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Ergon Capital Partners

Ergon Capital Partners

Created in 2005, Ergon Capital Partners (“ECP”) is a private equity fund operating in the mid-market segment.

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  • 2017 Acquisition

    Acquisition by ECP III of a majority stake in Keesing Media Group

    In September 2017, ECP III acquired a majority stake in Keesing Media Group (« Keesing »), the leading European publisher of games and puzzle magazines, from Telegraaf Media Group. The acquisition price for ECP III amounts to EUR 34 million.

  • 2017 Sale

    Sale by ECP III to PAI Partners of its majority stake in ELITech

    In July 2017, ECP III sold to PAI Partners its majority stake in ELITech, a manufacturer of specialty in-vitro diagnostics equipment and reagents. This transaction generated a net consolidated capital gain on disposal of EUR 104 million (GBL’s share).

  • 2017 Sale

    Disposal of ELITech

    • ECP III reached an agreement with PAI Partners for the sale of ELITech Group, a manufacturer of specialty in-vitro diagnostics equipment and reagents
    • Estimated net consolidated capital gain on disposal of EUR 102 million (GBL’s share)

  • 2016 Acquisition

    Acquisition of Deutsche Intensivpflege Holding GmbH (DIH)

    In December 2016, ECP III acquired an indirect majority stake in the company Deutsche Intensivpflege Holding GmbH (DIH), one of the main providers in outpatient intensive care services in Germany.

  • 2016 Acquisition

    Fund raising by ECP III

    In July 2016, ECP III raised EUR 150 million, increasing the size of the fund to EUR 500 million. This fund raising was subscribed by Sienna Capital for EUR 100 million, as well as by other leading European institutional investors.

  • 2016 Sale

    Sale of De Boeck and Larcier

    During the second quarter of 2016, Ergon Capital Partners III concluded agreements regarding the sale of De Boeck Education S.A., De Boeck Digital S.A. and Larcier Holding S.A., generating a capital gain on disposals of EUR 51 million (attributable to GBL).

  • 2016 Acquisition

    Acquisition of a stake in Looping by ECP III

    On 1 March 2016 Ergon Capital Partners III acquired an indirect majority stake in Financière Looping Holding S.A.S. (“Looping”), an amusement park operator. Looping generates turnover of around EUR 60 million and is a European leader on the amusement park market.

  • 2015 Acquisition

    Acquisition of Golden Goose by Ergon Capital Partners III

    On 19 May 2015, acquisition by Ergon Capital Partners III of a majority stake in Golden Goose, an Italian designer of contemporary footwear, clothing and accessories.

  • 2015 Sale

    Sale by Ergon Capital Partners II of its majority stake in Joris Ide

    During the first quarter of 2015, sale by Ergon Capital Partners II of its majority stake in Joris Ide, leading manufacturer of insulated panels and steel profiles. This transaction generated consolidated net profit of EUR 14 million (attributable to GBL) in 2015. As a reminder, this participation accounted for under the equity method had already generated a EUR 14 million profit (attributable to GBL) in the past. This sale enabled the distribution of a EUR 16 million dividend (GBL share) during the last quarter in 2015.

  • 2014 Sale

    Sale by Ergon Capital Partners II and Sagard II of their shareholding in Corialis

    Ergon Capital Partners II (ECP II) and Sagard II completed on 30 October 2014 the sale of their shareholding in Corialis, a leading European manufacturer of extruded, coated and insulated aluminium profiles for doors, windows and verandas.
    This transaction generated in 2014 a consolidated net profit of EUR 41 million (attributable to GBL).

  • 2014 Acquisition

    Acquisition by Ergon Capital Partners III of a majority stake in Visionnaire and in Sausalitos

    AnchorApril 2014 / July 2014 Acquisition by Ergon Capital Partners III of a majority stake (i) in Italian company Visionnaire, the market leader in high-end furnishings (www.ipe.it), and in (ii) Sausalitos, a chain of restaurants in Germany, based on an original concept and in high growth (www.sausalitos.de).

