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Unquote
  • Exits

IK exits CID Lines to trade

  • Francesca Veronesi
  • Francesca Veronesi
  • 10 January 2020
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IK Investment Partners has sold its majority stake in Belgium-based CID Lines, a specialist in livestock biosecurity and hygiene, to US-based Ecolab, a provider of water, hygiene and energy technologies.

A source close to the situation has confirmed to Unquote that the deal valuation of €450-500m reported by Belgian publication De Tijd is roughly correct. 

Ecolab, based in St Paul, is a provider of water, hygiene and energy technologies, serving customers in the food service, food processing, hospitality, healthcare, industrial, and oil and gas markets.

CID Lines

  • DEAL:

    Trade sale

  • LOCATION:

    Ypres

  • SECTOR:

    Speciality chemicals

  • FOUNDED:

    1988

  • TURNOVER:

    $113m

  • VENDOR:

    IK Investment Partners

IK declined to comment on the transaction.

Previous funding
Gilde Buyout Partners became a majority shareholder of the business in 2010, when it invested via its €600m third buyout fund. At the time of the acquisition, CID was thought to generate €40m in revenues and €12-13m in EBITDA. 

IK took over the company in 2015 by acquiring a majority stake via its IK VII fund, which closed on €1.4bn in 2013. The deal was financed with a debt package arranged as a traditional club deal. According to Unquote sister publication Debtwire, a group of banks including Bank of Ireland, Belfius, BNP Paribas, HSBC and ING provided a €93m senior debt package to support the transaction.

Company 
Founded in 1988, CID offers a range of cleaning, disinfectant and hygiene solutions for pig, poultry and dairy farms, serving around 300,000 farms worldwide. Headquartered in Ypres, the company's 2019 sales were approximately $113m.

People
Global Food & Beverage – Nick Alfano (executive vice-president, general manager).
CID Lines – Koen Brutsaert (co-founder, CEO).

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