Acomo acquired N.V. Deli Maatschappij (Deli)

Amsterdam Commodities N.V. (Acomo) reached an agreement with N.V. Deli Maatschappij (Deli) and bought its tea and seeds businesses for a total consideration of about € 100 million.

The trading house specialized in spices, nuts and food ingredients is doubling its size. By taking over the Van Rees Group en Red River Group of companies, Acomo acquired a leading position in the tea and seeds trade, with worldwide activities and offices on four continents. The proposed take-over represented a breakthrough for Acomo which celebrated its 100 years of public listing at the Amsterdam stock exchange in 2008. The acquisition fits seamlessly with the company’s strategy defined in recent years, namely ‘Focus on Food’.

Key points of the acquisition

• Pro forma 2009 sales increase by 140% from € 165 to € 396 million;

• Van Rees en Red River Commodities 2009 combined EBITDA of € 24.4 million and net profits of € 13.5 million (Acomo: € 10.5 million)

• Combined company staff approximately 450

• Tea and seeds will form two additional, mature divisions within the Acomo group, alongside Catz International (spices and herbs)

• Substantial earnings per share growth potential

• Strong balance sheet ratio’s maintained

• Wider shareholders’ base leading to improved share liquidity

The acquisition consideration totalled about € 100 million. Acomo payed € 67.5 million in cash, € 8 million in shares and € 5 million in convertible bonds. In addition it assumed net debts of approximately € 20 million (as per 31

March 2010).

Transaction management:
CDI Global Amsterdam

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