Gimv partially exits Punch Powertrain

Gimv will remain the company's largest shareholder despite the divestment.

The firm had provided €18m to acquire a 46% stake in Punch in March 2010. Gimv led the €24m funding round, which also saw Capricorn Venture Partners supply €6m in exchange for a 15% stake, according to unquote" data.

Gimv invested in the company via its Gimv XL fund, while Capricorn backed the company through the €100m Capricorn Cleantech Fund.

Following the sale of shares to New Horizon, Gimv will retain a 32% stake.

The entry of New Horizon in Punch's capital structure will allow the company to further develop its market position in Asia.

Company
Founded in 1972, Punch is headquartered in Sint-Truiden with additional bases in China, Malaysia and the Netherlands. The company currently employs around 620 staff and recorded turnover of €150m in 2012.

Punch designs and manufactures continuously variable transmissions (CVTs) - or automative gearboxes - and hybrid powertrains for the automotive industry, with a particular focus on the Asian automotive market.

People
Cor Van Otterloo is the CEO of Punch. Bart Cauberghe is a partner at Gimv.

Advisers
Vendor - DC Advisory (Corporate finance).

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