NIBC N : acted as advisor in major acquisition of Grupo VMR by Plukon

Plukon is one of the largest players in the European poultry market and is also engaged in the production of ultra-fresh meals and salads. Operating 19 sites in five countries, Plukon generated over EUR 1.8bn of revenues in 2019.

Two transactions for Plukon

NIBC has been advising Plukon and its stakeholders on multiple transactions in the past, including the original buy out with Gilde Buy Out Partners in 2009. During 2019, the M&A team of NIBC was again appointed by Plukon to advise on two other acquisitions. The first Plukon transaction was signed two weeks ago with the acquisition of NL based Fresh Care Convenience from Staay Food Group. Today, we are pleased to announce NIBC's second transaction with Plukon in 2020 with the signing and completion of the acquisition of the family owned Grupo VMR in Spain. Grupo VMR is one of the leading integrated poultry players in Spain and provides Plukon access to a sixth market in Europe. The acquisition is in line with the ambition of Plukon to become a leading poultry player in Europe.

On the first acquisition, NIBC advised Plukon in the process of successfully entering into the sale process of Fresh Care Convenience by delivering high speed execution. In a joint effort with Plukon and its other advisors, NIBC assisted in completing due diligence and transaction documentation within six weeks.

Our added value

The Spanish acquisition of Grupo VMR was also executed within the context of a competitive auction orchestrated by a Spanish corporate finance boutique. Plukon and NIBC successfully managed to obtain exclusivity with the Spanish family owners after securing trust from the family members and presenting an attractive offer and transaction structure. Subsequently NIBC assisted in the coordination of an extensive due diligence process involving multiple local advisors. Local dynamics and the family-owned nature of the Spanish business provided the ingredients for a relative non-linear process. Multiple decisive moments in this process were characterized by relationships management.

Because of the various interactions with Plukon on multiple transactions in the past, NIBC and Plukon are well attuned to each other, which makes us a good tandem; NIBC appreciates the way Plukon management thinks and acts and understand what Plukon requires from us as a professional financial advisor.

NIBC has been delivering both transactions simultaneously with each process having its own dynamics.