Pascal Wuillaume | Theo Coertjens International
Antwerp-based (Brecht) Theo Coertjens International is a leading producer of preserved meat products for the hospitality industry, catering companies and wholesale industry. Originally a small, family-owned butcher’s, the company has since become a modern, medium-sized company, whose products are sold on the Belgian market and in several European countries. But nothing can be achieved without spending money, especially in case of a management buy-in. As Pascal Wuillaume knows all too well. “The most difficult thing was to convince the previous owner to sell his company.”
Tell us more about your company’s antecedents?
Pascal Wuillaume: Theo Coertjens founded his company with his wife in 1959. Over the years, the company became a leading player in the Belgian and Dutch markets, exporting to France and Italy. Last year, Theo Coertjens International generated a turnover of approximately 9 million euros. Theo Coertjens, who was 85 years old at the time, set about finding a buyer to ensure the company’s continuity. Robur Capital and myself (as CEO) invested in the company and jointly acquired all the shares. I have over 20 years of experience as a CEO of international companies. Until recently, I was the CEO of Saey Home & Garden and before that I managed the Fountain Group, a listed company that produces hot beverage dispensers.
Was it always your dream to become the owner or co-owner of a company?
Pascal Wuillaume: It was not exactly a priority, but when the opportunity presented itself, I did grab it with both hands. On the one hand, I was looking for an experienced partner to take a company to the next level and ensure its sustainability for the future through PE. On the other hand, I find sharing a vision important, being able to work with a partner in an atmosphere of mutual trust. I was looking for a partner with financial expertise, but who could also share their ideas on business management and business development. At Fountain I had learnt that a solid private equity partner can be a huge asset and when I met Robur I knew that they were just right.
“ A Private Equity firm can really be a valuable partner ”
Nothing can be achieved without money. Sometimes there’s a big gap between dreams and reality and private equity can bridge that gap in some cases. What are the biggest advantages of private equity?
Pascal Wuillaume: There are several advantages. For starters, a private equity firm has a general and a more in-depth financial knowledge. It also generally brings plenty of experience to the table, as well as a large network of valuable contacts. And this is very important when mapping out a company strategy. In my opinion, every company must pay attention to its own ‘valorisation’. Robur had all the necessary know-how for this.
How difficult was it to find a PE firm?
Pascal Wuillaume: Obviously there are plenty of firms to choose from. It helped that I was familiar with the world of PE, having worked with such firms for twenty years. Ultimately I only met with one partner, who proved to be the right partner from the outset. We immediately felt a click. Searching for and finding the right partner is also all about timing: I had to be available when a PE is searching for a CEO.
Why Robur?
Pascal Wuillaume: People don’t stress this enough, but the two parties really need to click. And that is exactly what happened with Robur. But there was more to it. I think that Robur is also different from the traditional PE firms. It really is a fund by entrepreneurs for entrepreneurs. They understand the problems and challenges you face as a CEO because they’ve all experienced them themselves. The support you get is very valuable. We speak the same language, which is really important.
What did you find most difficult about sealing the deal?
Pascal Wuillaume: Convincing the seller who also happened to be the company’s owner was, admittedly, quite a laborious process. Theo was 85 years old. But ultimately, we succeeded in our endeavour, thanks to Robur and to Theo’s entourage. The main argument was that in the long term, the company would benefit from entering a new phase. Now the company culture must be gradually adapted to the new ambitions.
Which fundamental agreements did you and Robur Capital make?
Pascal Wuillaume: I prefer not to comment on this…
It has been said that, from day one, PE firms look forward to the exit with the largest possible leverage. Is this true?
Pascal Wuillaume: Every company has its price, regardless of its size and a PE firm needs to make a profit on this. I think it’s vital that everyone is aware of this. In any event, Robur has committed to helping the company develop a long-term strategy. This company wants to grow, among others with a well-thought-out export strategy. If you are asking me whether we agreed on a term for Robur’s exit, then the answer is very simple: no, we didn’t.
Private Equity/BVA
Author: Karel Cambien