In a deal worth €110,309,343.30 Private equity firm Bencis Capital Partners purchased more than 65% of shares of Belgian digital printing press manufacturer Xeikon. Punch International is the current owner of Xeikon. Bencis is paying €5.85 per share.
Bencis Capital Partners is an independent private equity firm targeting medium sized companies in the Benelux countries.
Its portfolio ranges from sports and outdoor retail operations, construction and facility services, to personal care products, confectionery and printing. Its investments have occurred through management buy-out (MBO) and institutional buy-out (IBO) deals, including Stork Prints, which it acquired a majority stake in during November 2007. Bencis took full control of Stork Prints in March this year.
The Gimv-XL fund will co-invest alongside Bencis and, upon completion of the transaction, acquire an indirect minority interest of approximately 20 percent in Xeikon.
Bencis and Gimv-XL hope to reinforce Xeikon’s competitive position by supporting the company’s strategy and growth plan on an independent basis, with the goal to create long-term value.
The agreement is subject to a number of conditions that must be fulfilled by no later than September 17.