Inproba
We got to experience Yuno as true professionals.
“I got to experience Yuno as true professionals. Also with commitment, incisiveness, passion and heart in the right place, […] and grateful for the tremendous efforts to bring this process to a successful conclusion.”
Rob Libbenga, former owner Inproba
“With Yuno’s in-depth knowledge of acquisitions, clear communication and structured approach, they managed to guide not only us but also all parties involved through the entire process with confidence and assurance. Their combination of professionalism and commitment made the cooperation pleasant and effective.”
Jeroen Leinenga, Managing Director Inproba
Deal
Yuno Advisors advised the shareholder and management of Inproba, a leading Dutch producer of oriental products and flavourings, on the sale and refinancing of the company with VE Partners, a Dutch mid-market investment company specialising in investments in mainly manufacturing companies. The company had been owned by the Libbenga family since its establishment in 1956, with current owner Rob Libbenga having taken over from his father and founder Harry Libbenga in the early 1990s.
The company had once started on a small scale in Baarn with the production of prawn crackers, mainly for army kitchens, and later grew into a producer with a wide range of oriental products, including soy sauce and nasi and noodle vegetables, for the emerging supermarket chains in the 1970s. Inproba now sells its products to retailers across Europe and is distinctive with high-quality private label products. However, no succession was available within the family for the company’s next growth phase, and Rob Libbenga decided to sell the company. VE Partners acquired the entire share capital together with the company’s management.
Role Yuno Advisors
Yuno acted as exclusive financial advisor to shareholder Rob Libbenga and Inproba’s management team led by Jeroen Leinenga. Yuno assisted the company throughout the entire process, with our advice focusing on assisting with the transaction and supporting the (re)financing with its house bank.
Relevant parts of our services included general deal coordination, arranging the bidding process, assisting in negotiations regarding the transaction and funding, drafting a letter of intent / term sheet, drafting an information memorandum, financial modelling including sensitivity and valuation analyses, coordination of the due diligence investigation and negotiating the financing and process documentation.
About Inproba
Inproba Oriental Foods is a family business established in 1956 by the Libbenga family and based in Baarn, and stands for ‘Indonesische Producten Baarn’ (www.inproba.nl). Inproba is a leading producer of oriental products and flavourings, destined for both the Benelux (approx. 50% of turnover) and other countries within Europe (remaining 50% of turnover). The product range comprises a broad assortment of about 600 – 700 SKUs in red (chilli) sauces, soy sauces, sambal and various dry products such as prawn crackers, nasi and noodle mixes.
Besides its own Inproba brand (10-15% of turnover), Inproba mainly produces private labels (85-90% of turnover) for its customers mainly in food retail (B2C) throughout Europe, as well as food service and industry (B2B). Besides most of the large supermarket chains in the Netherlands, Inproba also counts large European retailers among its customers, such as Lidl, Aldi, Edeka, Rewe, Netto, Kaufland and Penny. Inproba employs around 200 people in Baarn, and achieves sales of €50 – 60 million.
About VE Partners
Value Enhancement Partners (VE Partners) is an investment company founded in 1999, based in Amsterdam, and focuses on mid-market companies, particularly in industry and trade in Western Europe with a focus on the Benelux. VE Partners specialises in assisting companies in a transition phase, applying its expertise in particular to companies with an ambitious growth agenda, both for organic and acquisitive growth.
VE Partners’ active fund has a size of €120 million, and the fund invests in companies with a turnover of around €20 – 300 million and makes equity investments in the range of €5 to a maximum of €40 million. VE Partnersfood has previously had success in the food industry with, among others, the carve-out of salad producer Beeck-Homann from Unilever and growing pet food companies Scholtus Special Products and De Haan Petfood, which, like Inproba, offer a combination of both private label (PL) and own-brand products for, among others, the supermarket channel.