Gimv-XL invests EUR 19 million in XL Video, a global player in the rental of video technology
Through the Gimv-XL fund, Gimv is investing 19 million euros in XL Video, a global player in the rental of video display systems for concerts, shows and other events. The investment consists of both a capital increase, giving XL Video a solid base for further growth, and also the acquisition of existing shares. The Gimv-XL fund will acquire a 47% interest in XL Video, making it the largest shareholder in XL Video. The remaining shares will still be owned by management and other investors.
René de Keijzer, CEO and co-founder of XL Video: "We are firmly convinced that Gimv is the right partner for our company. XL Video operates in an international growth market that continues to consolidate, with many opportunities for further expansion. The partnership with Gimv-XL will improve our ability to respond to these developments. We also share a similar vision of how to achieve a healthy balance between entrepreneur and capital provider within the business."
Peter Maenhout from the Gimv-XL fund: "This is one of those Flemish companies that might not be so well known by the general public, but are world-famous within their sector. The biggest names in the world of concerts and other events rate XL Video for its flexibility, quality and technical know-how. It's the people and their reputation that make the difference. We are convinced that this company has many further opportunities for growth and that the stronger capital base will enable XL Video to play a prominent role in developments within its sector."
XL Video (www.xlvideo.com), established in 1996, is recognised internationally as a leading player in the rental of state-of-the-art video technology, such as video screens, for major concert tours, trade fairs, TV shows, sports and other events. The group has one of the largest stocks of high-end video technology such as video displays (LED, projection, plasma and LCD), HD camera systems and large trucks with built-in video screens. XL Video also develops and sells its own LED systems, under the name of Pixled.
Well-known users of XL Video’s services on the concert circuit include rock groups such as U2, Coldplay, Kings of Leon and Foo Fighters. They have also provided video production for trade fairs for companies including car manufacturers Daimler-Benz and Audi as well as working on major events such as Rock Werchter, the US Open and the German Grand Prix.
Besides its head office in Ostend, XL Video also has teams in Ghent, the US, the UK, Germany, France, the Netherlands, Sweden and China. In the last financial year, the group achieved a turnover of EUR 71 million and currently has around 200 employees.
This is the fifth investment of the Gimv-XL fund, following previous investments in Electrawinds, Vandemoortele, Punch Powertrain and PinguinLutosa. The Gimv-XL fund concentrates on large and medium-sized growth businesses in Flanders and Brussels valued at 75 to 750 million euros. The Gimv-XL fund is worth over 600 million euros.
The completion of this transaction is expected in the coming months, after obtaining the necessary approvals. No further financial details have been published about this deal.