On December 5, the second batch of mushrooms produced in Hebei Guangming Jiudaogu Biotechnology Co., LTD are transported to South Africa by waterage.

“South Africa is another oversea market exploited by our company after Thailand and USA, up to now, gross volume of fresh mushroom exported to South Africa has reached 18.42 tons,” explains related manager from Jiudaogu Company. “Quality of fresh mushroom produced in our company meets international standard, for this time of export, we adopt 40-feet freezer which is kept at temperature of 2-5 degrees Celsius for 24 hours.”

Established in April, 2015, Hebei Guangming Jiudaogu Biotechnology Co., LTD holds the total investment of 1.5 billion CNY, annual output on Enoki, White beech, Brown shimeji and other high-end mushrooms comes to 70,000 tons. And, the company also provides stable job opportunities for nearly 1000 population, of which 400 are in poverty-stricken position.

Monaghan Mushrooms acquires 100% of Walkro, a leading producer of substrate for the mushroom industry

Irish company Monaghan Mushrooms has agreed to acquire all shares of Walkro held by Gimv and Walkro’s management.

Walkro (www.walkro.eu) was founded in Belgium in 1991 and has grown into one of the largest producers of substrate for the mushroom industry. Walkro produces 8,500 tons of substrate per week at its production facilities in Maasmechelen (Belgium), Blitterswijck (the Netherlands) and Wallhausen (Germany). With more than 235 employees, Walkro sources its own raw materials (mainly horse and poultry manure), produces best in class substrate and takes care of transport to mushroom growers all over the world.

At the end of 2011, Walkro was acquired by operating partner Monaghan Mushrooms, together with financial investor Gimv and Walkro’s management team. Since then, Walkro’s turnover has grown to just over EUR 75 million (2017), making Walkro one of the largest producers of mushroom substrate in the world. Today, co-shareholder Monaghan buys out both Gimv and management, becoming the group’s sole shareholder.

In the new structure, Walkro will remain focused on producing high-quality mushroom substrate for independent growers around the world. The Walkro management underlines its confidence in the new structure by acquiring shares on Monaghan level. The current statutory management of Walkro, consisting of Eric Houben (CEO) and Peter Fijneman (CFO), will be responsible for all European substrate activities within the Monaghan group in similar positions, which has a total size of 15,000 tons of mushroom substrate per week. Eric Houben will also become a board member of Monaghan Mushrooms.

Monaghan Mushrooms (www.monaghan-mushrooms.com) is one of the world’s largest substrate and mushroom companies. The company is a ‘spore to store’ vertically integrated agribusiness meaning that it produces substrate for the cultivation of mushrooms and grows, harvests and packs quality and fresh mushrooms before delivering its mushrooms directly to its customers, some of the largest international retailers. The company is owned by the Wilson family (Ireland). Monaghan employs more than 3,500 employees and is headquartered in County Monaghan, Ireland. The group further has operations in Canada, the United Kingdom, Belgium, Netherlands and Germany.

Over the entire holding period, the investment in Walkro generated a return above Gimv’s long-term average return. No further financial details will be disclosed.
Gimv NV - Karel Oomsstraat 37, 2018 Antwerpen, België - T +32 3 290 21 00 - F +32 3 290 21 05 - www.gimv.com Page | 2

ABOUT GIMV
Gimv is a European investment company with over three decades experience in private equity. The company is listed on Euronext Brussels and currently manages around 1.6 billion EUR of investments in about 50
portfolio companies, jointly realising a turnover of EUR 2.5 billion with over 14,000 employees.

As a recognized 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 four investment platforms are: Connected Consumer, Health & Care, Smart Industries and Sustainable Cities. 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.

More information on Gimv can be found on www.gimv.com.

For further information please contact:
Paul Wilson, Vice-Chairman Monaghan Mushrooms
T+353 87 659 2459 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Eric Houben, CEO Walkro International
T +31 6 53 21 12 07 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Frank De Leenheer, Investor Relations & Corporate Communications Manager Gimv
T +32 3 290 22 18 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Grifola frondosa is the rare edible and medicinal mushroom which is known as Maitake mushroom in China. According to experts, 100g of dried Grifola frondosa are packed with 22.75g of protein, 23.58g of amino acid, and other micro elements. Traditional Chinese medicine believes that Grifola frondosa and its extracts evidently play the role of warding off cancer and virus, enhancing the immune system, lowering the blood pressure, blood sugar and blood fat, thus helping support healthy energy.
Nowadays, restricted by climatic conditions, main production regions of Grifola frondosa gather in Zhejiang Province while fresh form is hardly found in China.
This year, under the guidance and encouragement of Agricultural Technology Promotion Station of Guangxi Zhuang Autonomous Region, Guangxi Shengjiasheng Industry and Trade Company introduced trial planting of Grifola frondosa and got fruitful results in bags under natural conditions. Next step, the company is going to further exploit the consumption potentialities of Grifola frondosa market and tap new markets of fresh Grifola frondosa in China.

On November 26, in National Natural Protection Area of Jing’an County, Jiangxi Province of China, a giant Bondarzewia dickinsii was found under the chestnut tree.
“The giant mushroom is yellow white, 6cm in height of stipe and 50cm in width of cap,” introduces related staff warmly, adding that in order to further get to know the giant stuff, Dr. Zhang Linping who works in Jiangxi Agricultural University was invited for professional guidance.
After half a month of observation and research on its appearance characteristics and micro-structure, the mushroom was finally categorized as Bondarzewia dickinsii which generally grows on stump of subtropical broad-leaf trees in China and Japan.

