Gilde and Parcom sell Bekaert to Haniel

The divested company was a business unit of textile products manufacturer Gamma Holdings, a company in which Gilde and Parcom are shareholders. 

Gilde's involvement with Gamma began in June 2010, when the buyout house acquired a stake from ASR Nederland, Delta Lloyd Asset Management and Allianz Nederland Levensverzekering in a €27.2m PIPE deal.

Investing via its Gilde Buyout III Fund, the mid-market player secured a 19% shareholding in the PIPE deal, which subsequently increased to 25%, according to unquote" data.

Six months later, Gilde teamed up with Parcom to take Gamma Holdings private. The €392m deal valued the business's equity at €218m.

Gilde invested again from its Buyout III fund, while Parcom financed the deal via its Investment Fund I and Buyout Fund IV vehicles. Both firms held a combined 98.2% stake in Gamma as of 23 February 2011.

The GPs previously divested another Gamma business unit in May 2013, when Tulsa-based speciality chemicals business Clear Edge Filtration was sold to Chicago-based Filtration Group Corporation.

Prior to being acquired by Haniel, Bekaert Textiles bought US-based pillow and bedcover manufacturer Progressive Products in December 2012. The deal allowed the Belgian mattress specialist to grow its presence in the US market.

Company
Founded in 1892 by Ivo Bekaert, Bekaert Textiles is a mattress and bedcover provider. Headquartered in Waregem, Belgium, the business carries out 35% of its sales in Europe and 50% in the Americas, while also being present in the Asia-Pacific region. The company posted more than €200m in turnover in 2014.

People
Gamma Holdings was represented by CEO Jan Albers. Dirk Vandeplancke is CEO at Bekaert Textiles and Stephan Gemkow holds the same positions at Haniel.

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• Topics
• Benelux
• Exits
• Consumer
• Belgium
• Gilde Buy Out Partners
• Partial sale