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Gimv, Capricorn back energy efficiency company with €24m

1 Apr 2010

Belgian private equity and venture capital firm Gimv and pan-European clean technology fund Capricorn Venture Partners have invested €24m in energy efficiency company Punch Powertrain for the further development and commercialisation of its continually variable transmission (CVT) drivetrains.

Acquired by Punch International in 2006, Belgium-based Punch Powertrain is an independent manufacturer of CVT systems for cars and is now majority-owned by investor LRM, also located in Belgium. Since carrying out a capital increase of €7m in May 2009 to obtain 30 per cent of the company’s shares, LRM exercised its option on the remaining 70 per cent of the shares, removing Punch International from the shareholding.

Gimv contributed €18m of the total investment, carried out for the account of the Gimv-XL Fund, and Capricorn Venture Partners put forward an additional €6m through its Capricorn Cleantech Fund. Punch Powertrain also received another series of bank credits totalling more than €30m to sustain its growth. LRM has retained a 38 per cent following the deal, while Gimv and Capricorn have obtained a share of respectively 46 per cent and 15 cent.

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