PRESS RELEASE



Gimv welcomes WorxInvest as reference shareholder

Antwerp, 30 November 2023 - The diversified investment company WorxInvest and the
Flemish Participation Company VPM announce today an agreement where WorxInvest
acquires all of VPM’s remaining 27.81% stake in Gimv NV (Gimv), the Euronext Brussels
listed European investment company. WorxInvest is the parent company of the leading
European HR solutions provider SD Worx. The transaction is subject to customary
regulatory approvals.

Gimv is a European investment company with over four decades of experience in private equity
and venture capital. It manages around EUR 1.6 billion of investments in about 60 companies.
As a recognised market leader in selected investment platforms, Gimv identifies
entrepreneurial and innovative companies with high-growth potential and supports them in
their transformation into market leaders. Gimv’s five investment platforms are: Consumer,
Healthcare, Smart Industries, Sustainable Cities and Life Sciences.

The transaction value of the 27.81% stake has been determined at EUR 375 million, or
EUR 48.36 per share (cum dividend). This represents a premium of +10% to the closing price
on 30 November and a discount of 6% to the latest reported net asset value.

WorxInvest considers Gimv as a long-term strategic investment through which it will realise its
direct private equity investment strategy, while WorxInvest separately continues its focus on
indirect investments.

Filip Dierckx, Executive Chairman of WorxInvest, comments: “We are very pleased to
announce this transaction, which marks a new milestone for WorxInvest. We have a lot of
respect for Gimv’s achievements and the strength of its CEO and management team, and we
look forward to working together to create value for all stakeholders. We believe that Gimv has
a unique position in the European investment landscape, and we are proud to contribute to its
future success. As an active reference shareholder of Gimv, WorxInvest will fully support
Gimv’s activities and provide continuity and anchorage in Flanders. WorxInvest is committed
to fostering a collaborative and mutually beneficial partnership with Gimv in alignment with its
strategic objectives and European growth ambitions, while respecting Gimv’s governance.”

Koen Dejonckheere, CEO of Gimv, says: “We welcome WorxInvest as our new reference
shareholder and we thank VPM for more than 43 years of “Building Leading Companies”
together. We are confident that WorxInvest will be a constructive and reliable partner for Gimv,
sharing our vision and values. With WorxInvest on board, we will further pursue our mission
and continue our growth journey as a stock market-listed international investor. By focusing on
the values of ambitious entrepreneurship, diverse top talent and ground-breaking innovation,
Gimv -as a partnership-oriented investor- aims to continue to add significant value for its
shareholders as well as sustainable prosperity for our society.”

Matthias Diependaele, Flemish Minister for Finance and Budget, states: “WorxInvest is
the ideal partner for Gimv. WorxInvest is anchored in Flanders and has experience with similar
investments. The link with Flanders was crucial for me and was therefore included in the
selection criteria for finding the best future partner. With this transaction we are anchoring Gimv
in Flanders, allowing Gimv to continue playing its important role in the Flemish business
landscape. Moreover, the price offered is a considerable boost for Flanders and is fully in line
with the 10-year average share price of Gimv. The price that WorxInvest is prepared to pay
recognises the great appreciation WorxInvest has for Gimv and its future potential.”

Jo Brouns, Flemish Minister for Economy, Innovation, Work, Social Economy and
Agriculture, states: “We are very pleased to have found a good partner who will take over
VPM's role as a reference shareholder of Gimv. We trust that there will be a high degree of
continuity, which will be to the benefit of our Flemish economy.”

Morgan Stanley, Freshfields Bruckhaus Deringer LLP and EY advised WorxInvest on the
transaction. Rothschild & Co and Stibbe advised the Flemish Region on the transaction. Gimv
was advised by Baker & McKenzie as its legal advisor.
About WorxInvest

WorxInvest has its origin as the parent company of SD Worx, which holds a prominent position as the leading
provider of comprehensive HR solutions for organisations and workers across Europe. In June 2023 it announced
CVC Strategic Opportunities II as a new partner and minority shareholder in SD Worx. WorxInvest currently owns
77.5% of SD Worx. WorxInvest, the parent company of SD Worx, has developed into a diversified investment
company that invests in private equity funds and small- and medium-sized companies with positive impact on
society. WorxInvest’s strategy includes minority and majority investments in companies with decision centres in the
Benelux. WorxInvest also owns and manages a real estate portfolio.

For more information, please visit www.worxinvest.com

About Gimv

Gimv is a European investment company with over four decades of experience in private equity and venture capital.
Gimv is listed on Euronext Brussels and manages around 1.6 billion EUR of investments in about 60 portfolio
companies. As a recognised market leader in selected investment platforms, Gimv identifies entrepreneurial and
innovative companies with high-growth potential and supports them in their transformation into market leaders.
Gimv’s five investment platforms are: Consumer, Healthcare, Smart Industries, Sustainable Cities and Life
Sciences. Each of these platforms works with a skilled and dedicated team across Gimv’s home markets of the
Benelux, France and Germany and can count on an extended international network of experts.

For more information, please visit www.gimv.com

About VPM

The Flemish Participation Company (VPM) is a public investment company that has the sole task of managing
27.81% of the shares that the Flemish Region still holds in the listed company Gimv.

For more information about this announcement, please contact:

Pieter Goetgebuer
Communications Director WorxInvest
T +32 (0)3 201 76 68
M +32 (0)497 45 36 73
pieter.goetgebuer@sdworx.com

Ben Bruynseels
Spokesperson Ministry of Finance and Budget
M +32 (0)495 70 86 54
ben.bruynseels@vlaanderen.be