Gimv exits dcinex in €26m deal

The sale price comprised €5m in cash, €5.7m of new Ygamis shares and €15.4m of bonds with Ygamis equity warrants.

Of this, Gimv received €400,000 in cash, as well as 52,184 Ygamis shares – totalling €425,300 at a price of €8.15 per share – and a vendor loan of €1.1m with a five-year maturity.

According to Ygamis, the enlarged group generated combined revenues of €139m in 2013, as well as a combined EBITDA of €46.8m.

dcinex was established in 2012 when Gimv portfolio company XDC merged with FTT and Bewegte Bilder. Gimv backed XDC in December 2009, investing €15.3m in the business alongside the Société Régionale d'Investissement de Wallonie (SRIW). The two firms picked up stakes of 20.2% and 20.7% respectively, according to unquote" data.

The investment generated a "high single-digit return" for Gimv, according to the firm.

Company
Founded in 2004 and headquartered in Liège, dcinex is a provider of end-to-end cinema sales and services. The company operates three divisions: dcinex Exhibitor Services, dcinex Content Services and dcinex Consulting.

Its Exhibitor Services unit provides equipment installation as well as maintenance, training and support services for cinema operators.

The Content Services division offers post-production services, as well as physical and electronic delivery and digital rights management across Europe.

The company's Consulting unit provides advice to cinema operators, local authorities and corporate investors on cinema design and layout, project management, market research and due diligence.

People
Serge Plasch is currently the CEO and managing director of dcinex, but will leave the enlarged group following transaction completion. Jean Mizrahi is the chairman of Ymagis.

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• Topics
• Benelux
• Exits
• Support services
• Belgium
• Gimv
• Trade sale