Budelpack, one of Europe’s leading contract manufacturers and packers for top FMCG brand owners, has announced a management buyout, expected to be completed in the first quarter of 2007.
Current majority shareholder Grace Holding, owned by Buldelpack founder André Nieuwkerk, has agreed to sell its shares to Budelpack’s three other Board members, Chris Moerkerken, Peter Ingelse and Jan Bakker. The MBO is backed by private equity firms Greenfield Capital Partners and Dinvest.
Ceo Nieuwkerk will retire and join the company’s Supervisory Board, with Executive Board member Moerkerken taking his place as ceo.
Founded in 1971, Budelpack offers both contract manufacturing and packing to manufacturers of personal and homecare, food and pharma and healthcare goods worldwide from nine plants in seven European countries. The 1,700-strong operation says it has achieved an average 25% annual sales growth between its formation in 1971 and 2005, and is expected to generate a 2006 turnover of €220m. Its impressive client list includes Beiersdorf, Boots Healthcare, Colgate-Palmolive, Henkel, Johnson & Johnson, Sara Lee, Unilever, Bristol-Myers Squibb, GlaxoSmithKline, Merck Sharp & Dohme, Pfizer, Roche, Cadbury, Cereal Partners, Danone, Heinz, Dr Oetker, Kellogg’s and Unilever Bestfoods.
Nieuwkerk says: “With the management buyout the Buldepack Group can continue its growing business with established and dedicated leadership, supported by strong investors, enabling an accelerated execution of Budelpack’s growth strategy.”
“Supporting the MBO of Budelpack is a great opportunity to invest in a leading company in an expanding market,” adds Sake Wijma, a partner at Greenfield. “We believe Budelpack is in an excellent position to further develop its growth potential and serve brand owners in the personal and home care markets.”
Budelpack says the MBO should have no impact on any of its sites, but is planning to “strengthen its focus” on the personal and homecare sector particularly.