Belgian private equity player Gimv has invested €75m for a minority stake in the Vandemoortele Group, a Gent-headquartered food company.
It is the first investment from Gimv-XL, the growth fund launched at the beginning of the year with the backing of the Flemish Government. It has raised €500m to date and expects to reach a final close later this year.
Vandemoortele will use the capital injection to pursue its aggressive acquisition strategy, which most recently saw it buy Group Panavi, the French market leader in frozen bakery products.
Peter Maenhout, executive vice-president responsible for Gimv-XL, said: “The Gimv-XL fund wishes to invest in growth companies with a sound business model. This will allow them to pursue their growth plans, even in the current difficult and insecure market conditions.
“Vandemoortele Group fully meets the criteria: it is an ambitious company with excellent products, a strong market position and impressive industrial machinery. We fully support the strategic decisions the group has taken and we are convinced of Vandemoortele’s growth potential.”