Wessanen board accepts takeover offer of €885m

The board of Amsterdam-listed company Koninklijke Wessanen (Wessanen) has accepted a takeover offer from a consortium comprising European private equity firm PAI Partners and Charles Jobson, Wessanen’s largest shareholder.

This deal values Wessanen at around €885m and includes all of its issued and outstanding share capital. It enables the firm to invest in initiatives and maintain its position in the sustainable foods segment.

Wessanen CEO Christophe Barnouin said: “Our vision is to build a European leader in organic and sustainable food. We want to remain at the forefront of making food healthier and more sustainable for the benefit of both consumers and the planet.

“This requires a long-term commitment from shareholders and long-term investments. It is all the more critical in an era where organic, sustainable and healthy themes have grown increasingly popular, which in turn has resulted in a more competitive landscape.

Barnouin further noted that the consortium is supportive of the company’s strategy and will bring a long-term horizon and additional investments for the execution of its plans.

Upon completion of the deal, PAI will hold nearly a 62% stake, while Charles Jobson will own approximately 38% of the consortium.

To finance the transaction, the consortium will use a combination of debt and equity.

Wessanen will continue to be headquartered in Amsterdam, and the deal will not have a direct impact on the total workforce.

Jobson said: “Since 2009, I have been a supporter of Wessanen’s vision to become Europe’s leader in healthy and sustainable food. I have been following Wessanen closely and strongly believe in a bright future for all its stakeholders.”

PAI Partners partner Gaëlle d’Engremont said: “Wessanen is extremely well positioned in the European health food industry, housing high-quality brands and being at the forefront on innovation in this rapidly growing sector.

“We intend to accelerate Wessanen’s growth using our experience in the food and consumer space and investing further in the brands and the people of Wessanen to increase the reach of the company. We are fully committed to Wessanen’s current strategy and are excited to work alongside their passionate management team and long-time shareholder Charles Jobson.

“Together we can support the company to further build on its position as a leading sustainable and healthy food company in Europe, fully engaged with its customers on a daily basis.”

The consortium will fund the transaction through a combination of debt and equity.

A draft offer memorandum will be submitted to the AFM by early June. Completion of the deal is expected in the second half of 2019.