IK Partners buys Plastiflex

The GP is investing via IK Small Cap III. The fund held a final close in April 2021 on EUR 1.2bn. It targets businesses with enterprise values of EUR 15m-150m, focusing on France, the UK, and the DACH, Nordic and Benelux regions. The vehicle has now made three platform investments, according to Unquote Data, the first of which was the acquisition of woodcare products producer Blanchon from Abénex in July 2021.

At the time of its acquisition by 3D Investors in 1998, Plastiflex was headquartered in the US, but the firm then moved its headquarters to Paal-Beringen in Belgium. After its hose production business struggled as a result of the 2008 financial crisis, the company began a turnaround process that saw its focus turn to developing its presence in the healthcare and industrial markets.

Unquote sister publication Mergermarket reported in August 2021 that GCA Altium had been mandated for the sale of Plastiflex. The company was to be marketed based on EBITDA of EUR 12.5m.

In addition to supporting Plastiflex's focus on the healthcare sector, 3D Investors supported the expansion of its research and development functions.

The announcement comes shortly after IK acquired IT service provider Conet from HIG via its mid-market fund, as reported.

Company
Founded in 1963 and originally based in California, Plastiflex produces tube systems for use in healthcare, industrial applications and in appliances, including floor care, swimming pools and white goods. The company has seven manufacturing sites in four continents, and employs 1,000 staff. It posts revenues of around EUR 100m.

People
3D Investors – Hans Swinnen (partner).
Plastiflex – Piet Gruwez (CEO).

Advisers
Vendor – GCA Altium (M&A); Four & Five (legal); Roland Berger (commercial due diligence); EY (financial due diligence, tax); ERM (ESG due diligence).

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

• Topics
• Buyouts
• Benelux
• Industrials
• IK Investment Partners
• Belgium