Chequers buys Spandex from Gilde

During Gilde's holding period, Spandex made seven add-on acquisitions: Polinorma in Spain, OTS in Turkey, Proga Plastics in the Netherlands, Sanvido in Italy, LMV in Switzerland and QualSing and Plas Image, which are both based in Australia. The bolt-ons were financed through operational cashflow. Gilde provided no additional equity.

Gilde decided to exit the company due to its good performance and the favourable market climate. The sale was conducted via a regular auction process.

Previous funding
Gilde acquired Spandex in August 2011 from Gerber Scientific for an undisclosed amount. The deal emerged when Gerber was taken private by Vector Capital, which then decided to sell Spandex to Gilde. A debt facility was provided by a group of international banks.

Company
Rümlang-based Spandex focuses on the marketing, sales distribution and support of sign-making and printing-related systems and materials. Founded in 1948, the business serves 20,000 customers in 13 European countries and Australia.

People
Rodney Larson is CEO of Spandex and Karsten Hartmann is a director at Chequers. Rogier Engelsma is a partner at Gilde.

Advisors
Equity – N+1 (Corporate finance).
Seller – Greenhill (Corporate finance).

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• Topics
• Buyouts
• Industrials
• DACH
• Exits
• Switzerland