Zwevezele, July 17, 2008
Mr. Cor van den Beemt, founder and CEO of VDB Profiel, sold his shareholding in VDB Profiel BV to Joris Ide NV, a 100% subsidiary of Joris Ide Group. Mr. Corvan den Beemt will remain as CEO of VDB Profiel and will also be in charge of the development of Joris Ide Group’s activities in The Netherlands and Germany.
Based in Klundert, the Netherlands, VDB Profiel is a leading manufacturer of steel roof and wall coverings used for new and renovated buildings in the industrial, residential and agricultural markets. VDB Profiel achieved €24 million of sales in 2007.
Present in 7 different countries with 16 production sites, Joris Ide Group is a leading manufacturer of steel roof and wall profiles and insulated panels for the construction industry in Europe. The business has substantially grown from €273 million of sales in 2006 to €349 million in 2007. Ergon Capital Partners acquired a majority stake in Joris Ide Group in March 2007, alongside Mr. Joris Ide, its founder, and the management team.
Corvan den Beemt expressed his satisfaction with the transaction: “I am proud of what has been achieved at VDB Profiel since it was founded in 2000. It is my conviction that this is the right moment to take the company to the next level and Joris Ide Group is the right partner to help us achieve this.”
Joris Ide, chairman of Joris Ide Group, commented: “This is a strategically important step in the development of the Group. It further extends our footprint across Europe and allows us to strengthen our position in the important Dutch and German markets. The support of Ergon is very valuable in the build-up strategy we pursue”.
Wolfgang de Limburg, partner at Ergon Capital Partners, added: “Ergon’s strategy is to invest in leading businesses with sustainable competitive advantages, strong management teams, and buy- and-build potential. Joris Ide Group combines all these elements and has enormous further potential for organic and acquisitive growth. Ergon is committed to further grow Joris Ide Group through add- on acquisitions in key geographies such as the Eastern Europe, CIS and the Nordic countries”.
Joris Ide NV was advised by ING Corporate Finance (M&A), Baker & McKenzie (Legal), PricewaterhouseCoopers (Financial, Tax), Marsh (Insurance) and ERM (Environmental).
Ergon Capital Partners is a mid-market private equity investment company with €500 million under management, backed by Groupe Bruxelles Lambert (“GBL”) and by Parcom Ventures/ING (“Parcom”).
With offices in Brussels, Milan and Madrid, Ergon seeks to make investments in companies with leading sustainable positions in niche markets and with build-up potential, located in Belgium, Italy or Spain. Ergon’s investment philosophy is one of value creation in partnership with management, following an industrial strategy to generate long-term capital gains. Ergon combines the industrial and conservative long-term vision of a successful family-controlled business (GBL) with the strength and experience of a large international financial institution (ING).
Ergon’s portfolio includes the following companies: (i) Stroili, the leading Italian medium to low- end jewellery retail distributor with 339 stores, (ii) La Gardenia, a leading Italian cosmetics and
perfumery retailer with approximately 125 stores, (iii) Seves, the world leading manufacturer of glass and porcelain insulators for power transmission and of glass blocks for architectural and interior design applications, (iv) Joris Ide Group, (v) Corialis, a leading aluminium profile systems manufacturer for windows, doors, conservatories and curtain walls, (vi) Farmabios, a leading manufacturer of active pharmaceutical ingredients, specializing in steroids and antibiotics, and
(vii) Nicotra-Gebhardt, a leading European manufacturer of fans for commercial buildings and industrial process ventilation applications.