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Gamma Holding sells Vlisco Group
08
Sep '10
On 7 September, Gamma Holding sold Vlisco Group to Actis, an emerging markets private equity investor, for an amount of € 118 million. The real estate in Helmond, Netherlands, will remain the property of Gamma Holding and will be let out to Vlisco Group. A long-term lease with a market-rate rent, to be indexed annually, has been agreed.

In 2009 the activities sold represented an annual turnover of € 168.3 million and EBITDA 1 excluding restructuring expenses of € 28.2 million. Vlisco Group has 2,103 employees. The sale will not have any impact on jobs. The Works Councils concerned have issued a positive opinion regarding the takeover.

Actis manages $ 4.8 billion for over 100 institutional investors and invests in various emerging markets, including Africa. Jan Albers, chairman of the Executive Board of Gamma Holding: 'Due to its strong local African presence, Actis is excellently placed to successfully pursue Vlisco Group's growth strategy and to safeguard the continuity of the company.

In this respect, Actis will continue the transformation already under way toward a brand-oriented organisation and maintain the current production locations in the Netherlands, Ghana and Cote d'Ivoire. In this way, we have been able to do justice to the interests of all stakeholders.'

With the sale of Vlisco Group, Gamma Holding will improve its debt position. The book profit to be realised and the resulting shortening of the balance sheet will more than double the solvency of the company from 13.5% at 30 June 2010 to approximately 30% at 31 December 2010.

With regard to the business units Ammeraal Beltech, Clear Edge Filtration, Dimension-Polyant and Bekaert Textiles, Gamma Holding will continue to focus on optimising business processes and strengthening market positions. Improving the balance sheet ratios has increased Gamma Holding's financial strength.

Gamma Holding will publish its trading update on the third quarter of 2010 before the opening of the stock exchange on Friday 29 October 2010.

Gamma Holding N.V.

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