NIBC’s Mezzanine & Equity Solutions team supported the management buy-out of Uniekaas

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Client

Uniekaas Group was founded in 1956 and is headquartered in Kaatsheuvel, the Netherlands. Uniekaas is a leading player in the Dutch cheese market and a globally operating branded cheese company. In addition to its Dutch operations, Uniekaas has a local sales unit in the USA and partnerships in emerging economies such as Brazil and Asia. Uniekaas is widely known for producing cheeses according to proprietary recipes and its high-quality natural products, with no artificial additives.

Thanks to the company’s state-of-the-art production facility in Kaatsheuvel, its well-positioned trademarks of Uniekaas, Parrano and Tjiezi and its innovative approach to products and packaging, Uniekaas has gained a strong and sustainable market position in the Netherlands and the United States. Uniekaas employs a total workforce of 150 people and generates revenues just short of EUR 100 million.

Case

Parcom Buy Out Fund II B.V. bought Uniekaas Group B.V. through a management buy-in, in 2007 alongside CEO’s Willem Jan Rote & Paul Wilde and one of the founding families, family Van Vliet who continued to hold a minority stake in the company. After seven years of intensive cooperation, Uniekaas was ready for a next step in its growth phase under new shareholdership. Rote and Wilde very much wished to pursue a management buy-out. “We know what we are buying. We have spent the last seven years building a solid company with an excellent platform for future growth. It is a fantastic opportunity to become owner of your own business in which you firmly believe.” Rote said.

Once the co-investor Antea Participaties, with whom Van Vliet had warm ties, had committed to the management team, the search for growth capital and long term financing was the next part of the puzzle which needed to be addressed in order to come to a successful closing. With the appointment of NIBC’s debt capital advisory team various parties were approached to find the best possible solution.

Solution

NIBC’s Mezzanine & Equity Solutions team was approached as well as various other parties. The choice fell for NIBC based on NIBC’s willingness to go the extra mile. According to Rote: “The team was prepared to take a view on future growth forecasts as well as provide risk bearing capital. This provided us, management and Antea significant comfort, given that NIBC acts as a long term partner, enabling us to pursue our continuous growth strategy with our three brands, Uniekaas, Parrano and Tjiezi, with a worldwide market potential.”

“During the transaction process, we reviewed multiple investment alternatives. As partner it is important that you are willing to review these requests and make sure that management is aware of the opportunities and shortcomings of the various alternatives, only then will you be able to come to a satisfactory solution for all parties.” said Investment Director Harry van Adrichem.

“It is our ambition to be the bank of choice for decisive financial moments, supporting dedicated management teams with ambitious but achievable growth strategies. With our product offering the final piece of the puzzle was found. In providing both risk capital and growth facilities we provided Uniekaas a “one stop shop” which enabled them to seal a deal with Parcom” continued Robert Ian Oei, Head of NIBC’s Mezzanine & Equity Solutions team.

“Although food is one of our core sub sectors we learned a significant amount about the cheese industry during the transaction and due diligence process and we look forward in supporting Uniekaas’ management going forward, for which our observer seat on the Uniekaas Supervisory Board provides us with an additional platform in continuing our partnership discussions.” completed Investment Director Elisabeth Storm de Grave. 

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