Artikels

Free Cash Flows form the basis for the valuation of a company. But what are Free Cash Flows? In order to understand this, we have to look at the flows in the balance sheet and P&L account. A short overview.

The investment fund Waterland invests in Image Line, the developer of the software FL Studio, for an unknown amount. MNA advised the shareholders.

When an M&A transaction is prepared, one of the most important steps is to determine which types of buyers will be targeted. In this article the different types of buyers and their characteristics are described.

Acquisition prices attain new records in Belgium (article Trends)

When different shareholders invest in the same company, it is important to record the mutual commitments and intentions. These are being translated into a shareholders' agreement and corporate bylaws. Hereunder, you will find the most important elements in that regard. (article in Dutch)

A share purchase agreement can sound like double Dutch to many company owners. Nevertheless it is very important that a selling shareholder knows very well what such contract contains. In this article the most important elements of such an agreement are explained.

This article explains what a management buy-out (MBO) is and reveals the triangular relationship that develops between the owner, the management and involved private equity partner.

When the value of a company is being discussed, the EBITDA is often used as a basis. The value at which a firm is sold, is often expressed as "a number times the EBITDA". This article explains what EBITDA stands for and which corrections are essential.

This article shows the relation between a SWOT-analysis of a company and its acquirer and shows how this can help to maximize the value of the company.

With the sle of a company, the owner can choose between different action plans. These range from a one-on-one negotiation to a fully organized bidding process.

Albe De Coker, one of Belgium's leading offset sheetfed printers, acquired printhouse Bredero (Melle, Belgium). Printhouse Bredero is a niche player focused on very specific printwork.

Zen soft develops ERP software for small and medium sized companies and accountancy firms. Trustteam is an ICT integrator offering infrastructure services, custom-made software and ERP software. By acquiring Zen soft, Trustteam evolves to an organisation with more the 100 employees, active in Belgium and France.

TRANSPORT VERSTRAETE is a specialist in the transport of construction materials and machinery. H.ESSERS is Belgian logistics service provider with 930.000 m² of warehouses, 1.300 trucks and 2.800 trailers. The company is present in 12 countries and employs 4.400 employees. By acquiring Transport Verstraete, H.ESSERS reinforces the geographical reach of its daughter company GEERTRANS-HELLINGS.

The transfer of a family owned company is often an emotional minefield.

Before an entrepreneur plunges into a transfer story, he should spend the necessary time to prepare the process. It is important that the company complies with the WYSIWYG principle ("What You See Is What You Get"): clarity, transparency and no hidden or complex issues.

Attached, an overview of the projects MNA is currently working on. Should you have interest in a specific project, please het in touch: mna@mna.eu.

When an investment fund or private equity becomes a shareholder of your company, you can earn twice, a first time when the private equity steps in and a second time with the joint sale to a trade buyer. Especially with the first step you should be on your guard.

Describes the different ways a Buyer can bind the Seller in order to guarantee the continuity of the acquired Company.

Short article that describes the elements that a business owner takes into account in order to decide if and when he/she sells the company.

The reasons why presently so many companies are transferred.

The M&A market in Europe is booming. Important causes: the end of the economic crisis is in sight. A flexible monterary policy of the ECB with low interest rates and extra liquidity. Last but not least: the devaluation of the Euro vis-a-vis the other economically significant continents.

Describes the drivers behind the significant increase in number of acquisitions.

Zen soft develops ERP software for small and medium sized companies and accountancy firms. It has built an impressive customer base over the last two decades. Trustteam is an ICT integrator offering infrastructure services, custom-made software and ERP software. By acquiring Zen soft, Trustteam strenghtens its portfolio and customer base in a significant way and evolves to an organisation with more the 100 employees, active in Belgium and France.

Perdum engineers and develops units for the control and automation of numerous functions in off-road vehicles, e.g. agricultural machinery. Its customers are manufacturers of highly specialised industrial equipment. After the acquisition by De Roeve Industries (Lokeren, Belgium), Perdum becomes a new business-unit within the division of Industrial IT.

This article describes why the planned taxation in Belgium on the transfer of SME's is not a good idea.

HR ONE Pharma is project staffing service provider in the bio-pharmaceutical and medical devices industry in Belgium. MNA advised the main shareholder in the sale of his shares to the minority shareholder.

