Success stories

Westerlund: international expansion and growth

" Gimv provided Westerlund Group with the capital to support an ambitious growth plan."

Gimv played a major role in the success of port operator Westerlund Group. Having grown steadily over the past decade, Westerlund Group now operates marine terminals in the Ports of Antwerp (Belgium), Rouen (France), Changshu (China) and Tilbury (United Kingdom). Westerlund Group provides a complete transhipment and distribution package for pulp, paper and other forest products. Westerlund Group is in charge of stevedoring and terminal operations and for forwarding and transporting products to the final destinations.

Together with Jean-Jacques Westerlund, Gimv invested in the buyout of Westerlund Group in 2005, solving the family business’s succession issues. Gimv provided Westerlund Group with the required capital to support an ambitious growth plan. The company’s continued international expansion involved the development of terminals in the Chinese port of Changshu, where Westerlund now operates a full-service handling and distribution centre for forest products. With Gimv as a shareholder, Westerlund Group acquired French Cimep-Mondia Forest Products, bolstering its position in France. The company also managed to double its tonnage in China and to increase turnover with 40%. In 2008, Gimv sold its participation in Westerlund to the specialised Australian infrastructure investment fund group Babcock & Brown.

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