Gimv invests in increased international growth for the Belgian company Summa, the European market leader in digital cutters
Gimv is becoming the majority shareholder of Summa, an innovative company manufacturing cutters for the graphic design industry. The management of Summa invests next to Gimv in this transaction. The ambition is to focus fully on increased geographical expansion and releasing new innovative products.
Summa (www.summa.eu) is the European market leader in roll cutters that can quickly cut flexible materials on rolls. For some years, the company has also been operating in the flatbed cutter market. Flatbed cutters allow hard materials to be cut into complex shapes quickly and accurately. Both types of machines are used by the graphic design industry in the final cutting process of cardboard, fabric, vinyl, acrylic sheets, etc. Its worldwide sales go through an international dealer network.
The company is based in Gistel, Belgium and its history goes back to 1973. Since then, the company has changed owners several times until it was acquired by the current US owner and 2 Belgian partners from the current management team in 1999. In 2015, the company had 52 employees and achieved a turnover of EUR 17.7 million. The aim is to increase this figure by more than 50% by 2020. The company wants to achieve this by further developing its market position in Asia and the United States and by further boosting its market share in the flatbed cutter market.
Tom Van de Voorde, Partner in Gimv Smart Industries, comments on the transaction: “Technology and a great work force have made Summa a hidden champion. Summa is a strong brand in the cutter industry. The Smart Industries Platform is excited to work with the management to continue the story of a company that is a perfect match for the platform's strategy. Gimv Smart Industries focuses on innovative companies based in the Benelux, France and Germany that distinguish themselves through their technological expertise. Over the past years, the team has gained successful experience in engineered systems, ICT and advanced manufacturing.”
Summa CEO Erwin Vandousselaere adds: “We welcome Gimv on board as a new partner that has not only a wealth of experience but also the necessary resources to help us achieve increased international growth. The addition of more professional expertise to our SME organisation will certainly help to further optimise the innovation and marketing of our products and services. We are looking forward to continuing together our success story in the coming years."