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GIMV sells Gealan to AXA Private Equity

GIMV has sold its 90% stake in Gealan, a German manufacturer and distributor of PVC window and door profiles, to AXA Private Equity.

The business has been divested through GIMV’s German subsidiary, Halder, and made a net capital gain of €79m. It will reinvest a 10% stake in the company.

The Halder GIMV Germany fund led the MBO of Gealan in 2002 for an undisclosed amount, but did reveal that it put in between €20m and €30m during that year.

The Gealan group produces PVC window systems for customers in Germany and Eastern Europe. Gealan also sells its products to France, The Netherlands and Belgium and has become one of the ten leading PVC window profile manufacturers in Europe.

The headquarters of the group are situated in Bavaria and Gealan has modern production subsidiaries in Germany, Romania, Poland and Lithuania, a licence production in Russia and a distribution subsidiary in Croatia. During 2003, Gealan realized a turnover of €122m up from €78.2m in 2001. Growth was achieved organically by gaining market share in Germany and by strong demand from Eastern Europe where Gealan holds a strong market position.