The Dutch group Verjo, a publishing house for educational material in the field of traffic and transport (and strategic partner of the German group VVR (Remagen)) has acquired the business unit 'Wees Wegwijs/Connaître et Conduire' from the Belgian group Van In, a publishing house specialized in educational resources for all levels of education in Belgium (Van In is part of the Finnish group Sanoma). MNA advised the seller.

Short story of how an entrepreneur does prepare the transfer of his/her company.

Coelembier is active in interior design, production and installation, for both office and residential buildings. The company was founded in the sixties of the previous century and is managed by the second generation. The fast growth of the previous years has brought about new challenges. Via their holding Finterior, the family Ide, which has earned its stripes in amongst others Spanogroup (Mohawk), becomes co-shareholder. The intention is to strengthen the current management with the necessary knowledge and experience in order to support the next growth phase.

Growth Companies and Pivate Equity.

Private Equity player Sufina acquires Link, a communication agency that serves Belgian sme's, industrial groups and stock quoted companies.

How to value your company in respect of family succession?

Almost four out of ten entrepreneurs in Flanders are older than 50 years.

Venture capital fund Think2act invests in Thau (Herent near Leuven, Belgium), active in field marketing and brand logistics with focus on the do-it-yourself retail segment and consumer electronics. The company was founded in 2005 by Olivier Van Orshoven and Christian Peeters (who stays on board). The contribution of Think2act will be primarily to support Thau in its continuous growth in current markets (Belgium and Netherlands) and abroad.

Piet Lescrauwaet and Nicolas Decoster acquired Channel Sailing, located in Zeebrugge (Belgium) and active in the chartering of yachts. Carlos Vanhecke, founder and driving force behind Channel Sailing, remains closely involved in the further evolution of the company.

How is your company being valued at acquisition?

In order to strengthen its international network, MNA has joined the worldwide network of Msquare M&A Alliance (www.msquarealliance.com). The network offers with over 150 investment bankers, lawyers and auditors a platform that allows its members to mutually support each others with their cross-border projects. Besides the networks DealNexus and MergersClub, Msquare M&A Alliance provides the network of MNA an additional dimension.

How to finance the growth of your company, without losing control?

Steelvision (Belgium, Bruges region), a sheet metal working company that manufactures very thin sheet metal components for amongst others the lighting industry, has acquired P.I.D.E, a metal working company that supplies larger metal pieces to various industries.

In this article Peter Maenhout (GIMV) explains the role of private equity and Joris Claeys and Wim Cools (Capital@rent) clarify the possibilities of mezzanine financing.

In this article Rudy Goossens (KBC) provides a good overview of the actual valuations and how these are being financed by the bank.

DS Transport (Brussels), is a company that charters trucks with driver to large international logistical groups for the local and regional distribution of goods. In order to guarantee further growth, entrepreneur Paul Jacobs (Meta International) has acquired DST. MNA has accompanied the seller during the whole process.

Article / who acquires your company. When a company is being transferred, one of the most important preliminary steps is to determine what type of buyers can be considered. In this article the different types of buyers are described and what you have to look for with each of them.

Cartec SA (Anderlecht, Belgium) is a company producing transparent rectangular and cylindrical packaging solutions in PVC / PET for food and non-food applications. Cartec is market leader in Belgium and also sells its products in the neighbouring countries. Further growth and continuity are now ensured by the sale of the company to and management by Avon Invest NV.

To mark the membership VOKA East Flanders, 'Ondernemers' published an article in which the activities of MNA are briefly described.

An MBI candidate acquires Sensotec, a growth company offering technology for visually impaired people. Software solutions for dyslexia represent one of its areas of expertise. MNA advised the owners.

An MBI candidate strengthens the management of Alindus (Aalst, Belgium), one of the major players in the region for personal protective equipment. MNA advised the owner.

The management of a midsize accountancy office reached an agreement with the owners regardsing the acquisition of the shares.

Belgium - Pivaco acquires V-Cons. V-Cons designs, builds and installs worldwide slaughter lines. MNA advised the owner.

Johan Willemen, CEO of the building contractor Willemen Group, testifies.

Patrick Raemdonck, owner ad CEO of Algrondbo, active in horizontal directional drilling, testifies.

Johan Gitsels, owner and CEO of the outsourcing company Logi-Technic, testifies.

Filip Naert, Daniel Naert and Filip Huwaert, owners of the ICT company Soft-Naert and Patricia Vandelanotte, buyer of the company, testify.

