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Chequers Capital to acquire Spandex from Gilde Buy Out Partners


Munich – Chequers Capital today announced that it has reached a binding agreement to acquire Spandex, a leading distributor of graphic media and equipment to the signage and visual communication industry, from funds advised by Gilde Buy Out Partners (“Gilde”).

Completion of the transaction is subject to merger clearance and other customary conditions and is expected to be finalized early 2016. Financial terms of the transaction are not disclosed.

Headquartered in Switzerland, Spandex connects manufacturers of the world’s leading media brands and equipment to more than 30’000 SME customers. Spandex has leading market positions in 13 European countries and in Australia. Customers are served through 28 efficiently located sites across these countries. Spandex’ management team has successfully transformed and grown the business over the last years and has built the leading player in its markets. Next to growing organically, Spandex significantly enhanced its market position through seven add-on acquisitions in the last three years. For the future, Spandex is set to further drive consolidation in the industry and will benefit from growth in wide-format digital printing driven by positive trends of personalization.

Rodney Larson, CEO of Spandex, comments:

„The collaboration with Gilde has been a very positive experience as we received their full support to implement Spandex’ stand-alone strategy after the carve-out from Gerber Scientific Inc. We would like to thank Gilde for this. We are looking forward to further grow and develop the Company with Chequers’ support as new owner and partner.”

Karsten Hartmann, Director at Chequers Capital, adds:

“We are excited about this partnership. Spandex is an outstanding company with leadership positions across Europe and Australia. We are extremely impressed by the strong management team and are looking forward to supporting them in their strategy to grow the company. We see multiple avenues to grow, especially expanding into new markets and into new product categories. In addition, we are keen to support Spandex in growing via further acquisitions.”

Rogier Engelsma, Partner at Gilde, adds:

„The development of Spandex over the last years has been impressive. We have supported management in developing Spandex into the market leading distributor for graphic media and equipment. The strategy to grow both organically and through acquisitions has played out very well and Spandex is better positioned than ever to continue this growth strategy in the years to come and under the wing of a new owner. We wish Spandex, its management and employees and Chequers all the best for the future.”

Greenhill acted as exclusive financial advisor to Spandex and its shareholders and N+1 acted as exclusive financial advisor to Chequers Capital in connection with this transaction.

Contact information:

Chequers Capital
Karsten Hartmann
Tel: +49 89 4520 6950

Gilde Buy Out Partners
Koos Teule Director Investor Relations
Tel: +31 88 220 26 18

About Chequers Capital

Chequers Capital, established in 1972, is one of the leading European investors in private, mid-sized companies. Chequers, with c.€1.8 billion funds under management, operates with a team of 18 professionals out of offices in Paris and Munich and focuses on investments in buy-out situations with an emphasis on international expansion and growth through acquisitions.
For more information, please visit

About Gilde Buy Out Partners

Gilde Buy Out Partners is a leading European private equity investor in mid-market transactions with operations in the Benelux and the DACH region. Gilde manages funds in excess of €3 billion and controls majority shareholdings in, amongst others, companies like Roompot, Comcave, Riri, Teleplan, Powerlines and HG.