We are grateful for Gimv’s support during its investment period. They have been a loyal and constructive partner for the company, helping it to successfully develop and execute our strategy.
Jean Vandemoortele - director Safinco & Chairman of the Board of Vandemoortele NV
Groep Vandemoortele is a family-owned Belgian foods group with a European dimension. It manufactures and sells high-quality food products in two segments: frozen bakery products (Bakery Products) and margarines and fats (Lipids). Both divisions are in the European top. In 2014, Vandemoortele posted sales of around EUR 1.3 billion. The group employs ca. 5200 people in 15 sales and 34 production facilities in 12 European countries.
When ambition meets ambition
We entered in a partnership with Vandemoortele in 2009, enabling the family group to further develop and optimize its activities at its own pace. From the beginning, we were an actively involved partner and connected with Vandemoortele’s mindset: it is an ambitious company with excellent products, a strong market position and impressive industrial machinery. We fully supported the strategic decisions the group has taken and were convinced of Vandemoortele’s growth potential.
Together, we build a leading company
Since our investment in 2009, we journeyed an interesting path together with Vandemoortele’s management. We fully endorsed Vandemoortele’s growth strategy to develop a leading position in the large and growing European frozen bakery products market, next to maintaining a strong margarine, culinary oils and fats business. With our support, Vandemoortele launched an ambitious investment program to further improve its operational performance and grow its topline, both organically and through acquisitions. Following the acquisition of Panavi, the French number one in frozen bakery products, Vandemoortele conducted a strategic reorganization in which the soybean division was sold. Then in 2010, the group acquired the margarines & fats activities of Van Dijk Food Products and in 2015 LAG (Italy), producer of frozen bread (savoury products). In 2016, Safinco NV, the holding company of the family shareholders of Vandemoortele NV, acquired our 23.58% stake in Vandemoortele NV.
The consequent implementation of its strategy combined with the support from Gimv, allowed Vandemoortele to grow from a turnover of EUR 970 million and a REBITDA of EUR 79 million in 2007 (year in which Vandemoortele decided to strongly develop its frozen bakery products business) to a turnover of EUR 1,4 billion and a REBITDA of EUR 130 million in 2016 (e).
While remaining a cost leader, the company has shifted its focus to the needs of its clients and today’s consumers. Moreover, Vandemoortele has continued to invest heavily in production capacity and product innovation and we are confident the company is ready for a period of continued growth.