AAK acquires MaasRefinery from Remia

Yuno Advisors acted as advisor in the acquisition of the entire share capital of MaasRefinery, a specialty vegetable oil refinery based in the port of Rotterdam, by AAK, a publicly listed Scandinavian provider of specialty vegetable oils & fats, from Remia, a producer of sauces, margarines, dressings and fats for consumer markets.

AAK is a Nasdaq Stockholm quoted, and globally operating provider of specialty vegetable oils & fats. AAK has its roots dating back more than 140 years with the establishment of its first plant in Aarhus, Denmark in 1871. The current AAK Group was formed in 2005 with the merger of the companies Aarhus United from Denmark and Karlshamns from Sweden. In 2018 the group refined a total volume of 2.2 million mT, generating a global net sales of €2.7 billion with more than 3,600 employees, divided over 20 different production facilities over the world and sales offices in more than 25 countries. The company is active as co-developer of high-end vegetable oils and fats for the market segments Chocolate & Confectionery, Bakery, Dairy, Special Nutrition, Foodservice and Personal Care.

In the Benelux, AAK already has two sites in Zaandijk and Merksem (close to Antwerp). The Zaandijk site was acquired approximately 30 years ago from Royal Wessanen, and has a work force of 110 employees with a production capacity of 110,000 mT. The Merksem site is comparable in size, and was taken over from CSM Benelux in 2014. With the acquisition of MaasRefinery, AAK has added a production site whereby it completes the triangle Amsterdam – Rotterdam – Antwerpen. MaasRefinery has a refining capacity of approximately 40,000 mT, and offers employment to around 20 employees. MaasRefinery has a relatively new production site that was founded 10 years ago and is designed according to the latest technology standards focusing on conventional as well as organic oils and fats.

MaasRefinery was part of Remia, which was one of the founding partners in 2009. Nowadays, the activities are not part of Remia’s core activities anymore, making the sale of MaasRefinery to AAK a logical next step. Remia is one of the most well-known producers of sauces, dressings, margarine and fats for consumers, the horeca segment and industry. During the last years Remia has acquired various companies such as mustard producer De Marne, the sauce activities from Van Dijk and Yildriz. Moreover, Remia is also active in the production of private labels. The group has a headcount of over 400 employees and exports to over 100 countries.

Yuno Advisors supported AAK in the entire acquisition process. In addition to exploring acquisition opportunities in an early stage, and conducting investigative talks, our advisory concerned a.o. project coordination, valuation, advising in the due diligence investigation, and drafting of the transaction documentation such as the indicative offer and sale and purchase agreement.

Click here to view the original press release by AAK.