Gimv sells Trustteam to Naxicap

Ellie Pullen
01 October 2014

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Gimv has sold Trustteam, a Belgian provider of IT services for SMEs, to Naxicap Partners and Belgian entrepreneur Philip Cracco.

The sale generated a money multiple of 3.9x for Gimv.

The management team will retain their stake in the company.

Naxicap's plans for the company include the roll-out of its healthcare software across France.

The sale of Trustteam has had a positive impact of €8.8m on Gimv's last published equity value as of 30 June. The investment's returns are far above Gimv's historic average of 11.6% IRR, according to the firm.

Under Gimv's ownership, Trustteam's turnover grew by almost 50%.

Philip Cracco is the founder and former shareholder of The House of HR (now Accent Jobs for People), of which Gimv was a shareholder until its stake was sold to Naxicap in May 2012. Cracco sold his 35% stake to Naxicap in April this year.

Previous funding
Gimv invested in Trustteam in October 2011, taking a majority stake. The company's founder and CEO, Stijn Vandeputte, and executive director Patrick Cornette held the remaining shares, according to unquote" data. Fortis Bank provided a debt package for the deal.

Company
Founded in 2002 and headquartered in Kortrijk (also known as Courtrai), Trustteam provides network services to SMEs for infrastructure, security and communications, designed to allow SMEs to outsource their IT management.

The company's main focus is the healthcare sector. It employs 70 staff and generates €12m in turnover.

People
Stijn Vandeputte is the founder of Trustteam. Axel Bernia is a partner at Naxicap. Tom Van de Voorde is a partner on Gimv's smart industries team.

Advisers
Vendor – Ambos, Christina Trappeniers (Legal).
Equity – Stibbe, Dries Hommez (Legal); Grant Thornton (Financial due diligence).