Winfarm accelerates its international expansion. Exclusive letter of intent signed with a view to acquiring Dutch company BTN...
01 Juni 2021 - 5:45PM
Winfarm accelerates its international expansion. Exclusive letter
of intent signed with a view to acquiring Dutch company BTN de
Haas.
PRESS RELEASE Loudéac, 1st June
2021
WINFARM accelerates its international
expansion
Exclusive letter of
intent signed with a view to
acquiring Dutch company BTN de Haas
WINFARM (ISIN: FR0014000P11 -
ticker: ALWF), the French leader in distance
selling for the agricultural sector, announces that the
group has entered into exclusive negotiations and signed a
non-binding letter of intent for a possible acquisition of 100% of
the share capital of the Dutch company BTN de Haas BV. The
acquisition would be funded in cash with private capital.
Patrice Etienne,
Chairman, Chief Executive Officer
and founder of WINFARM: “The Netherlands, along with
France, is one of the linchpin markets in the European farming and
breeding sector. This acquisition would be a big step forward in
WINFARM’s business development plan, which we presented when the
company was listed on the stock exchange. It brings us closer to
the goal of establishing ourselves at the European level and
becoming a key player in agricultural supplies in Europe.”
Founded in 1925 and based in Groningen in
northern Netherlands, BTN de Haas targets Dutch breeders and
farmers with products and equipment for livestock and breeding,
agri-supplies (fencing, tools, and wear and tear parts) and a
variety of materials which it sells at a central warehouse-store
and, more especially, remotely over the internet. The company
markets an extensive catalogue with about 8,000 references and
sells to more than 150,000 businesses and individuals in the
agricultural industry. In 2020, it posted revenue of €10.8m and an
EBITDA of €829,000 for an EBITDA margin of 7.7%.
BTN de Haas BV is a growing company that meets
all the criteria defined in WINFARM’s external growth strategy:
- Strong regional
roots in a Northern European country;
- A product portfolio
that meshes perfectly with the WINFARM offer and strategic
positioning: a strong position in livestock and breeding (more than
one-third of business), with diversifications into tools and wear
parts and landscaping and outdoor professionals;
- History of growth
and momentum (10% to 11% average increases in turnover on average
per year between 2016 and 2020) driven in large part by internet
sales, which are going up each year and already account for more
than half of all business; and
- Very satisfactory
profitability with gross and EBITDA margins that are slightly
better than those of WINFARM.
To successfully integrate BTN de Haas which has
fewer than 30 employees, WINFARM will draw on its positive
experience in Belgium, where agricultural supply sales grew 27% in
2020. Dutch cattle ranches are a core target and a potential source
of important innovations that could be transposed to France. The
Group will leverage the cultural and linguistic affinities of the
Netherlands with Flanders to extend its conquest of the agri-supply
market in Northern Europe.
If the negotiations are successful, the
transaction is expected to close in the third quarter of 2021 once
due diligence has been completed and the usual conditions precedent
have been met.
About WINFARM
Founded in Loudéac, in the heart of Brittany, in
the early 1990s, WINFARM is now the French leader in distance
selling for the agricultural world. WINFARM offers farmers and
breeders comprehensive, unique and integrated solutions to help
them meet the new technological, economic, environmental and social
challenges of the next generation of agriculture. With a vast
catalogue of more than 15,500 product references (seeds,
phytosanitary, harvesting products, etc.), two-thirds of which are
own brands, WINFARM has more than 44,500 customers in France and
Belgium.
In 2020, WINFARM recorded sales of €98.9m,
surpassing its target.
By 2025, WINFARM aims to double in size, with a
revenue target of around €200m and an EBITDA margin of about
6.5%.
For more information about the company:
www.winfarm-group.com
Contacts:
WINFARMinvestisseurs@winfarm-group.com |
|
ACTIFIN, financial
communicationsBenjamin LEHARI+33 (0) 1 56 88 11
11winfarm@actifin.fr |
ACTIFIN, financial press relationsJennifer
JULLIA+33 (0)1 56 88 11 19jjullia@actifin.fr |
- WINFARM_PR_EN_BTNdeHaas_final
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