Gilde, the Dutch private equity fund, has completed the sale of its stake in Dutch wet wipe manufacturer Codi International in a deal valuing the business at E60m.
The business, which reported net sales of E85.2m and operating profit of E6.7m, has been sold to Finnish plastics manufacturer Suominen Corporation.
Gilde backed a management buyout of Codi from OPG Groep, a Dutch pharmaceuticals distribution business, in October 2001. The deal was valued at around E30m. Gilde declined to reveal further details of the return on its investment. The debt free acquisition price is around E60m and the final value will be determined on the basis of the company's EBITDA for 2003 and 2004.
Half of Codi’s net sales derive from baby care with the remainder divided equally between personal care and home care products. The company's production facilities are located in Veenendaal, and the company employs around 350 people. Codi has projected sales of E100m for the current financial year.
Gilde’s investment in Codi was made from its Gilde Buyout Fund II, which closed on E530m in October 2001. The fund invests in buyout opportunities across France, Germany and the Benelux nations. The disposal is Gilde’s first exit of 2003.