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Gimv buys 49% stake in Belgian credit insurer Delcredere / Ducroire

2 Jan 2013

European private equity firm Gimv has paid €36m for a 49 per cent stake in Belgian credit insurer Delcredere / Ducroire.

The firm picked up the shares owned by the Office National du Ducroire Nationale Decrederedienst, the Belgian public credit insurer.

Delcredere is supervised by the National Bank of Belgium and focuses on short-term export credit insurance, while its public parent concentrates on mid to long-term export credit insurance.

The company said its turnover has grown at an average rate of 18 per cent per year in recent years, with sales increasing from €35.8m in 2005 to €95.1m last year.

Gimv managing partner Peter Maenhout, said, “With this investment the Gimv-XL fund is playing a major part in the further privatisation of a solid Belgian enterprise.

“Internationally Delcredere has a very strong reputation for its expertise in credit risks in emerging markets. This experience has been built up through ONDD since the twenties.

“The company is also highly service-oriented and customer-focused. In view of the expected continued globalisation of trade, the management wants to aim for further ambitious growth.”

The deal is the sixth from the private equity firm’s Gimv-XL vehicle following investments in Electrawinds, Vandemoortele, Punch Powertrain, PinguinLutosa and XL Video.

Last month Gimv revealed it had made a negative return selling its shares in ready-made salad company Salsa Food Group to SaladSignature.

While financial details for the deal were not disclosed, Gimv confirmed it realised a negative return on its investment. The sale has no significant impact on Gimv’s last published equity value, the firm said.

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