Senior debt financing helps Looije Tomaten to expandCorporate News -
Looije Tomaten Holding is a large and successful Dutch producer of high-quality tomatoes. Its branded Honing tomatoes are the best and most expensive Dutch tomatoes, distributed exclusively via speciality stores in the Netherlands and Germany.
NIBC completed a senior debt transaction for new client Looije Tomaten Holding, stepping in at a decisive moment for the Dutch producer. Looije will use the financing to acquire additional land, invest in production expansion and new packaging capacity.
Jos Looije is a textbook entrepreneur. In the tomato business since he was 18, he has built Looije Tomaten into a top name in the sector. Compared to his mostly supply-driven competitors, Jos Looije is a client-oriented entrepreneur focused on client demand and quality.
Jos Looije came to NIBC and fellow bank ABN AMRO when he wanted to buy extra land and expand production and packaging capacity. He was in a hurry: he needed the financing quickly so he could order new greenhouses in time to launch the winter season production cycle.
"This was a great opportunity to make a difference to a truly entrepreneurial company," says Hans Rijnberg, Director on the Food, Agri, Retail (FAR) team.
Looije's roll-up-your-sleeves, can-do style of entrepreneurship made him a perfect match for NIBC. "We share a spirit of being fast, clear, saying what we want and doing what we promise," says Hans Rijnberg.
NIBC's expertise in the sector meant we quickly understood Looije's needs and moved fast and smoothly to get internal credit approval and complete the transaction. From the initial contact with the client to signing the term sheet took just three weeks. One hour after the terms were signed, Jos Looije ordered the new greenhouses.
Jos Looije welcomed the speed of NIBC' action and the clarity of our communications.
"The agri sector has been through some tough times, but we're convinced that in every industry there are good businesspeople and good transactions that merit financing," says Hans. "This deal really came at a critical moment for Looije Tomaten, which is the heart of our mission as a bank."