Investment in management buy-out of Grandeco (Balta Wallcoverings) finalised

13-07-2007 07:30

GIMV announces that its investment in Grandeco has been approved by the antitrust authorities and has therefore been finalised. In May GIMV already announced that it was negotiating on this transaction. Today GIMV acquires a majority share of 86% in the company. Grandeco (www.grandecogroup.com) is the former wallcoverings division of the Balta Group. As one of Europe’s leading wallcovering manufacturers, Grandeco mainly produces high quality vinyl wallpaper under its own brand names (a. o. Ideco and Grantil) as well as under private label. The company operates productions sites in Belgium (Tielt) and France (Châlons-en-Champagne). It has also a distribution centre in the UK (Alfreton). Balta Wallcoverings’ products are sold mainly in the Benelux, France, Russia and the UK.

Grandeco is a spin-out of the Balta Group, owned by private equity firm Doughty Hanson. In 2006 the company realised sales of EUR 75 million, with an operating cash flow (EBITDA) of EUR 8.9 million. This result has been achieved with around 500 employees. The company is known for its high quality products and services, its state-of-the-art production facilities and its experienced management team with a strong innovative focus. In view of the further growth of both the turnover and the result, Grandeco aims at improving its product mix, further penetrating the Eastern European markets and optimising the synergies between the different production sites. In order to sustain its growth, Grandeco is looking for 25 talented and motivated new employees.

No further financial details will be published.

For more information please conctact:
Mr. Frank De Leenheer – Investor Relations & Corporate Communications Manager GIMV
Tel: +32 3 290 22 18 – E-mail: frankdl@gimv.be
Mr. Alain Keppens – Investment Director GIMV
Tel: +32 3 290 21 32 – E-mail: alaink@gimv.be

Dutch version