Lion Capital sells Van Geloven to TowerBrook Capital
Our client, Lion Capital has today announced the sale of Van Geloven, the Netherlands-based frozen food producer with leading positions in the Netherlands and Belgium, to TowerBrook Capital Partners L.P. (“TowerBrook”) together with management.
Tilburg-based Van Geloven supplies a full range of frozen convenience snacks and foods across a diverse brand family, including the iconic Mora brand – the most popular snacks brand in the Benelux known as “the snack inventors” – the artisanal ragout brand “the Bourgondiër”, satay specialist Hebro, as well as private label contracts with major retail and foodservice customers. The company has led the market supporting its clients both on the retail and the out-of-home segments with high quality products, creating innovative new snacks targeting different consumer preferences and preparation methods. In 2014 Van Geloven generated sales of €195.4m.
Peter Doodeman, the Chief Executive Officer of Van Geloven, said:
“I am delighted to have TowerBrook as our new majority investor. We have worked very hard in the last few years to strengthen our position within our home markets, while also building the platform for future growth within and outside the Benelux. TowerBrook has a track record of significantly developing portfolio companies during its period of ownership and we look forward to working with them in the coming years.
“Our aim is to grow the business substantially, targeting new product lines and international expansion including pursuing a consolidation strategy in what is a fragmented market across Europe.”