Merger creates new Belgian ingredients group
firm and food consultant combine two current ingredients firms,
Rejo and Pellicula, in a management buy-in.
With sales pitched about €15 million, Rejo and Pellicula, respectively producers of seasonings and food ingredients for the meat industry, were acquired by buy-in manager Chris De Wolf and Belgian investment company GIMV.
The companies, one based near Ghent and the other in the Bruges area, will remain separate, and 'nothing will change for the employees', a spokesperson at GIMV tells FoodNavigator.com.
But synergies gained from the merger should include 'cross-fertilisation' moves, says the spokesperson, notably the selling of the products in 'similar kind of markets that they can target together' as well as others such as R&D and logistics.
"I am convinced that the newly created SFINC group, which combines Rejo's many years experience in taste additives and Pellicula's know-how in functional ingredients as well as some new products, can represent strong added-value for our customers," commented de Wolf, who will now work to expand the group together with the existing family management.
Specific stakes in the new holding company were not disclosed with the GIMV spokesperson confirming that De Wolf and the investment firm 'both have a certain percentage' of the new ingredients group. Existing family shareholders will retain a financial interest in the new group.
Rejo, based in Eke, produces and distributes herb mixtures, marinades, sauces and other by-products used in meat preparations, targeting butchers and poulterers.
The second firm in the merger, Pellicula located in Izegem, produces and markets functional food ingredients such as gelatin preparations, and focuses on the meat processing industry.
The new company, in operation since the last week in December 2004, is the fourth buy-out/in that GIMV realised in 2004.
"Given Rejo and Pellicula's attractive track record and the group's excellent growth potential, we expect a lot from this new combination," comented Guy Mampaey, vice-president GIMV corporate investment Belgium.