  • 2014 Sale

    Sale of a stake held by Ergon Capital Partners II in Zellbios

    February 2014 - Sale of a stake held by Ergon Capital Partners II in Zellbios, a leading producer of active pharmaceutical ingredients. This transaction generated a consolidated net capital gain of EUR 25 millionfor GBL.

  • 2012 Acquisition

    Continued development of the private equity business

    In 2012, EUR 28 million were released to fund investments in the funds Ergon Capital Partners and Sagard. EUR 2 million of dividends were also collected following the disposal of an investment in PAI Europe III.

  • 2011 Acquisition

    Distributions and additional investments in private equity

    In 2011, GBL invested EUR 95 million in the Ergon Capital Partners, PAI Europe III and Sagard funds and collected distributions of EUR 75 million for the disposal of various interests. 

  • 2010

    Private equity

    Private equity activity showed a modest recovery in 2010. Apart from a few pay-outs or marginal payments in full in the ECP I & II, PAI Europe III, Sagard and Sagard II funds, GBL invested some EUR 40 million in Ergon Capital Partners III, a vehicle created in the first half of 2010 in which GBL, the sole shareholder, has agreed to invest EUR 350 million.

    At the end of 2010, the uncalled subscribed commitments on these different funds totalled around EUR 443 million.

  • 2009 Acquisition

    Distributions and additional investments in the funds ECP, PAI Europe and Sagard

    In 2009, GBL invested EUR 7 million in the different private equity vehicles that make up its portfolio and collected dividend payouts totalling EUR 2 million. The commitments not called up totalled EUR 138 million on 31 December 2009.

  • 2008 Acquisition

    Distributions and additional investments in the ECP, PAI Europe and Sagard funds

    In 2008, GBL invested EUR 24 million in the different private equity vehicles that make up its portfolio and collected dividend payouts totalling EUR 33 million.

    The commitments not called up totalled EUR 194 million on 31 December 2008.

  • 2007

    Additional payment under subscription in Ergon Capital Partners (ECP), PAI Europe III and Sagard Private Equity Partners (Sagard)

    In 2007, GBL invested EUR 109 million in the different private equity vehicles that make up its portfolio and collected dividend payouts totalling EUR 100 million. The commitments not called up totalled EUR 221 million on 31 December 2007.

    The additional payments enabled Sagard to bolster its presence in Regie Linge Developpement, Sagard II to invest in Vivarte, Corialis, SGD and Fläkt Woods, and ECP to invest in Corialis, Joris Ide Group and Farmabios and to boost its stake in La Gardenia and Seves.

    The contribution of the different funds to GBL's result for the year amounted to EUR 67 million. This contribution is primarily the result of divestments by PAI Europe III, Sagard and ECP.

    During the year under review, PAI Europe III disposed of five holdings (Provimi, Saur, Elis, Vivarte and Neuf Cegetel); Sagard sold Vivarte and Medi Partenaires, and ECP disposed of its shareholding in King Benelux, selling it to the group Bunzl plc. in August 2007.

  • 2006 Acquisition

    Ergon Capital Partners - Investment in King Belgium and King Nederland

    In the first quarter of 2006, Ergon invested EUR 24 million in the acquisition of an 80% stake in King Benelux (King Belgium and King Nederland), the biggest wholesaler and distributor of consumer goods to a wide range of industries and sectors, including health, public institutions, catering and cleaning.

  • 2005 Acquisition

    Ergon Capital Partners - Investment in Stroili and Franco

    Ergon made its first investment in June 2005, paying EUR 16 million for a sizeable stake in Stroili & Franco, a leading Italian jewellery distributor.

  • 2005

    Creation of Ergon Capital Partners (Ergon)

    Ergon was founded in February 2005 by two main co-founders, namely GBL and Parcom Ventures, a subsidiary of ING. This private equity fund has investment capacity of EUR 150 million. This fund aims to invest in companies with leading positions on growth markets, offering build-up opportunities, with turnover of between EUR 20 million and EUR 100 million, and located primarily in Belgium, Italy and France.