Gimv, a Belgian private-equity investor, has acquired a majority stake in The Spice Factory (TSF) from Gilde Equity Management and Davy De Muyer.
Financial terms of the transaction were not disclosed.
Gimv said Jorgen De Pelsmaeker, TSF CEO, and the management team will reinvest in the company as it “embarks on its next phase of growth”.
Supported by the Gimv, TSF is expected to “strengthen its market position and broaden its international reach”.
Commenting on the deal, De Pelsmaeker said Gimv’s investment would help “accelerate our international growth, both organically and through selective buy-and-build, while continuing to innovate and create value for our customers”.
Gimv added that TSF will be able to leverage its “production flexibility” and ability to offer “innovative” and “customer-driven solutions” for retail and foodservice clients.
Founded in Braine l’Alleud, Belgium, TSF specialises in private-label dried culinary herbs and spices in the Benelux region.
The company provides customised spice solutions to retailers and foodservice businesses.
TSF also operates a branded foodservice division under the ISFI brand.
Additionally, TSF markets Funky Soul Spices, a line of spice blends inspired by street food and global cuisines.
Gimv Consumer team partner David De Peuter and principal Laurens Boriale said: “This acquisition is a first step in putting to work the capital Gimv recently raised, supporting Gimv consumer’s strategy to invest in leading consumer businesses with strong growth potential to scale internationally and further enhance their market differentiation.”
The transaction is anticipated to close by the end of March, subject to regulatory approvals.
Gimv’s food portfolio also features Greenyard Foods, a company specialising in processing and marketing of freshly harvested vegetables and fruits, as well as producing convenient, ready-to-use culinary products.
The global food company operates through two main divisions: Frozen (Pinguin) and canned (Noliko).
