Gilde Leads Buyout of Lacquer Systems Group

Hickson International of the UK in October sold its Netherlands-based lacquer systems division, including a German subsidiary, Hickson Coatings Deutschland, to a Gilde-led buyout. The group has been renamed Doelfray and Macostan Coatings (D&M Coatings).

The price paid for the company, which increased its turnover from DFl 45 million to DFl 50 million (ecu 22.5 million) in 1996, has not been disclosed. Gilde, through its Gilde Participaties vehicle, has taken a 55% equity stake in D&M Coatings, alongside management, which own the balance.

D&M Coatings is one of Europe’s most advanced producers of high quality, environmentally friendly lacquer systems. Its principal customers are the joinery, furniture and light metal industries in Northwestern Europe. The company also produces professional paint lacquers and roadmarking paint.

Gilde investment manager Gerhard Nordemann said D&M has a strong market position, and added that the buyout offers the company the unique possibility of investing in an accelerated strengthening and expansion of its core business, particularly in Germany and Eastern Europe.