When Peter Overbeek is CEO of label printing office Eshuis for more than 20 years and owner of 30 percent of the shares, the major shareholder passes away. Peter is given the opportunity to take over the rest of the shares. The problem is that Peter does not know how much the company is worth. How to conduct the price negotiations for this deal. And how he could finance taking over the shares and real estate at all. That’s why Peter brought in Stratfield’s help. “I was not just looking for a professional company with knowledge, but also an honest, dedicated and loyal partner.”
The challenge of Peter Overbeek
Peter: ‘An entrepreneur wants to do business. So when, after major shareholder Peter Eshuis passed away, I was able to get hold of all the shares, I was interested in that. As the sole shareholder, I can more easily take the steps that ensure the continuity and growth of this wonderful company. Unfortunately, I simply did not know if it was financially feasible to take over the shares. That is why I asked Leendert Stam from Stratfield to make a financial calculation. Based on the annual figures and the long-term plan of Eshuis, the value of the company was analysed. He also calculated that I could finance this amount with the help of an external party and a bank loan. Based on this information I have entered into an acquisition process with Stratfield.’
The approach of Stratfield
‘First of all, Leendert and Richard conducted the meetings for me with the representatives of the Eshuis family. Stratfield negotiated the value of the shares. And when it turned out that the contact with the selling party went a bit stiffer than expected, Stratfield linked me to an excellent lawyer who supported me legally. We made a settlement agreement with the family in May 2018, defined the purchase price of the shares and finished the negotiations about the real estate of the company. Last December I officially took over the shares and on the 1st of April this year I bought the real estate.’
The search for the suitable financier
‘All this was only possible because Leendert and Richard brought me into contact with the Wadinko investment company. I could only finance the acquisition of the shares and real estate with the help of an external party. That is why Leendert and Richard spoke at an early stage with various banks, subordinated loan funds and private equity houses. We came to the conclusion that Wadinko was the most suitable party to make the transaction a success. Also because Leendert knows this investment company well and knows that Wadinko and Eshuis fit together perfectly.’
Negotiations for the perfect deal
‘’After our first presentation at Wadinko, it turned out that Leendert was right. There was indeed a good click. Wadinko supports my ideas, reinforces my aspirations and the good reputation of Wadinko makes our company more sustainable, better and more solid. The cooperation with this reliable partner ensured that a bank loan could be obtained to finance the takeover. In short, cooperating with Wadinko was the best option for Eshuis’s continuity. Therefore, it feels good that this party has become my partner and became the owner of 40 percent of the shares. Stratfield sharply negotiated for me to make the perfect deal with Wadinko.’
Working as a close team
‘If I look back at the acquisition process and the cooperation with Stratfield, I can conclude that the successful acquisition of the shares and real estate is based on mutual trust. Richard and Leendert conduct business professionally, skilfully and think along with me. They are solution-oriented, approachable, hands-on, engaged and very reliable and loyal. The fact that we have completed the entire process without a cooperation contract says enough to me. We operated, along with the lawyer, as a close-knit team with the same goal in mind. We discussed a lot, coordinated all the steps to take and made the right decisions in different exciting stages. With success, because thanks to Stratfield I entered into a partnership with Wadinko. Now I can take new steps with Eshuis towards a bright future. ”
Label printing office Eshuis, based in Dalfsen, specializes in customer-specific printing and post-processing of self-adhesive labels, flexible packaging, sachet films, wrap-around labels, shrink sleeves and cheese labels. Eshuis works for food and non-food clients such as Heineken, Grolsch, Beaphar, Go Tan, Wijzonol, Swedish Match Lighters and Coca-Cola.
Number of employees: more than 125
Estimated turnover in 2019: 20 million euros
For more information about label printing office Eshuis, visit www.eshuis.nl.
For Peter Overbeek, Stratfield has:
- Calculated the financial feasibility of the acquisition of shares;
- Discussed with the selling party;
- Negotiated about the purchase price with the selling party;
- Provided the desired legal support;
- Searched for and found the most suitable financier;
- Conducted negotiations on the cooperation deal.
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