Gimv sells Climate for Life to Parcom

Unquote sister publication Mergermarket reported in September 2019 that Gimv had mandated KPMG to lead the sale process for Climate for Life. The business was to be marketed based on EBITDA of €20m.

Gimv acquired climate control businesses Itho Daalderop and Klimaatgarant in January 2016, merging the companies to form Climate for Life. Itho Daalderop has undergone several buyouts since its establishment: Nordian Capital acquired the business from Alpinvest in 2007, while Bencis Capital Partners bought the company in an SBO in 2009, before exiting the business to Gimv in 2016.

The investment was part of Gimv's "sustainable cities" investment scheme; recent deals in this strategy include for Germany-based facility management business Köberl Group in February 2020.

During the investment period, Climate for Life sold the commercial activities of its tap development business Floww to German kitchen retailer Franke. The company's revenues also doubled, according to a statement. The combined group generated €78m at the time of Gimv's investment in 2016.

Gimv said in a statement that the deal represents the sale of the largest shareholding on its balance sheet. This will result in a positive impact of approximately €20m on its net asset value, as of 30 September 2020.

Parcom is currently deploying equity via Parcom Fund VI, which held a final close in April 2020 on €775m. The fund deploys equity tickets of €30-70m and targets mid-market Netherlands-based companies. The vehicle acquired Group of Butchers from Equistone in October 2020 in a deal valued at almost €300m.

Parcom intends to support Climate for Life's development in the Dutch residential construction market.

Company
HVAC business Climate for Life was formed by Gimv in 2016 via the merger of Itho Daalderop and Klimaatgarant. Itho Daalderop was founded in 2011 and focuses on indoor climate control and heating systems, while Klimaatgarant specialises in the development of energy-neutral housing projects.

Headquartered in Schiedam and with additional offices in Tiel, as well as Zellik in Belgium, Climate for Life employs 450 people. The company reported 2019 revenues of €133m.

People
Gimv – Rombout Poos (partner).
Parcom – Willem-Jan Merckel (partner).
Climate for Life – Bas Korte (CEO).

Advisers
Equity – Nielen Schuman (M&A and debt advisory); KPMG (financial due diligence, tax); Roland Berger (commercial due diligence); De Brauw (legal); DLA Piper (legal).
Vendor – KPMG (corporate finance, commercial due diligence); Loyens & Loeff (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Buyouts
• Benelux
• Secondary buyout
• Netherlands
• Gimv