villenfagne, and its management have invested alongside the firm. The team will continue to lead the company.
This is M80's second investment in Belgium and the fifth investment from its debut fund. M80 Capital I held a first close in November 2018 on €100m and is expected to hold a final close later this year. The fund looks to provide equity tickets of €10-40m to companies in Benelux and France with turnovers of €25-300m.
Spantech has acquired three companies since its foundation: Bator Structures and Delta Structures in 2006, and Elflein-Zelte in 2012.
Debt was provided by Belfius and BNPPF.
Headquartered in Brussels, Spantech is a large tent manufacturer for a variety of industries. It employs around 130 people and operates production sites in Poland and Germany, with sales distribution centres in Belgium, France, Germany and the Middle East. The company was founded in 1999.
M80 – Carl Annicq, Peter Maenhout (partners).
Spantech – Derek de Villenfagne (CEO).
Equity - Baker McKenzie (legal); Lime (legal); Deloitte (financial due diligence).
Vendor - Linklaters (legal).
Fund has an €80m target and invests in seed, series-A and series-B rounds in the space technology sector
Sale follows a competitive process initiated in July 2019 as part of the company's restructuring
Bolt-on of cable installation market peer is subject to competition authority approval
GP acquired a majority stake in the Romanian recycling business in April 2016