Deal Announcement 03/16: Retail & Consumer
PwC M&A acted as exclusive financial advisor to the majority shareholder of TFC Holland B.V. on the sale of 68.4% of its shares to BayWa AG
The Deal
68.4% of the shares of TFC were sold by its majority shareholder to BayWa on 1 February 2016. Netherland based TFC is an international trader of exotic fruits and vegetables. The transaction is subject to approval by the German anti-trust authority ("Bundeskartellamt").
We managed a competitive sales process and BayWa proved to be the best long term partner for TFC. The management of TFC retained 31.6% of the shares and will remain on board.
TFC Holland B. V.
TFC Holland is an international value added wholesaler in the niche of exotic fruits & (mini-) vegetables, in particular avocado, mango, ginger and citrus fruits. The company has long-standing international trade relationships in all procurement markets for exotic fresh produce as well as within the European food retail industry. The company has shown a strong revenue growth path coupled with consistent high margins.
Bay Wa AG
BayWa is a German publicly listed trader active in agriculture and energy with a market capitalization of almost €1bn and revenues exceeding €10bn for FY14. The fruit business is one of the strongest internationally focused business areas within the BayWa Group. The business was largely shaped by the takeover of Turners and Growers in New Zealand in 2012 and is characterized by the trading relations in procurement and sales markets in Asia, Europe and America. In Germany, BayWa is a leading supplier to the German food retail industry.
The takeover is an important step for BayWa in its international growth strategy in the agricultural segment. By expanding its portfolio in the growth market for exotic specialty fruits, in particular in the 'ready-to-eat' segment, BayWa is strengthening its position as a leading international supplier of exotic and pome fruit.
PwC
The global PwC network is a worldwide association of independent auditing and consulting companies which together employ more than 195,000 employees in 157 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realizing approx. 390 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatizations as well as structured financing.
The PwC Corporate Finance and M&A teams in The Netherlands and Germany acted as exclusive financial advisor to TFC. PwC TLS also provided legal advice to the sellers.
Istvan Csejtei (Partner; The Netherlands), Alexander von Friesen (Partner, M&A Germany), Onno de Groot (Senior Manager, The Netherlands), Karin Spook (Manager, The Netherlands) and Andrew Legierse (Senior Consultant, The Netherlands).
