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GIMV sells its stake in Dutch company HEBU
GIMV sells its stake in the Dutch company HEBU to Italian Manuli. Both companies are active in the hydraulic sector. HEBU is the biggest Dutch wholesaler for hoses, pipes and accessories for hydraulic systems. Through its Dutch subsidiary Halder, GIMV acquired a 77.5% majority shareholding of HEBU in June 2006.
HEBU (www.hebu.nl), founded in 1940, is the Dutch market leader in the distribution of hoses, pipes and accessories, and in advice and service delivery in the hydraulic sector. The company operates in two markets: OEM (equipment manufacturers) and service (mainly repair and replacement). For its service activities HEBU has a network of outlets each with its own workshop and warehouse.
In 2007 HEBU achieved a turnover of EUR 25 million with 115 employees working out of 17 facilities in the Netherlands and Belgium and 10 mobile service buses to undertake repairs at customer factories and worksites. Logistics, quality to measure, expert advice, speed, flexibility and all-round service are key concepts for HEBU.
Through its Dutch subsidiary Halder, GIMV acquired a 77.5% majority shareholding of HEBU in June 2006. Today GIMV sells its entire stake to the Italian company Manuli (www.manulirubber.com). Headquartered in Milan, Manuli develops and produces hydraulic hoses and fittings since 1935. Its division Oil & Marine also makes hoses and pipelines for use at sea. In 2006 Manuli realised a consolidated turnover of EUR 281.5 million. It employs 2,254 people. HEBU was already the main distributor of Manuli’s products on the Dutch market.
The sale has a positive impact of EUR 6.6 million (EUR 0.28 per share) on GIMV’s last published equity value as of 30 September 2007. No further financial details on this transaction will be published.
For more information, please contact:
Mr. Frank De Leenheer - Investor Relations & Corporate Communications Manager
Tel: +32 3 290 22 18 - E-mail: firstname.lastname@example.org
Mr. Sander van Vreumingen– Senior Investment Advisor Corporate Investment the Netherlands (Halder)
Tel: +31 70 3 618 618 – E-mail: email@example.com