D2E backs Contraload MBO

D2E acquired a stake of almost 50% for an equity ticket of €5-10m. The company's former majority shareholder, Dutch logistics group Kloosterboer, wholly exited the business through the sale of its stake to D2E and Contraload founders Jesse Sels and Sylvain Naets.

The deal was sourced through direct contact with the company's management, according to D2E's Alain Keppens.

Following the acquisition, D2E's plans for the company include international expansion and entering previously untapped markets with a new range of activities under the name Sureca (sustainable reusable carriers).

According to D2E, the deal represents the firm's largest investment to date. The Antwerp-based GP held a final close for its maiden fund in April this year, raising €66.25m – above its €50-60m target – after less than a year of fundraising.

The fund had already made two investments prior to the Contraload deal. In August last year, D2E acquired Conteyor, a Merelbeke-headquartered provider of B2B reusable textile packaging systems. In April this year the fund bought Hertecant Flanges, a Heultje-Westerlo-based manufacturer of stainless steel flanges for petro-chemical, power and utility plants.

D2E was established in 2013 by former Gimv senior executives Alain Keppens, Peter Kloeck and Wouter Verlinden.

Debt
A debt package has been provided for the deal by KBC, ING and Belfius.

Company
Founded in 2004, Contraload is headquartered in Niel with additional offices in France, the Netherlands and the UK.

Contraload provides resource management services known as pooling, which comprises the renting of a product alongside delivery organisation, pick-up, insurance and cleaning. In Contraload's case, the company offers plastic bulk carriers and plastics pallets for the B2B market, with a focus on the food industry.

The business operates throughout Europe and claims to have more than 650,000 load carriers in operation. Clients include Unilever, Nestlé and P&G.

The company has grown by an average of 15% per year since its establishment, according to D2E. It expects to generate €20m in revenues and a €6m EBITDA this year. It employs 40 staff.

People
Jesse Sels and Sylvain Naets are the founders of Contraload. D2E's Ivo Marechal and Alain Keppens will join the company's board of directors.

Advisers
Equity – BDO (Financial due diligence); Argo (Legal).
Lenders – White & Case (Legal).

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