Gimv to sell XL Video to PRG

The trade sale, expected to go forward in June, will see PRG acquire the entirety of XL Video's capital structure. This includes Gimv's 45% shareholding, as well as the remaining stake held by the company's management, founders and an unidentified business angel.

The exit takes place almost four years after Gimv invested €19m to acquire a 47% share in XL Video in July 2011. The deal, financed via the GP's €609m XL fund, saw the company's management and other investors retain the remaining stake.

According to GIMV, the initial 47% shareholding was diluted to 45% prior to the exit. This followed management's involvement in XL Video's capital structure two years ago, with TSM Partners' Lucas Covers then becoming CEO of the company. Covers replaced former CEO and co-founder Rene de Keijzer, who then went on to lead the company's operations in the US.

With Gimv as shareholder, efforts were made to professionalise XL Video's operations in order to increase both internal and external growth. According to the Belgian PE house, PRG's complementary product range was key to its selection as a buyer for the portfolio company.

Company
Founded in 1995, XL Video is a video technology rental provider. The company, based in 11 international locations, offers services ranging from concert touring to events, exhibitions, sports, theatre and arts, among others.

Headquartered in Ostende, Belgium, the company's client portfolio includes bands such as Coldplay, Kings of Leon, Avicii and Arcade Fire. With a workforce of 230, XL Video posted €77m in revenue in 2014.

People
Peter Maenhout worked on the deal for Gimv. Lucas Covers is CEO at XL Video, while Stephan Paridaen is PRG's global president and chief operating officer.

Advisers
Acquirer – BDO (Corporate finance); DLA Piper (Legal); Van Bael & Bellis (Legal)
Company – Linklaters (Legal).

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• Unq2015June