• Liquidity and Free Cash Flow with respect to Acquisition

    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.
  • Private Equity investment group Waterland takes a stake in FL Studio

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

    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.
  • Beatifull stories tend to become exaggerated

    Acquisition prices attain new records in Belgium (article Trends)
  • Shareholders' Agreement and Corporate Bylaws in plain language

    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 in normal human language

    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.
  • The triangular relationship of an MBO

    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.
  • The most essential corrections on EBITDA in the context of valuation of a company

    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.
  • Strategies for the Sale of an SME

    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.
  • Acquisition of a Belgian printhouse focused on very specific printwork

    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.
  • Acquisition of Zen Soft by Trusteam.

    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.
    Read more: TESTIMONIAL (DUTCH)
  • Acquisition of Transport Verstraete by H.Essers

    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 role of emotion in a transfer process

    The transfer of a family owned company is often an emotional minefield.
  • To prepare your company for sale

    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.
  • Portfolio MNA February 2016

    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.
  • The two-stage rocket with an investment by Private Equity

    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.
  • How does a Buyer guarantee the continuity of the company by the Seller

    Describes the different ways a Buyer can bind the Seller in order to guarantee the continuity of the acquired Company.
  • Based on which elements does a business owner decide to sell his/her 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.
  • Why are presently so many companies being sold?

    The reasons why presently so many companies are transferred.
  • The M&A market is booming (magazine Ondernemers of Voka)

    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.
  • Number of acquisitions is increasing

    Describes the drivers behind the significant increase in number of acquisitions.
  • Acquisition of Zen soft by Trustteam

    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

    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.
  • Why is taxation on trransfer of a company not a good idea.

    This article describes why the planned taxation in Belgium on the transfer of SME's is not a good idea.
  • Buy-out HR ONE Pharma

    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.
  • Van In (Sanoma Group) sells Wees Wegwijs

    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: How to prepare the transfer of a company.

    Short story of how an entrepreneur does prepare the transfer of his/her company.
  • Finterior acquires a stake in Coelembier

    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.
  • @Company February 2014

    Growth Companies and Pivate Equity.
  • Sufina acquires Link

    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?

    How to value your company in respect of family succession?
  • Flemish entrepreneurs are aging at a fast pace (Newspaper De Tijd)

    Almost four out of ten entrepreneurs in Flanders are older than 50 years.
  • Think2Act invests in Thau

    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.
  • 2 MBI candidates acquire Channel Sailing

    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.
  • @Company October 2013

    How is your company being valued at acquisition?
  • MNA joins Msquare M&A Alliance

    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.
  • @Company September 2013

    How to finance the growth of your company, without losing control?
  • Steelvision accquires PIDE

    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.
  • Trends - Private Equity and Mezzanine financing - Peter Maenhout (GIMV), Joris Claeys en Wim Cools (Capital@rent)

    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.
  • Trends - Financing acquisitions - Rudy Goossens (KBC)

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

    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.
  • @Company February 2013

    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.
  • Avon Invest acquires Cartec

    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.
  • MNA, member of VOKA Oostvlaanderen

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

    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.
  • MBI candidate strengthens the management of Alindus.

    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.
  • Management acquires midsize accountancy office.

    The management of a midsize accountancy office reached an agreement with the owners regardsing the acquisition of the shares.
  • Pivaco acquires V-Cons.

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

    Johan Willemen, CEO of the building contractor Willemen Group, testifies.
  • Testimonial Algrondbo

    Patrick Raemdonck, owner ad CEO of Algrondbo, active in horizontal directional drilling, testifies.
  • Testimonial Logi-Technic

    Johan Gitsels, owner and CEO of the outsourcing company Logi-Technic, testifies.
  • Testimonial Soft-Naert

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

    Johan Lemmens, Stefan Kindt and Eddy Loufs, owners of the accountants group Alaska, testifies.
  • Testimonial Milieu en Leven

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

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

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

    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.
  • Testimonial HCW

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

    Filip Michiels, owner of the ICT integrator Silicon Center, and buyer Didier Van Speybroeck, testify.
  • Sioen press release Roland

    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.  
  • Publication in the Belgian Newspaper De Tijd about mezzanine financing

    This press article describes the technique and motivation with respect to the mezzanine financing of the Willemen/Aswebo deal. 
  • Newsletter MNA September 2011

