Integra Fund supports the management buy-in at Containerdienst Vindevogel BVBA, operating in the waste sorting and recycling sector. Vindevogel is already the fifth investment by Integra, which has now been active for just over one year. Moreover, Integra ends 2019 successfully with a third closing, taking the fund to 110 million euros.
Integra Fund realises successful third closing, bringing capital to 110 million euros, and extends subscription period to mid-2020.
Integra Fund was set up at the end of 2018 with an initial capital of 21.5 million euros and with the aim of raising 100 million euros by the end of 2019. In a second closing in June 2019, capital was already increased to 75 million euros. With its third closing, Integra liftss the fund size to 110 million euros.
This successful capital round confirms once again the strong investor interest in Integra’s unique value proposition of building a diversified private equity portfolio through a threefold focus on (i) investments in local Belgian SMEs, (ii) investments in international Tier-1 private equity funds and (iii) co-investments with these funds.
Today Integra can rely on a network of more than 90 entrepreneurs, family offices and institutional investors. With several investors already indicating their desire to join the fund in the coming period, fundraising will be extended to mid-2020.
Integra currently has five participations in its portfolio, representing more than 35 million euros in commitments:
– Two fund investments: L-Catterton Europe IV and MML Capital VII;
– One co-investment: Citri&Co, a European market leader in citrus and stone fruit;
– Two direct investments: recycling company Vindevogel and Sack Zelfbouw, a family business specialising in DIY kits for heating, sanitary, ventilation and bathrooms.
Integra supports management buy-in at Containerdienst Vindevogel BVBA
Vindevogel (www.containers-vindevogel.be) operates in the waste sorting and recycling sector. Strongly committed to sustainability, the company is an important link in the circular economy. The waste processing sector is receiving more and more attention each year in view of its positive economic and environmental impact. Moreover, ambitious recycling targets and the growing trend of circular construction are creating a growing demand for recycling capacity.
Vindevogel has seen strong growth in recent years and currently processes more than 160,000 tonnes of waste a year. With a turnover of 8 million euros, Vindevogel operates three sorting centres in Belgium (Oudenaarde, Deinze and Gavere). The company offers the total package from waste container rental and waste transport to sorting and processing of various waste streams.
The buy-in manager, Hendrik Vergote, strengthens the operational management at Vindevogel. Integra will also support management in defining and accompanying the further growth strategy.
Mieke Goemaere, Manager, Founder and Shareholder at Vindevogel: “After a tragic accident earlier this year, I lost my husband with whom I had built up our company for 19 years. Since then I have been on on my own. This has made it necessary to look for a partner able to support me in operational and strategic areas. With the entry of Hendrik and Integra, I am convinced that I have found the right
partners. Moreover, Integra’s extensive network of entrepreneurs and its team’s expertise give me the necessary confidence to realise my further growth plans together with Hendrik.”
Johan Heirbrandt, Co-founder and Partner at Integra Capital Partners: “We can look back on a successful first year for Integra, in terms of fundraising, investments, and strengthening of the team. A year ago we started with 21.5 million euros. Today, one year later, our third closing brings the fund to 110 million euros, above our initial target of 100 million euros. In addition, we have invested in five
portfolio companies: Sack Zelfbouw, L-Catterton, MML, Citri&Co and Vindevogel. At the same time the team has expanded from three to five investment professionals.”
Bernard Hendrikx, Co-founder and Partner at Integra Capital Partners: “This successful third closing demonstrates that our three-pronged model of investments in local SMEs, international funds and coinvestments is appealing to investors. We are therefore delighted to extend our fundraising period and look forward to organising another closing in the middle of next year.”
About Integra Fund:
• Johan Heirbrandt, Ralf De Clercq and Bernard Hendrikx together founded Integra Fund in October 2018.
• These three complementary professionals together have over 50 years’ experience in private equity and
MBA, in Belgium and internationally.
• Integra Fund combines investments in local SMEs, investments in international private equity funds and coinvestments
with the same funds, giving it a differentiated and unique place on the Belgian market.
• Integra Fund takes majority and minority positions of between 1 and 15 million euros in Belgian SMEs,
alongside entrepreneurs, family shareholders and management, with a focus on companies with EBITDAs of
over 1 million euro. For international private equity fund investments, Integra Fund focuses on buy-out and
growth capital funds and will take commitments starting from 5 million euros.