Road builder Verhaeren appeals to GIMV for further growth

27-02-2008 07:30

GIMV acquires a 30% stake in Brussels road builder Verhaeren and offers additional means for the group’s further growth and expansion. The family shareholders retain the remaining 70% of shares. Group Verhaeren is one of the fastest growing companies in the Belgian market of road works, asphalt works and the installation of sewers.

Group Verhaeren (www.verhaeren.be) was founded in 1956 by grandfather Ferdinand Verhaeren. This dynamic company has grown into a medium sized player in the Belgian market of road works, asphalt works and the installation of sewers.

Group Verhaeren focuses on public works (construction of roads, squares, sewerage, groundwork and asphalt works) in Brussels and Flemish Brabant, but also concentrates on private infrastructure works (construction of car parks, sports tracks, infrastructure for allotments). The group differentiates itself in this market for its vertical integration; from construction (roads, sewerage), through production (asphalt and concrete plants), treatment and recycling of waste (crushing plant) and transportation. Having achieved a turnover of EUR 38 million with 165 employees, Group Verhaeren is a medium sized player in the Belgian market. The reorganisation of the Chausée flamande, the Carrefour Léonard, the avenue de Stalingrad, of the Place Rouppe and the Drève de Lorraine are just a few references of Group Verhaeren in the Brussels region.

In the course of the 1997-2007 period, Group Verhaeren has achieved an average annual increase in sales of 18%. For its future growth the company looks both for organic growth and selective takeovers. GIMV takes a 30% stake from the family shareholders and fully commits itself to support the group’s further growth and expansion.

Alain Grillaert, Executive Investment Manager GIMV, comments the investment: “We strongly believe in the potential of Group Verhaeren, which is lead by a passionate and ambitious management team. Through this partnership we want to make sure that the company holds all the cards to realise its ambitions for growth.”

To us GIMV is a no-nonsense partner who takes the time to listen to our exact needs, who thinks along with us in industrial matters and fully supports our entrepreneurship with its creative solutions. The past few months we learned to truly appreciate GIMV’s active and critical approach. I am therefore convinced that the professional guidance and commitment of GIMV will help us to realise our plans,” adds Michel Verhaeren, Managing Director Group Verhaeren.

Bank financing was underwritten by Dexia and ING. No further financial details on this transaction will be published.

For more information, please contact:
Mr. Frank De Leenheer - Investor Relations & Corporate Communications Manager GIMV
Tel: +32 3 290 22 18 - E-mail: frankdl@gimv.be
Mr. Alain Grillaert - Executive Investment Manager GIMV
Tel: +32 3 290 21 15 - E-mail: alaing@gimv.be
Mr. Michel Verhaeren – Managing Director Group Verhaeren
Tel: +32 15 61 63 03 - E-mail: michel.verhaeren@verhaeren.be

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