Market Food Group
Yuno always keeps the end goal in sight.
“Choosing Yuno was easy: they have advised me on several transactions over the past few years, and are at your side as both advisor ánd partner. Besides being a professional party with the financial skills and the network for a transaction like this, they are also pragmatic where necessary. They understand the art of give and take, and – even when the going gets tough – always keep the end goal in sight.”
Sjacco Nel, Owner & CEO Market Food Group
The board of Market Food Group (“MFG”), producer of bread and confectionery products and holding company of franchise formats such as ‘t Stoepje and Le Perron, has already completed a management buy-out in 2016 with support from Bolster Investment Partners (former Van Lanschot Participations). In 2019, CEO Sjacco Nel and Bolster bought out the remaining equity stakes in MFG, and spent the following years on further growing MFG.
This year, the opportunity arose to strengthen the group with the retail bakeries Faber & Smithuis from the northeast of the Netherlands. This acquisition was realised with a simultaneous buy-out of Bolster by MFG’s CEO, effectively triggering 2 transactions simultaneously. Both transactions were achieved with support from ING as senior debt provider, complemented by an acquisition facility by Aegon ALF. With the help of these financing partners, the group was able to simplify its shareholder base and continue on a long-term growth path. Yuno contributed as deal advisor to facilitate this “sponsorless buyout”.
Role Yuno Advisors
Yuno Advisors acted as MFG’s exclusive advisor throughout the process, in which our services focused on three aspects: 1) the acquisition of the Faber & Smithuis bakeries, 2) the buy-out of the existing majority shareholder Bolster, and 3) arranging complete (re)financing of the group to enable the intended transactions.
Our advice included general deal coordination, structuring and modelling of the transaction, assisting in the buy-out and acquisition negotiations, drafting a letter of intent, preparing a financing memorandum, financial modelling including sensitivity and valuation analyses, receiving and negotiating term sheets for the financing, coordination of the due diligence investigation and negotiating the financing and other process documentation.
About Market Food Group
MFG has been operating as a bread and pastry bakery since 1979 with several well-known franchise formulas, such as ‘t Stoepje and Le Perron. With 115 franchisees, these formulas are present at more than 600 markets throughout the Netherlands and at various high-street locations. This makes MFG the market leader in itinerant trade, as well as supplying bread and pastry specialties to Food Retail, Foodservice, Export and for meal boxes. MFG is a flexible specialty bakery employing around 180 people, supplying mainly artisan, healthy, sustainable and sugar-free products to both business customers and consumers.
About Bakkerij Faber & Smithuis
Bakkerij Faber from Hoogeveen and Bakkerij Smithuis from Oldenzaal have been active as leading bakeries in the north and east of the Netherlands for over 100 years (founded 1883 and 1889 respectively). To this day, Faber and Smithuis continue to bake a complete range of daily fresh and long-life bread products for Food Retail, Wholesale and Foodservice. Faber and Smithuis’ two efficient production sites employ around 85 people.
Bolster Investment Partners is a Dutch private equity investor specialised in minority interests. The Bolster Investment Partners team spun off from the bank Van Lanschot Kempen in 2017, where it had been operating Van Lanschot Participaties since 1982. Since then, Bolster has successfully collaborated with more than 100 companies. Last year Bolster closed its second investment fund of €250 million.