Icafin announces that the shareholder of BvD-IT Services SA, an SAP Service Provider with operations in Belgium and France, have sold all their shares to SOA People, an internationally renowned group specialized in the implementation of SAP solutions.
Since it foundation in 1988, BvD-IT Services has developed its consultancy activities around SAP solutions. As a SAP services partner in large accounts, SAP All-in-One partner in SMEs and BI (Business Intelligence) preferred partner of SAP, BvD-IT Services is a leading market player in the SAP integration business in Belgium.
BvD-IT Services has almost 100 employees and operates for prestigious customers active in institutional and private business.
Through this acquisition, SOA People strengthens its market position in SAP consultancy, thus becoming the first SAP service provider in Belgium and in Luxembourg.
Icafin was mandated by the sellers to do an industrial search and find an exit plan for all of the shares of BvD-IT Services SA.
Joël Pissoort, CEO of BvD-IT Services SA: “We are happy and proud to join forces with SOA People; the experience and competence of the group’s management team enabled SOA People, despite the current crisis, to build a healthy, prosperous and durable enterprise where human capital is key, which is a vital asset for our employees as well as for our customers.”
Icafin announces that it has managed and closed a capital increase for Xylowatt SA, aimed at financing the expansion and comforting the technological lead in wood gasification for Xylowatt.
Xylowatt was created in 2001 as a spin off of the Université Catholique de Louvain, and has developed in 2007 a unique technology for wood chips gasification with its NOTAR® xW300. This 300 KWe gasification and cogeneration unit has been designed to produce a virtually “tar free” gas able to match the requirements of the cogeneration engines. Today Xylowatt runs three such units in Belgium, and is currently assembling a fourth one for delivery in the UK in H1 2010.
This technological breakthrough allows Xylowatt to speed up its commercial development with three potential markets in sight: green electricity with wood gas cogeneration, carbon free gas for industry as substitutes to fossil energy, and decentralised power for less developed and emerging markets.
The € 6.5 Million will be used partly to finance further R&D expenditures as well as for supporting the commercial development of the company mostly via the funding of Xylowatt, a subsidiary dedicated to set up projects and to run cogeneration plants based on the Xylowatt technology.
The current transaction includes a € 4.5 million a new equity issuance subscribed partly by the existing shareholders, including VIVES, BAF, HAMON, and EBW, and new private shareholders including Laurent Minguet and Laurent Leveaux and for € 2 million by two governmental funds SFPI and SRIW who also provide € 2 million in the form of bonds with warrants on Xylergy.
Olivier Lefebvre, the Chairman of the Board, said: “Xylowatt is now well equipped to rollout its technology in the very promising biomass energy business, and bring its contribution to a carbon free and sustainable development”.
Icafin concluded in the summer of 2009 the sale of the assets of Cosanit to Facotherm SA. Cosanit is a Belgian distributor of sanitary equipment and has 4 sites in Belgium: Bièvre, Mons, Liège and Charleroi.
Cosanit is part of the French Group Groupe Pierre Henry, which specializes in high-end and industrial kitchens. The activity was not core anymore for the French group and Icafin found the suitable buyer and accompanied the sale in this complex process. Facotherm is a direct competitor to Cosanit and is a strong player in its market.
Norma Belgium sa, formerly Aba of Belgium and a subsidiary of Norma Group Gmbh started a factory back in 1974 to produce and sell clamps to connect hoses. Its applications were mainly for the automotive sector with all major car makers being customers. In 2006, 3i bought Norma from its family owners.
Due to the general difficult economic situation, the official Renault procedure was implemented at the Belgian location in September 2008 which was followed by a significant reduction of the work force in November of that year. Consequently, the company was stripped of all its assets and inventory and remains only a trading company.
On March 26th, 2009 Norma Belgium sold its premises to Cartonnages Delsaux.
Stephan Koenig, Executive Director HR Norma Group:
“Icafin did a professional job in combining the reorganization of the business with the management of the people and the transaction of the sale of the plant in difficult circumstances. They found the right balance throughout this project in shareholder’s value and the interest of personnel, customers and suppliers.”
Olivier Strelli designs and sells high scale (“haut de gamme”) apparel and accessories, both for women and men. The brand has a contemporary image and is characterized by the use of original materials, rich colours and sophisticated tailoring. The company sells its products through several channels of distribution to customers in Benelux, France, the Middle East and the Far East. Furthermore, the marketing into accessories, such as leather goods, shoes, watches, a perfume and bed linen has been very successful. The brand reports around EUR 45m of turnover.
Evercapital from France believed in the project and Mr Israël’s son, Olivier, together with Jacky Franco, Creative Director, were willing to co-invest in the new start through.
Icafin advised the seller, Nissim Israël. Evercapital was contacted in this process through a cooperation with Icafin’s corresponding office in Paris, Trianon Corporate Finance.
Nissim Israël:
“Icafin did a great job in pulling this project to a successful finish. They believed in the company and found the best possible buyer both for me as a seller and for the company’s future. Icafin made sure that the buyer will keep the identity of Olivier Strelli’s image and culture and used all their professional savoir-faire to put in place the financing of the Management Buy Out in full banking crisis. That’s what Icafin’s value added approach stands for.”