Belgian investment group Gimv has exited its majority stake in Benelux food ingredients company Sfinc to AXA Private Equity alongside company management and Belgian investment bank Axxess Partners.
Gimv invested in Sfinc through a 2004 buy-in transaction when the company was formed via a merger of Belgian companies Rejo and Pellicula. The combined company then made three add-on acquisitions in 2007.
The sale had a positive impact of €7.1 million on Gimv’s 30 September equity value, the firm said in a statement. Gimv has roughly €2 billion in assets.
Under AXA’s ownership Sfinc will continue its buy and build strategy headed by current chief executive Chris De Wolf.
AXA Private Equity, the private equity arm of the French insurance giant, has more than $25 billion in assets under management. The firm manages primary, early secondary and secondary fund of funds. Also under management are infrastructure, mid- and small-cap buyouts, venture capital, co-investment and mezzanine direct investment funds.