Chief Executive of Arcomet Acquires Remaining Shares

Venture capital group GIMV NV last week sold its 20-percent stake in tower crane rental company Arcomet to current majority shareholder and Arcomet chief executive Dirk Theyskens.

GIMV said the sale has a positive impact of €10.1 million on its last-published equity value.

Private equity firms Sofinim and NPM Capital each sold 10-percent stakes they held in Arcomet.

Arcomet is a Paal, Belgium-based crane rental specialist. The company last July formed a joint venture with P&J Crane Systems to establish P&J Arcomet, a crane rental company in Manassas, Va.

The three investment firms have held their shareholdings since 2000, during which time the company’s annual revenue grew from €52 million (about U.S. $83 million) to €120 million (about U.S. $188 million), which EBITDA grew from €12.5 million to €33 million.