GIMV realises €127m in partial exit

The Belgian private equity firm has sold two-thirds of its stake in Barco, a Belgian electronics company, for €127m.

GIMV, Belgium’s largest venture capital provider, has sold two-thirds of its shares in Barco, a Belgian electronics company, for €127 million ($150 million).

GIMV sold two-thirds of its 30 percent stake in the company that it acquired in 2000, retaining just over 1.1 million shares in Barco.

The share were placed with Belgian and foreign institutional investors by joint bookrunners Petercam and KBC Securities. GIMV has agreed not to plan any further sale of Barco shares before the end of 2004.    

Barco is an electronics holding company that focuses on image processing in the fields of large screen displays for life critical applications and systems for visual inspection and quality control. The company, which is quoted on the Brussels Stock Exchange, turned over €792 million in 2001.

Last month GIMV sold its entire stake in cinema chain Kinepolis group for €5.5 million to institutional investors in Belgium and abroad.

GIMV invests in information and communications technology in Belgium and Europe and last year committed €30 million to a German mid-market buyout fund raised by its subsidiary Halder.

GIMV, which has been listed on the Brussels Stock Exchange since 1997, manages more than €1.2 billion of fund activities through its own portfolio companies and third party funds.