    Article / Asset Deal versus Share Deal (Part II)Testimonial / Willemen Group acquires Aswebo 
    Read more: NIEUWSBRIEF (DUTCH)
  • Acquisition of Steelvision

    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. 
  • Acquisition of ASWEBO GROUP

    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. 
  • Newsletter MNA December 2010

    Artikel / Asset Deal versus Share Deal (partI)Testimonial / Algrondbo 
  • Finance World (Kluwer)

    Asset Deal versus Share Deal. 
  • Press release new offices

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

    Sale of Algrondbo, active in installation of utility lines (water, gas, electricity) to O.M.V. Natie. 
  • An MBI candidate acquired a stake in Leda nv

    An MBI candidate acquired Leda nv, a manufacturing company active in the furniture industry.
  • Frederic Gallant joins the MNA team

    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. 
  • Transfer electrotechnical company

    MNA advized the transfer of an electrotechnical company, specialized in industrial environment. 
  • Newsletter MNA February 2010

    Article / Business succession - by the family, or rather not?Testimonial / Logi-Technic 
  • Newsletter MNA December 2009

    Business succession - by the family, or rather not? 
  • Newsletter MNA October 2009

    The careful planning of a future transfer of your company. What should you do? When and how? 
  • Montly "FD Magazine" - Creativity and patience with M&A

    Creativity and patience with Mergers & Acquisitions 
  • An MBI-candidate acquired IC-S.

    An MBI-candidate acquired 50 % in IC-S. 
  • Newsletter MNA May 2009

    Article/ Management Buy-Out Part III.Testimonial / Soft-Naert 
  • Accent acquires a stake in Logi-Technic

    Accent - Jobs for People - acquired a majority stake in Logi-Technic. 
  • Newsletter MNA februari 2009

    Article / Management Buy-Out Part II.Testimonial / Alaska
  • De Wilde acquired Pieters.

    De Wilde acquired Pieters.
  • Article "FD Magazine" - MBO

    A delicate three way relationship: setting up an MBO.
  • FD Magazine - New legislation concerning acquisitions

    New legislation acquisitions more complex.
  • Ondernemen

    Company for sale.
  • Newsletter MNA November 2008

    Article / Management Buy-Out Part I.Testimonial / Milieu en Leven
  • MBI candidate acquired a stake in Soft-Naert

    An MBI candidate acquired a stake in Soft-Naert.
  • Search assignment maintenance machinery

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

    MNA advised a foreign company concerning the acquisition of a Belgian company, active in the maintenance of aircraft engines.
  • Newsletter MNA July 2008

    Article / A leveraged deal: opportunity or risky business?Part III.Testimonial / Pcc nv
  • Biweekly "Ondernemers" - Elektro Develtere

    Elektro Develtere forms the third West-Flemish pillar of ATS Group (Merelbeke, Belgium). 
  • Financial newspaper "De Tijd" - Elektro Develtere

    ATS group takes over Elektro Develtere.
  • Financial Newspaper "De Tijd" - Milieu en Leven

    Van Ganzewinkel takes over Milieu en Leven.
  • Newsletter MNA February 2008

    Article / A leveraged deal: opportunity or risky business.Part II.Testimonial / Aandrijftechniek Vanneste (ATV).
  • Biweekly "Voka, Ondernemers" - search for a buyer

    To search for an investor, means pulling in the net step-by-step.
  • Financial Newspaper "De Tijd" - small M&A Boutiques

    Smaller M&A Boutiques remain indispensable.
  • Monthly "VKW Ondernemen" - A healthy leverage

    A healthy leverage.
  • Newsletter MNA November 2007

    Article / A leveraged deal: opportunity or risky business?Part I.Testimonial / Erens nv.
  • Biweekly "Voka, Ondernemers" - ATV

    Fabricom-GTI makes ATV its base in West-Vlaanderen.
  • Newsletter MNA March 2007

    Article: Search for an investor: pull in the net step-by-step.Testimonial: Flanders Informatics Trade nv.
  • Newsletter MNA June 2006

    Article: What is the best way to prepare the sale of your company?Testimonial: Silicon Center BVBA
  • Monthly "Trends" - 7 pitfalls

    7 Possible pitfalls with the transfer of a company.
  • Biweekly "Voka, Ondernemers" - Seminar transfer Diksmuide (Belgium)

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

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