Electra Partners, the European mid-market buyout firm, has revealed that it has backed a management buyout at Aliplast, a supplier of conservatory and window systems based in Belgium.
The buyout, also led by vendor and founding entrepreneur Peter Blijweert, who is reinvesting some of the proceeds of the sale, values the business at E205m and is being backed by debt of E133m from Royal Bank of Scotland. Electra Partners Europe will invest E72m in the transaction in return for a 72 per cent stake. The buyout capitalises the business at E285m.
In addition to the Blijweert family, which held 74 per cent, Aliplast was 20 per cent-owned by ABN Amro Capital and Mercator Bank & Verzekeringen Group of Belgium. Electra beat off competition from a group of private equity firms in an auction coordinated by ABN Amro Bank. Other interested parties included CVC Capital Partners and JPMorgan Partners.
Aliplast has expanded its operations in recent years to include operations in France and the UK. The company has also set up in China, Poland and Germany and has an annual turnover of E160m and a workforce of 1,100 staff.
Charles St John, a director of Electra Partners Europe, who led the deal said in a statement that the firm was backing “an exceptional management team headed by Johan Verstrepen” which planned “to continue the growth of the business and build on the strong foundations put in place by [founder] Peter Blijweert.”
Electra was advised by Deloitte & Touche Corporate Finance.