Fortis, Next Invest exit Belgian ink maker to Japan's Toyo
Fortis Private Equity and Next Invest have sold their 100% stake in Belgian ink manufacturer, Arets International, to Japan’s Toyo Ink Group for EUR10 million ($13 million).
Tokyo-headquartered Toyo produces commercial printing inks, color and media materials and graphic art supplies. The company has additional offices in other parts of Asia, the US and Europe.
Fortis, the private equity unit of BNP Paribas Fortis, acquired a 49.9% stake in Arets in 2007, while Next Invest purchased the remaining 50.1%. The company, which was established in Antwerp in 1938, sells ultraviolet-cured inks and varnishes in more than 100 countries. It employs 85 staff and last year recorded a turnover of EUR48.6 million - equivalent to around 11x EBITDA.
According to a release, Toyo has been focusing on globalization as its primary growth initiative. The company is ideveloping its supply chain by creating manufacturing bases in Asia and emerging economies as well as expanding the range of products it sells.
Toyo plans to expand the scale of the UV-cured inks product group from JPY15 billion ($153 million) to JPY30 billion within three years.
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