Antwerp, 19 November 2008 – The shareholders of OLEON Holding (Sofinim - Ackermans & van Haaren, KBC Private Equity, Fortis Private Equity, Mercator Verzekeringen and Jan De Clerck) have reached an agreement to sell 100% of the shares to SOFIPROTEOL, a French group active in the production and transformation of vegetable oils and proteins (see official press release in backup).
Since the buyout in 2001, the Oleon group has followed a strategy which focuses on diversification and globalization of its activities. In this context, Oleon has made acquisitions in Norway (Sandefjord, esters) and in Germany (Emmerich, specialty fatty acids) and a new plant for the production of esters is under construction in Malaysia (Port Klang). Oleon was also the first industrial producer of biofuel in Belgium.
After the fire of the Ertvelde plant early 2007, the Oleon group decided to rebuild the activity of fatty acids and to increase the capacity from 190,000 ton to 240,000 ton. The new capacity will be fully operational from the beginning of 2009.
As a result of this strategy, the consolidated turnover has increased from 255 million euros in 2001 to 408 million euros in 2007.
Sofinim (74% Ackermans & van Haaren) realises a capital gain of approximately 8 million euros on this transaction, which represents an IRR of approximately 15% over the investment period 2001-2009.