The three minority shareholders had invested in the Belgian tower crane leasing and sales company in 2000, when Arcomet’s consolidated sales were worth EUR53m. GIMV held a 20% stake, while Sofinim and NPM Capital each held 10%. Sofinim is 74% owned by Ackermann’s & van Haaren (AvH).
Arcomet said the deal valued the company at EUR260m, suggesting the 40% stake bought was worth EUR104m.
The minority shareholders’ investment helped the Belgian firm to exapnd its business from the Benelux countries across Europe, the USA and, most recently, into Singapore. In 2007, Arcomet recorded consolidated sales of EUR120m, 126% higher than when the minority shareholders first invested in the business. AvH reported that it has made a capital gain of EUR5.4m as a result of the buyout.
Theyskens and his management acquired 100% of Arcomet’s stock, through a new holding company called Global Lifting Partners. Under the deal, all of Arcomet’s staff will be able to purchase a stake in the company.
The new holding company was supported with mezzanine financing from Belgian private equity fund Sofina and French bank Lazard, via its fund LFPI. LFPI also owns French tower crane firm Matebat Groupe.
The financial partners have also provided Arcomet with a new line of credit, worth EUR200m, to fund further expansion. In a release issued at the time of the deal, Arcomet said it was investigating opportunities for a major investment in North America, and other projects in Poland, Hungary, Croatia, and Russia.
