Gimv buys 75% stake in Brakel

According to a source close to the deal, Gimv did not use its closed-ended funds for the deal but financed it off the balance sheet of its listed vehicle. The GP secured a 75% stake in Brakel while the management team, who were shareholders prior to the deal, increased their previous minority stake. 

The SBO will provide an exit route for previous majority owner Nordian Capital Partners. The firm became a shareholder in Brakel in March 2011. The transaction, valued at a reported €45m, saw Nordian carve the business out from Irish parent CRH alongside the management team.

Once sale plans were laid out for Brakel, Nordian set up an auction process. Gimv had followed the company since contact was established with the management team more than a year ago and emerged as the winning bidder, unquote" understands.

According to unquote" data, the buyout is the first to be inked by Gimv in recent months. The GP has been active within the healthcare VC space as it backed a €31.3m series-C for French medical implant designer Biom'up and a €12.5m round for Dutch clinic operator Equipe Zorgbedrijven in September and November, respectively.

In addition, the firm has offloaded a number of investments in recent weeks, most notably printing manufacturer Xeikon, sold alongside Bencis Capital Partners to trade buyer Flint Group.

Debt
The deal was leveraged at a "moderate level", according to an unquote" source. 

Company
Founded in the 1945, Brakel Group designs fire safety systems and climate control structures such as glass roofs, skylights and ventilation systems. Headquartered in Uden, the business operates a production site in Slovakia and works out of offices in Belgium and the UK; it is active in additional countries via individual partnerships.

Having worked on projects such as Amsterdam's Rijksmuseum and Rotterdam's Erasmus Medical Centre, the company employs 315 staff and posted more than €50m in turnover in 2014.

People
Gimv's work on the deal was coordinated by managing partner Ivo Vincente, who oversees its Sustainable Cities scheme. Nordian Capital Partners was represented by managing partner Perry Bos. Ton van Gerwen is Brakel's current CEO.

Advisers
Equity - PwC (Corporate finance); Jones Day (Legal); Roland Berger (Commercial due diligence).
 

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