M&A Deal Summary

GIMV and Monaghan Middlebrook Mushrooms Acquire Walkro International BV

On January 1, 2012, private equity firm GIMV and Monaghan Middlebrook Mushrooms acquired agriculture company Walkro International BV from Bencis

Acquisition Highlights
  • This is GIMV’s 1st and Monaghan Middlebrook Mushrooms’ 1st transaction in the Agriculture sector.
  • This is GIMV’s 20th and Monaghan Middlebrook Mushrooms’ 1st transaction in the Netherlands.
Investment Fate
  • Walkro International BV was sold to a strategic buyer in 2018.

M&A Deal Summary

Date 2012-01-01
Target Walkro International BV
Sector Agriculture
Buyer(s) GIMV
Monaghan Middlebrook Mushrooms
Sellers(s) Bencis
Deal Type Secondary Buyout

Target

Walkro International BV

Venlo, Netherlands
Walkro International BV is one of the largest producers of substrate for the mushroom industry. Walkro produces 8,500 tons of substrate per week at its production facilities in Maasmechelen (Belgium), Blitterswijck (the Netherlands) and Wallhausen (Germany). With more than 235 employees, Walkro sources its own raw materials (mainly horse and poultry manure), produces best in class substrate and takes care of transport to mushroom growers all over the world.

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Buyer(S) 2

Buyer

GIMV

Antwerp, Belgium

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1980
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

GIMV is a Belgium based public investment company focused on private equity and venture capital investments in tech-based businesses. GIMV's private equity practice operates through its Corporate Investment unit and targets management buyouts, buy-ins, and growth capital financings of companies with annual sales between EUR15 and EUR150 million. For buyout opportunities GIMV generally takes a majority stake in businesses and for growth capital needs, GIMV takes a minority position. GIMV does not invest in publicly held companies or turnaround situations. GIMV's geographic focus is within Belgium, Netherlands, Germany, and France. GIMV also invests in Russia through Eagle Capital Partners, a partnership with KBC Private Equity. GIMV was formed in 1980 and is headquartered in Antwerp with additional offices in The Hague, Frankfurt, Munich, and Paris.


DEAL STATS #
Overall 69 of 158
Sector (Agriculture) 1 of 1
Type (Secondary Buyout) 11 of 24
Country (Netherlands) 20 of 39
Year (2012) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 OGD ict-diensten

Delft, Netherlands

OGD ict-diensten delivers tailored ICT services, like management, helpdesk, ICT projects and software development. OGD combines high quality service with keen pricing. It employs more than 700 well-trained young professionals with technical service backgrounds. OGD ict-diensten was founded in 1988 and is based in Delft, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-22 Oldelft Ultrasound

Delft, Netherlands

Oldelft Ultrasound is a manufacturer of transesophageal echocardiography (“TEE”) probes. Oldelft offers quality TEE ultrasound probes are used in the adult, paediatric and neonatal cardio markets for diagnosis and monitoring. Oldelft Ultrasound was established in 1939 and is based in Delft, Netherlands.

Buy -
Buyer

Monaghan Middlebrook Mushrooms

Monaghan, Ireland

Category Company
Founded 1981
Sector Food
DESCRIPTION

Monaghan Middlebrook Mushrooms supplies fresh mushrooms to leading Irish and international retailers in the UK, Ireland, Canada and USA.


DEAL STATS #
Overall 1 of 2
Sector (Agriculture) 1 of 2
Type (Secondary Buyout) 1 of 1
Country (Netherlands) 1 of 2
Year (2012) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-10 Walkro International BV

Venlo, Netherlands

Walkro International BV is one of the largest producers of substrate for the mushroom industry. Walkro produces 8,500 tons of substrate per week at its production facilities in Maasmechelen (Belgium), Blitterswijck (the Netherlands) and Wallhausen (Germany). With more than 235 employees, Walkro sources its own raw materials (mainly horse and poultry manure), produces best in class substrate and takes care of transport to mushroom growers all over the world.

Sell -

Seller(S) 1

SELLER

Bencis

Amsterdam, Netherlands

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.9B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Bencis is an independent private equity firm focused on investments in profitable, established companies headquartered throughout Western Europe. Target businesses typically generate sales of €25 to €500 million and operate in the industrial/manufacturing, food/beverages, logistics/distribution, chemicals, automotive, leisure, media, services, utilities and retail industries. Bencis was formed in 1999 and is based in Amsterdam, the Netherlands.


DEAL STATS #
Overall 10 of 33
Sector (Agriculture) 1 of 2
Type (Secondary Buyout) 3 of 12
Country (Netherlands) 7 of 27
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 The Employment Group

Amersfoort, Netherlands

The Employment Group is the platform to create a group of niche staffing businesses. As a first step, The Employement Group acquired Faber Personeelsdiensten. Faber Personeelsdiensten is the market leading staffing agency for the Dutch painting branch. It offers flexible labour solutions to painting companies. In addition, it provides administration services to self-employed painters.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-01 Continental Candy Industries

Drachten, Netherlands

Continental Candy Industries engages in sweet manufacturing for more than 30 years and focuses its activities on the north-western part of Europe. Continental Candy Industries supplies an extensive range of sweets and confectionery from its five production sites. The company's core business is developing and producing private label products/house brands for major supermarket chains and retailers. The extensive range consists of more than 150 different products, which vary widely in shape and taste. The recipes and packaging are flexibly adapted to suit exact customer requirements. Continental Candy Industries was founded in 1985 and is based in Drachten, Netherlands.

Buy -