Over the years, mushroom industry has been the great lubricant for the development of regional economy in Luliang County, Qijing City, Yunnan Province of China. In 2017, gross area for mushroom planting reached 2.04 million square meters, gross mushroom output totaled 159,000 tons and output value hit 540 million CNY within the county, varieties include Oyster, Enoki, King oyster, Shiitake, Button, Stropharia rugosoannulata and Pleurotus cornucopiae while primary foreign exporting nations refer to USA and Southeast Asian.
“We daily output 10-20 tons of fresh King oyster mushrooms, which accounts for 70% of market volume of Yunnan Province. King oyster mushrooms produced in our base are green and pollution-free, they could be eaten raw right after the picking, and taste like abalone and almond,” said principal from one of King oyster mushroom bases in Damogu Town of Luliang County, going on that the base follows bag-mode cultivation craft so as to improve the efficiency and promote the easy management as well as the sustainable development of agricultural circular economy.
For social, economic and ecological benefits, mushroom planting also shows the following four advantages:
1. Mushroom planting is a labor-intensive industry, now, Luliang County holds over 680,000 of gross population, which indicates abundant and high-quality labor force for the development of mushroom industry.
2. Mushrooms are high in protein, low in sugar, salt and calorie. They are listed as Health Food by FAO.
3. Liliang County owns substantial biotic resources, according to statistics, each year, gross area for cultivation of rice and corn respectively totals 120,000 and 250,000 mu, through mushroom growing, agricultural wastes could be effectively reused.
4. Mushroom industry helps eliminate the pollution caused by burning of agricultural wastes and promote the development of agricultural circular economy. Organic fertilizers made by mushroom residues not only enhance the utilization efficiency of resources, improve the environment, but also response to the slogan of energy-saving, high-efficiency, and carbon emission reduction.

Now, in Shangrao County, Shangrao City, Jiangxi Province of China, Dictyophora indusiata mushrooms are breaking from “eggs”.
“Dictyophora indusiata is known as Bamboo fungus and it is praised as “The Queen of Mushroom” in China. Over the years, i am committed to artificial and wild-imitation cultivation of Bamboo fungus in the base, mu output on fresh Bamboo fungus reaches 1000 kg,” introduces Mr. Ding Xuelong warmly, going on that in his base, annual output on Bamboo fungus comes to 350-400 kg while annual sales volume hits 20 million CNY.
Dictyophora indusiata is categorized into medium-temperature variety, suitable temperature for the growth of mycelia is 4-28 degrees Celsius and the optimal range is 20-23 degrees Celsius. Dictyophora indusiata leads tardy growth tendency below 16 degrees Celsius or above 36 degrees Celsius.
Dictyophora indusiata is packed with abundant amino acid, vitamin and mineral salt, eating it often can nourish the body, boost the brain, tranquilize the spirit and strengthen the health. Wild Dictyophora indusiata widely distributes in Japan, India, Indonesia, USA, UK, Russia, Australia, Mexico, France and other nations. In China, it spreads in the provinces of Heilongjiang, Jilin, Shanxi, Jiangsu, Anhui, Hunan, Hubei and so on.

On November 13, The 19th World Mushroom Biology & Product Meeting was opened in Shanghai City, China. During the meeting, relevant expert reported the following interpretation on development status of China’s mushroom industry.
In 2017, gross mushroom output reached 36 million tons in China, which occupied 70% of global output.
Since 21th Century, Big Health Industry which includes mushroom industry has been gaining attentions. In 2010, global mushroom production mainly centred on developed countries. On aspect of annual mushroom output, US, Japan, Holland and Korea respectively hit 410,000 tons, 380,000 tons, 230,000 tons and 200,000 tons.
In the 1970s, mushroom industry started to rapid develop in China. In 1978, annual mushroom output totaled nearly 100,000 tons in China, which merely occupied 5.7% of that of global. However, in 2013, the number was fiercely increased to 31.70 million tons.
In addition to artificial mushroom production, China is also one of the nations that own abundant resources on wild mushroom in the world. Nowadays, there are over 2000 edible species, of which China masters above 900.
“Among 900 edible species found in China, there are 50 sold as commodities while above 20 hold certain production scales,” explains relevant expert.
As known to all, in America, mushroom production mainly features Button mushroom. Japan’s top mushroom varieties are King oyster, Shiitake, Hypsizygus marmoreus and Oyster mushroom. Korean famous mushrooms include Oyster, Shiitake, Enoki and Button mushroom while Button mushroom is always the characteristic variety in Holland, France, Spain and other European nations.
Moreover, China’s mushroom deep processing industry also launches Mushroom Powder, Crisp, Beverage, Essence, Salt and other products, stretching over industrial fields such as Agriculture, Medicine, and Health-care.
Ultimately, there is also short slab in China’s mushroom industry. Now, in Europe and America, Japan and Korea, industrialized (factory-mode) mushroom production has been realized to replace traditional growing pattern while China still seizes traditional mushroom farming, which implies low industrial concentration ratio and merely 10% of efficiency (90% in developed nations). Meanwhile, as consumers’ requirement tends to diversify, variety structure of China’s mushroom industry still awaits the optimization.