CIM Capital NV, an Antwerp-based investment and advisory company, has positioned itself over the years as a crucial player in the Belgian economy. This company has used its expertise in turning around difficult situations to get several companies back on track. Their approach, which is characterized by direct financial and operational involvement, has resulted in an impressive track record of successful restructuring. Whatever they are going to do now with the Zoute Grand Prix.
The rise of the CIM Capital Restruct Fund I
With the acquisition of Veritas at the end of 2019 and the onset of the Covid-19 pandemic in early 2020, CIM Capital came up with the idea of setting up a fund specifically aimed at investing in companies experiencing difficulties. The CIM Capital Restruct Fund I (CCR Fund), which was founded early in 2020 with Erik Verkest at the helm, illustrates this strategic shift. The fund quickly managed to raise 65 million euros, from both private and institutional investors. The involvement of important Belgian industrial leaders and wealthy private individuals is notable, but the Belgian federal, Flemish and Walloon governments have also invested through their investment vehicles FPIM, PMV and Sogepa.
Focus on smaller companies
CIM Ventures was founded to also support smaller companies. This branch of the company offers advice and investments in smaller companies, set up in a deal-by-deal context and managed by a separate team. CIM Ventures has led several restructurings and builds on the strengths of the CIM Capital team: long-term experience in complementary fields, reactive and fast decision-making and deal closing, with an always eye for new opportunities.
The recent rescue of the Zoute Grand Prix
A recent example of CIM Capital’s influence is the capital injection and recovery plan for the Zoute Grand Prix. Despite two successful editions in 2022 and 2023, the event faced financial problems, including a negative equity of 1 million euros and a debt burden of 4.5 million euros. Thanks to a recovery plan approved by the court of Bruges, which was supported by 62 of the 64 creditors, the Zoute Grand Prix can now look forward to a more stable future under the wings of CIM Capital.
