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Following a successful period of investment, Gimv is selling its majority interest in ICT service provider OGD
OGD (www.ogd.nl) was established in 1987 and provides tailor-made ICT services. OGD has expertise in the areas of ICT infrastructure, service management and software development and delivers this to its customers through secondment, outsourcing, training, projects and consultancy. OGD's strategy is designed to deliver a high-quality service at a reasonable price. To achieve this, OGD can call on over 700 highly-trained, ambitious professionals with a technical background. The company has five offices in the Netherlands (Delft, Eindhoven, Amsterdam, Utrecht and Enschede).
Gimv invested in the ICT service provider in 2006 and assisted OGD in its transformation into a more professional and diversified company. Together with management, a strategic plan was drawn up, resulting in a targeted expansion of the range of services to capitalise on changing market demand and a more diversified client base. This has borne fruit in a difficult ICT market. Turnover grew from around EUR 18 million in 2006 to over EUR 30 million in 2011 and the number of employees increased to over 700 over the same period.
Ivo Vincente, Head of Buyouts & Growth for Gimv in the Netherlands, about this exit: "From the outset, OGD has stood out from its competitors due to its young, enterprising corporate culture. The company has a unique ability to combine flexibility and a fast response with quality. In the face of the company's strong growth and ongoing professionalisation, management has succeeded in holding onto these core competencies. We have every confidence that OGD will continue to develop strongly based on this excellent foundation."
Daan de la Parra and Roel Nikkessen, the management of OGD, look back with satisfaction on the period with Gimv as investor: "Over the last five-and-a-half years, Gimv has proved a valuable partner. We look back with pleasure on a period during which Gimv has supported the company in its growth into a mature organisation."
The sale of OGD has had a positive impact of EUR 4.9 million (EUR 0.21 per share) on Gimv's most recently published equity value as at 31 March 2012. Over the entire period, this represents an investment with a return substantially higher than Gimv's long-term average. No further financial details will be published about this transaction.
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