Acquisition of Tjendrawasih by Dutch Bakery / Standard Investment

Yuno Advisors was engaged by Royaan Groep, part of private equity investor NPM Capital, as financial advisor in the 100% sale of the oriental snacks producer Tjendrawasih to the bake-off and bread snacks company Dutch Bakery together with Standard Investment.

Tjendrawasih was founded in 1977 in the city of Alkmaar, and is active in the production of oriental snacks and convenience bread snacks such as bapao, pita, pasty, lemper, risolles, gua bao and open-top bread snacks. The products of Tjendrawasih are sold in the Dutch retail channel, food service and the oriental sales channel, both under its own brands (Tjendrawasih, Mayam, Humapro en Java Food) and private labels.

Royaan Group has been part of NPM Capital – the private equity vehicle of SHV Holdings from the Fentener van Vlissingen family – since 2007, after the acquisition of Cold Food, well-known for its Kwekkeboom en Van Dobben brands. Tjendrawasih was acquired by Royaan Group in 2010 from the sons Adien and Ben Tan of the founder Mrs. Kho. Since 2012 Winus Sloot has been acting as managing director of Tjendrawasih.

Dutch Bakery is a leading Dutch producer of bake-off bread and bread snacks. The company was founded in 1936 by the grandfather of the current key shareholders. The company owns factories in the cities of Waalwijk, Tilburg and Eindhoven, employing approximately 400 people. Dutch Bakery is specialised in home bake-off products and bakes a yearly quantity of almost 1 billion bread products, including crusty bread and kaiser rolls, croissants, baguettes and sausage-rolls. The products of Dutch Bakery are sold in the Netherlands and abroad to large food retail chains. Including Tjendrawasih the group generates revenues around €100 million. Since the acquisition of the reduced-oxygen bake-off activities of Bakkersland in 2012, Standard Investment acts as investment partner of Dutch Bakery.

Yuno Advisors assisted Royaan Group in the entire sale process. Our advisory covered all aspects of the process, including contacts with potential acquirers, drafting of the information memorandum, financial modelling and budgeting, process documentation, drafting of a letter of intent, due diligence co-ordination, assisting in deal negotiations and transaction documentation.