IK sells Fortex to ABN AMRO Capital

ABN AMRO Capital has bought Dutch textile services company Fortex from Industri Kapital and the company’s management for an undisclosed amount.

Sources close to the deal said the sale generated a 1.5x return for IK, one that the firm was satisfied with after one of Fortex’s plants burned down in 2002. The firm was in the middle of a restructuring of the business at the time, which involved closing down some of the plants. There was a fear at the firm that they may actually make a loss on the original investment.

Fortex will now be merged with Clean Lease Randstad, a Dutch textiles services company that ABN AMRO acquired in June 2004. The ABN AMRO LBO Fund took a 60% stake in the group.

IK 2000 Fund bought Fortex in March 2000 from the family shareholders, and embarked on a buy-and-build strategy, acquiring three Belgian companies and one Dutch business.