ANNUAL REPORT 2007 | 2008 - Gimv

BUY-OUTS
AND GROWTH
CAPITAL
DTS is the market leader in France, but two-thirds of sales are
for export. This makes it one of the three large independent
manufacturers in the European market, with sales points in over
25 countries across the world. DTS customers are mainly in the
petrochemical sector. The company has annual sales of over
EUR 10 million and around 50 employees. Gimv entered DTS
in 2000 through a management buy-in. Together with other
investors, Gimv sold its holding to Thomas & Betts Corporation,
a listed US producer of electrical components for the building,
industrial and utilities sectors.
Dujardin Foods
www.dujardin-foods.com
Dujardin Foods is a leading European producer of private label
deep-frozen vegetables. With two production plants in Belgium,
and one each in France, Spain and the United Kingdom,
Dujardin Foods products are distributed in over sixty countries
across the world. With its 700 employees, Dujardin sticks to
its motto of “Food you can trust”. The availability, safety and
quality of the existing range are the subject of expert care, as
is the development of new products. In 2000 Gimv provided
growth capital in exchange for a 12 percent shareholding. In the
seven years of Gimv’s presence in the company, Dujardin Foods
increased its processing volume from 100 000 to 180 000 tons.
Sales of more than EUR 170 million today place Dujardin among
the top three in its sector. Gimv sold its stake to the Dutch
company NPM Capital.
24 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Jensen Group
www.jensen-group.com
Jensen Group, formerly Laundry Systems Group, is one of
the largest producers of professional laundry systems. This
Belgian-Danish group has a very extensive product offering,
from transport and processing systems, tunnel washers, laundry
sorters, feeders and folders to total project management for
industrial laundries. Jensen Group has facilities in 11 countries
and distribution networks in more than 80. Through its local
presence Jensen in different countries seeks to adapt its knowledge
to local needs. Customers include textile hire companies,
industrial laundries, central hospital laundries and hotel and
cruise ship laundries. Worldwide the company employs more
than 900 people. Gimv sold its remaining 15.75 percent holding
in this listed company through a secondary transaction.
PARTIAL DIVESTMENTS
Alfacam
www.alfacamgroup.com
Since being founded in 1987, Alfacam has grown into a major
supplier of TV services to numberless European TV stations
and production houses. The company operates out of Belgium
and is also represented in France and Germany. By winning the
contract for the Beijing 2008 Olympics, Alfacam strengthened
its position as the leading European player in outside broadcasting
facilities. Alfacam wants to strengthen its position in the high
end segment of its market by strong expansion outside Europe
and by investing in wireless high defi nition services. In March
2008 Alfacam opened a subsidiary in Italy to strengthen its
position in the Mediterranean area. In 2007 the group achieved
a turnover of EUR 30 million. Gimv sold down part of its interest
when Alfacam was introduced onto Euronext Brussels in May
2007. At the end of the fi nancial year, Gimv still held more than
3 percent of the capital.
Lyceum Capital I
www.lyceumcapital.co.uk
Lyceum Capital concentrates on buy-outs of medium-sized
companies in the United Kingdom. Lyceum Capital I is a
EUR 300 million buy-out fund. Following the sale of certain
portfolio companies, investors were repaid a part of their investments.
The fund is proving highly successful with an IRR of
44 percent on realized divestments.