SFINC and JADICO Merge with the Support of AXA Private Equity

The company, targets different distribution channels, including food service markets (via the Apollo brand), snacks, the food processing industry and wholesalers.

11 Jun 2010 --- In order to continue its growth, SFINC, a Benelux-based manufacturer of ingredients for the food processing industry, has merged with the Netherlands based JADICO group, which operates in the same market.

Founded 25 years ago in Rotterdam, JADICO develops, produces and markets ranges of spices, herbs, sauces and mayonnaise. The company, targets different distribution channels, including food service markets (via the Apollo brand), snacks, the food processing industry and wholesalers. The merged SFINC/JADICO entity has combined revenues of close to €70 million.

Chris De Wolf, the Chairman of SFINC, said: "Thanks to this transaction, the SFINC group has completed an important initial stage in its strategy of Europe-wide external growth. This alliance with JADICO will result in a group with a wider product range, catering for the customers of both companies. Numerous manufacturing and marketing synergy gains should also arise rapidly under the leadership of the SFINC and JADICO management team with a shared vision of the business".

Dick and Carlo Van Eijmeren, the senior managers and shareholders of JADICO, are reinvesting a portion of their shares in the newly-formed group. Their present remit will be widened to cover the combined operations of SFINC/JADICO. Chris De Wolf remains Chairman of the entity as a whole, Walter Delmulle Group CFO, Geert Verhelst Marketing and R&D Manager and Hans van Horssen remains General Manager of the JADICO Group. Dick and Carlo Van Eijmeren added: "We welcome the merger with SFINC and are very keen to play a part in building up a group with Europe-wide ambition. After an important phase of development for JADICO in recent years, combining with SFINC made a lot of sense".

AXA Private Equity, the leading European diversified private equity firm, holds a majority stake in SFINC.  The transaction was completed with the support of AXA Private Equity's French and German teams. Arnaud Dufer, Managing Director at AXA Private Equity, commented: "We take great satisfaction at taking part in a project of this kind. The roadmap finalised with Chris De Wolf and the management in December 2008 charted an active policy of external growth on a European scale. The merger with JADICO is a significant achievement as it both doubles the size of the group and gives a major boost to this growth strategy.  We have found the ideal partner in JADICO".

The transaction was carried out following the renewed support of senior bankers (ING, KBC and Fortis) who had earlier financed the takeover of SFINC in December 2008. David Ryckaert of the Simont Braun law firm also played a significant part in the closing of this transaction.