case Royal De Boer and Brouwers Equipment join GEA Group - jbr.nl

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Royal De Boer and Brouwers Equipment join GEA Group

Engagement

Supporting the shareholders during the sale of the entire issued share capital of DB Wilaard Holding BV.

Background

DB Wilaard Holding BV is, with its main brands ‘Royal De Boer’ and ‘Brouwers Equipment’, a leading manufacturer of barn equipment in Europe. Royal de Boer was founded in 1869 and the history of Brouwers Equipment dates back to 1919. The company is headquartered in Leeuwarden, Netherlands and generated revenues of approximately € 40 million (2008) with a workforce of 160 employees. Beside the location in Leeuwarden, Wilaard has a sales and production facility in Russia.

Customer's dilemma

After having headed the company for fifteen years, the director and main shareholder was looking for a successor. Since there was no successor within the family, the customers dilemma was to find the right buyer who could on one hand bring continuity and on the other hand offer a fair price.

Our contribution

JBR made a valuation of the company and accompanied the shareholders by investigating the feasibility of different sales scenarios. This resulted in a controlled auction with private equity houses as well as strategic buyers. JBR facilitated the complete process. A market research was done to determine and invite the potential buyers and an information memorandum was drafted. After having received several indicative offers, JBR advised the client about the prices and consequences of the several offers and different deal structures. A number of parties was invited for the due diligence process and to make their firm offers. During the last period of the sales process JBR coordinated the final negotiations and the closing of the transaction.

The result

By having GEA Farm Technologies as the buyer both items of the customer’s dilemma were solved. GEA Farm Technologies is a worldwide manufacturer of animal hygiene products for milk production and with the acquisition of Wilaard, further continuation of its expansion strategy towards a total solutions provider in livestock farming could be realized. This company and strategy offers Wilaard a strong basis for growth and long term continuity. On the other hand GEA Farm Technologies was able to offer a strong fair value even in times of financial crisis and an economical downturn.