BOF and GIMV support Omnistor buy-in

Belgian investors GIMV and the Buy Out Fund have backed the MBI of Omnistor Accessories, the producers of sun protection systems for vehicles.

Private equity firm The Buy Out Fund (BOF) and publicly listed GIMV have taken over Omnistor Accessories in a management buy-in for an undisclosed amount.

The BOF and GIMV will own 44.5 per cent each of the company, while the Brutsaert family, who formerly owned the company, will maintain a 10 per cent stake. The remaining one per cent will be owned by the new manager Hans De Smet.

Omnistor Accessories, which was formerly known as Brutsaert Accessories, is a producer of sun protection systems for recreational vehicles and caravans. The company, which exports 95 per cent of its goods, also produces accessories such as roof boxes, bicycle carriers, ventilators and steps. It has an annual turnover of around BEF 1bn and 125 staff.

BOF and GIMV plan to further develop the company in a market they believe is expanding. It has strengthened the management team by bringing in Hans De Smet, who will become the general manager. The second line management, consisting of three employees, were already working at the company.

The transaction for GIMV, which has around 28 per cent of its portfolio invested in private equity, was led by Alain Keppens and Kris Van Look. Karel Gielen acted on behalf of BOF, a E38m private equity fund based in Brussels.