“In Yuno we found the advisor who could guide us through a complex transaction”
“We were looking for an advisor who could guide us in a complex transaction with regard to the content as well as an advisor with understanding of the dynamics that play a role in both family run companies and in the financial industry. We found that in Yuno Advisors.”
Bouke van der Wal & Frank Klören, Owner & Management of Boni
BWhen Picnic’s rapid growth outstripped previous expectations, the current shareholders ¬ consisting of the management and the investment companies of the Hoyer family (Hoyberg), De Rijcke family (De Hoge Dennen) and the family behind Boni supermarkets (Finci) decided to conduct a new funding round. This included the entry of NPM Capital, the investment company of SHV (Fentener van Vlissingen family). The size of the funding round totaled €100 million, a very substantial amount in relation to Picnic’s life stage, less than two years after its foundation.
Role Yuno Advisors
Our advisory services concerned the interests of the family that owns and runs Boni Supermarkets, also acting as sourcing and supply chain partner for Picnic, in the new funding round. We advised the family’s investment vehicle Finci, which co-invested in the first capital round in 2015, and again invested in this funding round together with the other family investors and NPM Capital. The main focus of our advice was on valuation, structuring and governance issues associated with the new capital injection and the entry of a new professional investment firm.
Picnic was founded in 2015 as a new websuper with a 100% focus on the online segment. With a focused and sustainable business model and a proprietary “app-only” order process, and delivery at fixed schedules with electric delivery trucks, Picnic capitalizes on the irreversible trend of online food retailing. Picnic aims to gradually roll-out its business and has the ambition to be active in 70 to 100 cities within 3 to 5 years, and eventually extend its activities to international markets. With the current expansion plans, Picnic expects to create 2,000 new jobs in 2017 which may grow to approximately 10,000 new jobs within a few years time.