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Budelpack Buy Out Completed
Posted: March 1, 2007According to a press release, the management buy out of the Budelpack Group has been completed. The current majority shareholder, Grace Holding (owned by Budelpack founder and CEO André Nieuwkerk), signed the final agreement for the sale of its shares to the other three board members—Chris Moerkerken, Peter Ingelse and Jan Bakker—and the private equity firms Greenfield Capital Partners and Dinvest, which backed the deal.
Nieuwkerk steps down as CEO to join the supervisory board. Executive board member Chris Moerkerken has been appointed as CEO. Moerkerken joined the Budelpack Group in 1998, and has held the position of CFO since 2001. Since it was established in 1971, Budelpack has enlarged its workforce from 20 to 1,700 and increased its annual turnover from €0.3 to €210 million. The company has been privately owned since its foundation.
“We are pleased to have completed the management buy out, which is regarded as the best route for the future of the company," said Moerkerken. "Backed by strong investors, we will be able to accelerate the implementation of our growth strategy in personal and home care, acquiring and consolidating production capacities with the aim of creating value for all our stakeholders.”