Gimv takes loss on Salsa Food Group

Gimv realised a "negative return" on investment over the five-year holding period. Gimv said the sale had no significant impact on its last published equity value.

All shares and obligations of Salsa Food Group were acquired by SaladSignature, a company that operates both in Belgium and the Netherlands. Salsa Food Group will continue to operate as a separate business unit within the SaladSignature group, alongside HamalSignature in Belgium and Johma Salades and Westland Salades in the Netherlands.

AAC Capital Partners acquired Salad Signature from Gilde in May 2012. ING Bank, BNP Paribas Fortis, Rabobank and Belfius provided debt financing for the transaction.

Previous funding
In 2007, Gimv acquired a 90% stake in Le Cobourg, a Belgian producer of traditional salad spreads, in a management buy-in. The remaining shares were owned by the new management team. Salsa Food Group is a merger of three food and beverage firms including Cobourg. The acquisition of the original companies happened with GIMV as majority shareholder.

Company
Salsa Food Group was established through the merger of Le Cobourg, DC Products and Salsa-Eurotomat in October 2007. The company is based in Antwerp, Belgium. Salsa Food Group produces salads and sauces with high-quality ingredients in an IFS-certified environment.

People
Bart Cauberghe is a partner at Gimv. Frank De Leenheer is investor relations manager at Gimv. Jan Celis and Marc De Cockis are respectively CEO and CFO of Salsa Food Group.

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