Success stories

Alfacam grows exponentially with Gimv support

" Gimv is positively perceived in the market: its name is synonymous with credibility."

Alfacam delivers TV facilities and services to broadcasters and production houses across the world. In 1998, Alfacam CEO Gabriel Fehervari negotiated with various venture capital providers. The choice finally fell on Gimv. Today, both parties are still working together. Sales have moved up from around EUR 2 million in 1998 to almost EUR 30 million in 2007, whilst the company’s gross margin has also risen by a double-digit factor. Alfacam’s CEO comments on a rarely equalled success story.

How did the cooperation between Alfacam and Gimv come about?
Initially, we were sceptical about external financing, but Gimv had the patience to stay with us and allow trust to grow. Gimv was also the only investor that really understood our business model. Despite Alfacam’s small size, Gimv believed in us. After a period of getting to know us and negotiating, Gimv came in as a shareholder in 1998, with board representation.

Today, you can look back on a very successful decade and on a well-received IPO. What were the highlights of the past few years?
The IPO in 2007, in which Gimv supported us, was obviously a milestone. Gimv’s excellent reputation played to our advantage, leading to attractive valuations. Gimv is positively perceived in the market by banks, suppliers, government authorities and customers: its name is synonymous with credibility. For any entrepreneur, this is a major asset. For Gimv too, the IPO provided attractive capital gains. In this sense, the cooperation has created a win-win situation.

How do you value the know-how that Gimv transfers to investee companies?
The Gimv representative in our board of directors has always played a very valuable role in Alfacam’s growth. He has followed the company’s development from the start. We could always count on a subtle form of coaching in important business and strategic decisions. Not obtrusive, but to the point and at the right moment. This may sound exaggerated, but over the past ten years, we have never made a decision we have lived to regret. Gimv also gave us valuable support with legal matters.

How will the cooperation with Gimv evolve in the future?
We hope that Gimv will remain a shareholder in Alfacam for a long time to come. The feedback from Gimv’s representative in the board of directors is of great value for us. By bringing Hugo Vandamme onto our board, Gimv is also allowing us to share in a valuable network of relationships, which is a bonus for our reputation.