HG International trades hands between Gilde funds

HG's management reinvested as part of the deal to retain a significant stake in the business.

Both GEM and GBP operate under their parent firm, Gilde Investment Management. However, GBP tends to acquire larger companies than GEM, typically investing in upper mid-market businesses with enterprise values of €75-600m. GEM caters more to lower mid-cap companies that have enterprise values of €15-125m.

Details of the fund used by GBP to acquire HG from GEM have not yet been disclosed. The firm's most recent fund, Gilde Buyout Fund IV, closed on €800m in June 2010.

GEM originally acquired HG in a management buyout in 2009. The firm bought the company from family shareholders and invested via the GEM Benelux Fund, which closed in September 2006 on €150m. ING Group and Rabobank provided a debt package for the deal.

Company
HG International was founded in 1962 and was originally based in Sweden. The company was moved to Oldenzaal in the Netherlands after it was acquired by Dutch business Van Altena BV in the 1970s. The business is now headquartered in Almere and employs approximately 200 staff.

HG International provides cleaning and maintenance products to 45 countries, but predominantly serves the Benelux region. The company holds additional offices in Belgium, the UK, Spain and Italy.

People
Peter de Heer is the managing director of HG International. Gerhard Nordemann, Jeroen Nienhaus and David van Hasselt all worked on the original acquisition of HG International for GEM. Ruben Maase and Gianluigi Manna are investment managers at GBP.

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• Topics
• Buyouts
• Benelux
• Consumer
• Secondary buyout
• Netherlands
• Gilde Equity Management Benelux
• Gilde Buy Out Partners
• Gilde Investment Management