Meyn Holding B.V disposal
Altor 2003 Fund (”Altor”) has reached an agreement to sell Meyn Holding B.V., parent company to Meyn Food Processing Technology B.V. (“Meyn”), the global leading poultry processing solutions company, to CTB, Inc. (“CTB”), a subsidiary of Berkshire Hathaway Inc., and a leading designer, manufacturer and marketer of agricultural systems and solutions.
Nonwovens as such and within this industry especially spunlaced (hydroentangled) nonwovens are a high growth industry in all major markets worldwide. Spunlaced nonwovens are increasingly finding their markets outside of the traditional disposable wipes market. Norafin is regarded by industry experts as the innovation leader in nonwovens especially through the sophisticated approach to spunlacing.
The participation by Pinova Capital (which Gherzi has accompanied as technical advisor) will allow Norafin to expand their spunlace capacity and thus extend their share in this promising market. Altor Equity Partners contacted Savills Valuations to act on behalf of Coöperatieve Meyn U.A. to value the 2 real estate assets that are part of this transaction. This was the first instruction for Savills Valuations from this client.
Patrick Oudshoorn is an Associate Director of Savills Valuations and is responsible for Transaction Advisory within the valuation team in the Netherlands led the team, he commented: The instruction was under extreme time pressure which made it challenging. Therefore we had several conference calls to discuss questions and the progress. This has lead to a quality product which was delivered on time. Sequoia advised CTB, Inc., a Berkshire Hathaway company.
It has been the first time for CTB, Inc. to retain an M&A advisor and to participate in a competitive auction. The relationship has been successful and both parties do not rule out future cooperation. On Sequoia side former Partner Pieter Stor and Elmer Jutte (Director) led the team. Other Sequoia team members involved were Peter van Leersum (Vice President) and Kevin Koppen (Associate).
Stor commented: It has been a notable sale process given it’s one of the few sizeable closed transactions in the Netherlands this year involving both competitive financial and trade bidders with CTB, Inc. as surprising and best new owner for the business. Van Doorne acted on behalf of Altor and Meyn in this sale process. We have a long-standing relationship with these parties, which started with Altor’s acquisition of the Meyn Group in 2005 and which was followed by a series of subsequent transactions and restructurings over the past seven year.
The Van Doorne team was lead by Onno Boerstra (partner and head of Corporate) and Joost Kolkman (senior associate Corporate). Like any auction also this transaction had its challenges, which were overcome by an efficient and close co-operation between the responsible teams of Altor, Nomura and Meyn, as well as our thorough understanding of their business and market. Ewald van Hamersveld, Partner, KPMG Transaction Services and winner of the Best Transaction Advisor award at the Dutch M&A Awards 2011 led the KPMG deal team, he commented:
We were asked by the vendors to prepare the financial vendor due diligence report based on our experience in the sector and proven VDD experience.
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