Johan Lemmens, Stefan Kindt and Eddy Loufs, owners of the accountants group Alaska, testifies.

Frank Van Nijlen, owner of the environmental consultancy office Milieu en Leven, testifies.

Jan Demeyere, owner and CEO of PCC, active in computer care en Kris Cloots, CEO of the multinational group ISS, testify.

John Vanneste, owner and CEO of ATV, active in electrotechnical automation, and Luc De Winter, COO of Fabricom (Suez), testify.

Johan, Stefan, Patrick and Liesbeth Erens, owners of the family owned company Erens, distributing bakery ingredients, and buyer of Bruno Ranson, CEO of Ranson, testify.

Chris Bouton and Anne Touquet, owners of "Het Computerwinkeltje" (HCW), testify.

Filip Michiels, owner of the ICT integrator Silicon Center, and buyer Didier Van Speybroeck, testify.

The acquisition of the Polish manufacturer of tarpaulins for Trucks Roland International by the Dutch group Loadlok has been closed. MNA advised the owner, the quoted company Sioen Industries.  

This press article describes the technique and motivation with respect to the mezzanine financing of the Willemen/Aswebo deal. 

Article / Asset Deal versus Share Deal (Part II)Testimonial / Willemen Group acquires Aswebo 

2 MBI candidates acquire Steelvision (Belgium, Bruges region), a metal working company that manufactures very thin metal components for the lighting industry, stand construction industry and others. 

WILLEMEN GROUP (Mechelen, Belgium) active in the building sector acquires ASWEBO GROEP (Drongen, Belgium). Jointly, the new group will realize a turnover of 430 M € with a workforce of 2.000 people. MNA helped to realize this deal by attracting the necessary mezzanine financing. 

Artikel / Asset Deal versus Share Deal (partI)Testimonial / Algrondbo 

Asset Deal versus Share Deal. 

MNA moved its offices to a new location. New address: Clintonpark, Ter Reigerie 11/1, 8800 Roeselare, Belgium/Europe. 

Sale of Algrondbo, active in installation of utility lines (water, gas, electricity) to O.M.V. Natie. 

An MBI candidate acquired Leda nv, a manufacturing company active in the furniture industry.

Frederic Gallant, commericial engineer with a degree in executive management at the Vlerick Management School, who built a carreer at the international concerns Siemens and Olivetti, has joined MNA as a partner. 

MNA advized the transfer of an electrotechnical company, specialized in industrial environment. 

Article / Business succession - by the family, or rather not?Testimonial / Logi-Technic 

Business succession - by the family, or rather not? 

The careful planning of a future transfer of your company. What should you do? When and how? 

Creativity and patience with Mergers & Acquisitions 

An MBI-candidate acquired 50 % in IC-S. 

Article/ Management Buy-Out Part III.Testimonial / Soft-Naert 

Accent - Jobs for People - acquired a majority stake in Logi-Technic. 

Article / Management Buy-Out Part II.Testimonial / Alaska

De Wilde acquired Pieters.

A delicate three way relationship: setting up an MBO.

New legislation acquisitions more complex.

Company for sale.

Article / Management Buy-Out Part I.Testimonial / Milieu en Leven

An MBI candidate acquired a stake in Soft-Naert.

An international industrial group with activities in Belgium searches for a company, active in the mechanical maintenance of machinery.

MNA advised a foreign company concerning the acquisition of a Belgian company, active in the maintenance of aircraft engines.

Article / A leveraged deal: opportunity or risky business?Part III.Testimonial / Pcc nv

Elektro Develtere forms the third West-Flemish pillar of ATS Group (Merelbeke, Belgium). 

ATS group takes over Elektro Develtere.

Van Ganzewinkel takes over Milieu en Leven.

Article / A leveraged deal: opportunity or risky business.Part II.Testimonial / Aandrijftechniek Vanneste (ATV).

To search for an investor, means pulling in the net step-by-step.

Smaller M&A Boutiques remain indispensable.

A healthy leverage.

Article / A leveraged deal: opportunity or risky business?Part I.Testimonial / Erens nv.

Fabricom-GTI makes ATV its base in West-Vlaanderen.

Article: Search for an investor: pull in the net step-by-step.Testimonial: Flanders Informatics Trade nv.

Article: What is the best way to prepare the sale of your company?Testimonial: Silicon Center BVBA

7 Possible pitfalls with the transfer of a company.

Seminar transfer and acquiition of a company,Diksmuide, mei 2003