AXA Private Equity has acquired a major shareholding in Benelux food ingredients group Sfinc from Belgian buy-out house Gimv. 

AXA Private Equity has acquired a major shareholding in Benelux food ingredients group Sfinc from Belgian buy-out house Gimv. The terms of the deal remain undisclosed.

Sfinc produces and distributes spices, marinades and food ingredient blends used by food processing companies. The company was established when two Belgian companies, Rejo and Pellicula, merged in 2004.

As a result of a buy-in in 2004, Gimv and buy-in manager Chris De Wolf acquired a majority stake in the newly-formed food group. Since then turnover has more than doubled from €15 million (£13.7 million) to an estimated €35 million in 2008.

The existing management team will remain headed by De Wolf.

De Wolf said: “We are pleased to have found in AXA Private Equity a first-class partner with a deep understanding of the food ingredients sector, a strong track-record in build-ups and a well-rounded international network,”

Arnaud Dufer, AXA Private Equity director, said: “Our investment in Sfinc is a perfect example of how we like to work. This is a quality company with a quality management team. We look forward to supporting Sfinc over the long term, including both organic and external growth internationally.”