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GIMV’s Halder acquires Hebu in secondary buyout

Netherlands-headquartered private equity firm Gilde and ABN AMRO Capital have sold their interests in Hebu, a Dutch hydraulic systems company, to Halder, a subsidiary of listed Belgian investor GIMV.

Halder, the Germany- and Netherlands-based subsidiary of listed Belgian private equity firm GIMV, has acquired a majority stake in Dutch hydraulic systems and components business Hebu in a secondary buyout.
 
Halder paid an undisclosed sum to acquire a 77.5 percent stake in Hebu from Netherlands-based private equity firm Gilde Investment Management and ABN AMRO Capital, the private equity arm of Dutch bank ABN AMRO.
 
According to Sander van Vreumingen, investment advisor in the Dutch office of Halder, the firm invested from GIMV’s balance sheet.
 
Gilde and ABN AMRO Capital originally invested in Hebu for an undisclosed amount in 1997.
 
Van Vreumingen said that the transaction came about as a result of Halder’s past relationship with Gilde. “We know Gilde quite well due to our investment in Euretco, a Dutch retail provider that we acquired together in 2003,” he said.
 
Founded in 1940, Hebu is a wholesaler for tubes, pipes and accessories for hydraulic systems, operating in the equipment manufacturer and repair and replacement markets. The company reported turnover of more than €20 million ($25 million) in 2005.
 
Last month, the German office of Halder completed the management buyout of tyre-cutting equipment manufacturer Karl Eugen Fischer. Unlike the Dutch office, Halder’s German activities are funded through its Halder-GIMV Germany fund, which closed in February 2005 with €155 million in commitments, of which €34 million came from GIMV.
 
Halder’s Netherlands office opened in 1998 and currently comprises five investment professionals covering the Dutch mid-market.