The M&A consultants behind the De Heus - Golpasz acquisition

08 July 2020 Consultancy.eu

Within a month of acquiring facilities in Spain and Indonesia, Dutch animal feed company De Heus has purchased one of the larger players in the Polish market.

The bolt-on of Golpasz adds a huge annual production capacity of 500,000 tonnes of compound feed to its footprint, consolidating its position as one of the globe’s twenty largest producers of food for among others cattle, poultry, pigs and turkey. Headquartered in Ede, the Netherlands, De Heus has sales and production sites in eleven countries. 

Golpasz bolsters De Heus’ presence in the Polish market, and provides an entry point into the broader Central Eastern European region. The 52-year-old Polish company operates with four modern production sites, in Golub, Janowiec, Podkonice and Radomin, all located close to major livestock farming regions. 

“Combining our strengths in animal nutrition, animal husbandry and livestock farming will enable both companies to better serve our farming customers, and accelerate our innovation in the area,” said Adam Zaleski, General Manager of De Heus in Poland.

The M&A consultants behind the De Heus - Golpasz acquisition

Meanwhile, for Golpasz, the joining of forces will enable it to access the international network of De Heus, which will expand its sales network, and benefit from the expertise of the Dutch, which will enable it to enrich its local producce. Wiesław llków, General Manager of Golpasz, said: “We will use our combined knowledge and experience to serve our clients even better, and drive continuous improvement in efficiency.”

Meet the dealmakers

The acquisition, which still is subject to approval from the Polish Office of Competition and Consumer Protection, was advised on by several professional services firms. Buyer De Heus received M&A advice from Dutch corporate finance boutique Squarefield (team: Matthijs Dekker, Pauline Spaan, Lukas Lambregt) and Polish M&A boutique M2G (team: Marek Komorowski, Maciej Boncławek). 

The due diligence work was provided by PwC, Baker McKenzie and WSP. Oleg Tymkiv, Michał Gojski and Katarzyna Wawrzyniak from PwC Poland provided the financial due diligence, while Maarten Arends and Rafał Drobka from PwC in the Netherlands and Poland conducted the tax due diligence. Lukasz Targoszyński from Baker McKenzie’s Polish wing provided the legal advice, while Lidia Skąpska and Kamila Korolczuk from WSP delivered the environmental due diligence. 

Golpasz put together a team consisting of M&A consultants from DC Advisory (M&A advisory; Tod Kersten, Mateusz Prudzyński, Krzysztof Cecuga), EY (vendor due diligence) and DLA Piper (legal advice). Sell-side work was coordinated by Resource Partners, the private equity firm backing Golpasz, founded in 2009 by former seniors of global investor The Carlyle Group. Resource Partners bought its majority stake in December 2015. 

Mid-June, De Heus announced that it acquired Piensos Muga in Spain (annual capacity of 80,000 tonnes), and early June, two production plants with a capacity of 125,000 tonnes per annum were purchased in Indonesia.