New era for Albert Keijzer

Sophista guides acquisition of renowned family business.

After a careful process, Albert Keijzer, an icon in food logistics with a history of more than 100 years, has completed a successful acquisition. Since early March, Albert Keijzer has been part of Belgium’s SITRA Group.

Albert Keijzer is a financially sound and independent family business employing more than 150 people. Over the past 100-plus years, the transport company has built a strong market position in the food sector, regionally, nationally and internationally.

The transportation company faced a succession issue, but at the same time saw the need to respond to developments in the consolidating market. “Customer needs changed, the market demanded scaling up, says Rob de Visser, CEO of Albert Keijzer. Together with Sophista, specialized in mergers and acquisitions for 25 years, Rob explored options to secure the future of his successful company. Together with Pieter van den Berg (founder and partner Sophista) and Nick Ursem (manager corporate finance Sophista}, Albert Keijzer set out with a clear vision and critical eye to find a suitable takeover partner who would preserve and strengthen the DNA and values of the family business, and who at the same time could ensure long-term continuity.

Thorough preliminary research is key

Sophista guided the takeover from A to Z. Every step was taken carefully together with the Keijzer family -Rob also a shareholder, and the management; Angela Ross as financial director and Jos Baltes as technical director. Pieter: “It resulted in a phased process in which we looked closely at the wishes and character of the client. What made Albert Keijzer so successful? What were the underlying criteria? Which players have what it takes to be able to continue that? From that strategy, we looked for parties with the same core values and qualities. We succeeded. At excellent conditions.”

‘We were not exclusively concerned with the highest price’

After much interest from the market, the choice finally fell on SITRA, a Belgian family-owned company that has grown significantly in recent years through buy-and-buy strategies and now operates in more than 12 countries. More importantly, SITRA shares the same core values of service, innovation and employee engagement as Albert Keijzer. Rob: “It wasn’t about the highest price for us. One of the conditions of the takeover was retaining the Albert Keijzer name and continuity of management and staff. That was at the top of our list. We want our employees to continue to feel at home and for the company to continue in the same spirit.

Challenges

No acquisition is without challenges. A key issue in this process was uncertainty about future pension regulations in the transportation sector. “Given the complexity, parties engaged pension consultants to assess effects in pension plans, given the potentially large financial impact. It led to lengthy discussions. But the willingness from both parties to make the deal work resulted in a solution that was acceptable and explainable to everyone’s supporters- says Pieter. Rob experienced the discussions as intense. “I wanted to wrap it up so I could get back to focusing on my work.” Nick: “We decided to meet on a Sunday afternoon in the south of the country. Rob, the CEO and shareholders of SITRA and Sophista. It was resolved as entrepreneurs among ourselves. At two o’clock we kicked off and by 5:30 we were sitting together at a beer: he laughs.

A transaction by the book

Since the acquisition, integration and cooperation have been running smoothly. Rob: “SITRA delivers on promises and has appointed a team to guide our employees through the transition process. They listen carefully to our needs and work with our team to build a strong future.” Rob looks back on the process with satisfaction, “It was an intensive process, but with a wonderful result. Albert Keijzer is ready for the future, with the right people on board.” Pieter shares this conclusion: “This acquisition is a textbook example of how to realize a successful transaction from strength.”

This article appeared in the spring issue of INTOBusiness Zaanstreek.