Gimv seals high single-digit return selling stake in cinema services business dcinex


cinema dcinexBelgium-headquartered private equity firm Gimv has agreed to sell its stake in cinema training, maintenance and support services business dcinex for a ‘high single-digit return’.

Ymagis paid about €26m for the business according to a source with knowledge of the deal, as well as taking over €90m of net debt.

They said Gimv owned about seven per cent of dcinex, and will receive €400,000 and more than 52,000 shares in buyer Ymagis, as well as a vendor loan of €1.1m.

It said the total amount outstanding due to Gmiv from dcinex at the end of June was €6m.

Gimv bought into dcinex in 2009 when it was named XDC, prior to a merger with FTT and Bewegte Bilder in 2012.

The company also provides a range of post-production, mastering and transcoding services as well as services such as digital rights management.

Last December China-focused private equity firm New Horizon Capital bought a 30 per cent stake in Punch Powertrain from Gimv.

The deal marked a partial exit for Gimv, although the firm remained the largest shareholder.

Copyright © 2014 AltAssets