NETHERLANDS - Intermediate Capital Group completes recap of Motip Dupli Group

The company supplies the automotive, DIY and industrial sector through its three productions locations in the Netherlands and Germany and through its network of sales subsidiaries and distributors in Europe. In 2005, Motip Dupli reported a turnover of approximately EUR 120m and employed on average 640 staff.

The current group was formed in 1998 by the merger of Switzerland-based Vogelsang Group and Netherlands-based Motip Group from the Netherlands. Last month, ICG supported management in buying out Marcel Boekhoorn, one of the two major shareholders, by investing EUR 25m of mezzanine and approximately EUR 13m of equity. Total enterprise value amounted to EUR 140m. ICG was already a mezzanine financier of the business following an earlier recapitalisation in October 2003. As a result of Motip Dupli’s leading market position, steady growth and diversified customer base, ICG was comfortable not only with providing mezzanine capital but also with investing in equity.

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