Investee Company – Group 3 S (Belgium)
Investee Company Business Type – Industrial maintenance and cleaning group
Type of Financing – MBO
Equity Providers – GIMV
Equity Leader (Individual) – Peter Kloeck/ Alain Keppens
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro6m
Total Deal Value – N/A
Other Advisors – Eubelius, E&Y and PWC (to GIMV)
Comments – Gimv has announced its involvement in its third buyout this year. The management buyout of Group 3 S, based in Belgium, comes after that of Mondi Foods and the German Hornschuch buyout. Gimv has invested euro6m to acquire a majority of the shares.
3 S is a major player in the sector of industrial cleaning and maintenance, active in the automotive sector, general industry and the food sector. The group has secured contracts with such high profile automotive companies as Volvo, Nedcar, Daf and Opel Belgium. In peak periods the company employs up to 1,000 people and expects to realise a consolidated turnover of euro33m for 2001.
Geert Mertens, general manager at Group 3 S, said: “After acquiring a significant position on the Benelux market, which we wish to strengthen even further, the priority for the coming years lies on the international expansion of 3 S. As management, we are delighted with the new shareholders´ structure. This allows us to call upon the accumulated know-how of Erwin Andries and Marnix Vandekerckhove, but also provides us through Gimv with a financially strong partner having major experience in internationalising groups.”
Gimv said: “Traditionally, Gimv is better known as a capital provider in the form of minority interests in growth companies. However, on the Belgian market management teams are becoming more interested in taking matters into their own hands and… using a management buyout to offer a way out for family shareholders (e.g. within the context of a problematic succession) or multinationals wanting to refocus on their core businesses.”