Belgian packaging group closes fourth Dutch deal

28 September 2020 2 min. read

Belgian packaging player P. Van De Velde Group has acquired Veerkarton, a Dutch counterpart with around 70 employees, lifting the number of deals closed in the Netherlands to four. 

The Belgians kicked off their buy-and-build strategy in the Netherlands in September 2017 with the bolt-on of Koninklijke Schut. In May 2018 Maastricht-based Wesly Printing & Packaging was acquired, and six months on, Tilburg-based Vekopak was purchased.

For the quartet of deals, P. Van De Velde Group turned to Alexander van Rossum of Fortaleza Capital, which served as its exclusive corporate finance advisor. Now, the two firms have teamed up yet again to close a fourth domestic deal, that of Veerkarton. Founded in 1956, Veerkarton is one of the country’s larger players in the design, production and distribution of high-quality cardboard packaging (BRC packaging grade AA). 

Belgian packaging group closes fourth Dutch deal

The company produces folding carton packaging in small and medium-sized runs for packaging wholesalers, (food) production companies and retail companies, serving clients in the Netherlands, as well as in the region (Germany, France, Austria, Scandinavia and Belgium). Veerkarton’s 70 staff work from an office and production facility in Assendelft (near Amsterdam) and Oeding Südlohn, a German city close to the Dutch-German border. 

“Combining these complimentary enterprises into one strong organisation offers the group new opportunities to embrace the pan-European market shift toward folding carton packaging,” said a spokesperson of P. Van De Velde Group, a family-owned business.

The addition grows P. Van De Velde Group’s footprint to around 700 employees, generating an annual turnover of close to €130 million. The group also has operations in among others France and Poland.

Other dealmakers that advised on the transaction were BarentsKrans (legal and fiscal, led by Michiel Martin, Thomas van Hövell tot Westervlier and Robert-Jan Zwaan) and Lansigt (dealteam: Martin van Beelen, Leendert Andeweg and Bert-Jan Luijendijk), which conducted due diligence work on financials, tax and human resources. They joined Fortaleza Capital on the buy-side of the table. 

Seller Veerkarton was supported by IMAP Netherlands (dealteam: Jan-Pieter Borst, Willem op de Hoek and Steven Klaren) and Legaltree (led by Antoinette van Beest - de Mul).