Gilde buys Actief Interim from KBC PE and Indufin

NIBC ran the auction process, which attracted interest from financial and strategic investors alike. Gilde was seen as an ideal fit as the Actief management, which had been instrumental in the success of the business, wanted to remain involved in the business as well as independent.

Gilde financed the transaction through its GEM Benelux Fund II that closed on €200m in 2010 and will own a majority stake, while the Actief management team will become a significant shareholder in the company.

The new financial backer will back Actief's continuing national expansion and will further look to expand the company into the Netherlands, where Gilde as a Dutch investor is set to draw regional expertise and business networks.

Debt
Three undisclosed banks are backing the transaction with a senior debt package.

Previous investment
KBC Private Equity and Indufin acquired Actief Interim in a management buyout in May 2007. Mark Maesen, the managing director of Actief, also invested and held a minority stake in the company. Under private equity ownership, the company grew organically and expanded its branch network by 17 to 51 branches while recording a growth in turnover from €103m in 2006 to €149m in 2010. The transaction was backed by a debt package provided by BNP Fortis, ING and Dexia and also included mezzanine financing provided by KBC Private Equity and Indufin.

Company
Founded in 1988 and headquartered in Lummen, Actief Interim is a staffing company with 51 branches in Belgium. It employs 230 staff and posted revenues of approximately €149m in 2010 with an EBITDA margin of around 10%.

People
Gerhard Nordemann and Daniel Winkelman handled the transaction for Gilde. Floris Vansina led the exit for KBC Private Equity, while Guy Wygaerts and Joris Rome represented Indufin.

Advisers
Equity – Linklaters, Paul van Hooghten (Legal); Deloitte, Koen Clukkers (Financial due diligence); Marc Baford (Tax).
Vendor – NIBC (Corporate finance); Allen & Overy (Legal); PricewaterhouseCoopers (Financial due diligence)

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• Topics
• Benelux
• Buyouts
• Support services
• Secondary buyout
• KBC Private Equity
• Gilde Investment Management
• Belgium