The deal marks a partial exit for Gimv and its Gimv-managed Gimv-XL fund, though the firm is still the largest shareholder. The deal has a positive impact of €2.9m on Gimv’s last published equity value, the firm said. Other shareholders include Leuven-based VC firm Capricorn Venture Partners.
In March 2010 Gimv acquired a 46 percent stake in Punch Powertrain, which will now drop to 32 per cent.
Punch Powertrain, a developer of clean powertrain technologies, has grown strongly in Asia in recent years, expanding its facility in Nanjing, China, and doubling sales to Asian automotive markets since 2010.
Bart Cauberghe, partner, Gimv, “Since our investment in Punch Powertrain in 2010 the company has grown more than 30% per annum, tripled its workforce to about 620 FTEs of which 150 FTEs in R&D, expanded its customer base and broadened its products offer. We are delighted to have found in New Horizon Capital a strong and well-reputed Asian investor to support together with us and the other Belgian shareholders the further growth of Punch Powertrain in the ASEAN markets.”
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