What's cooking? (formerly: Ter Beke)

M&A Activity • Dec 1, 2017

PRESS RELEASE

Waarschoot, December 1, 2017 - 06:00 p.m.

Ter Beke acquires control of Zwanenberg Food Group's Business Unit Fresh

Today, Ter Beke signed the final documents marking the acquisition of the Business Unit Fresh (Cebeco Meat Products Netherlands BV) from Zwanenberg Food Group and so accomplishes its local and international growth ambitions going forward.

This Business Unit, which will operate under the name of Offerman as from today, produces and sells sliced processed meats, whole cold-cuts and meat delicacies at its production facilities in Aalsmeer, Borculo and Zoetermeer in the Netherlands.

Ter Beke had announced its intention of the transaction in early September this year. In the meantime, the Netherlands Competition Authority (NMa) and the works council have both given a positive advice for the transaction.

This acquisition ties in perfectly within the ambition of Ter Beke Group to become market leader in the Benelux. In figures, Ter Beke will now double its turnover (EUR +130.6 million in 2016) in the Netherlands. This significantly strengthens its position and scale, offering Ter Beke and its customers added growth opportunities through enhanced expertise, support and development to expand in the processed meats business.

Firm footing in the Dutch market

With the acquisition of Offerman, Ter Beke will be able to attain further growth in the Netherlands, both for its slicing activities and in terms of its product range. For Ter Beke, it is important to gain a firmer footing at a local level, with highly developed production facilities in which mastership in processed meat is present.

Ter Beke was already a big player in the field in the market for slicing, packaging and distribution of processed meat products. Together with the Offerman sites, the company can now expect sustained growth in the production and slicing of fine, fresh processed meats.

For employees, the sale of this Business Unit means that they will all be taken on by Ter Beke group. Offerman will continue to operate independently within the group, with the current Managing Director Maarten Elsinga reporting directly to Dirk Goeminne.

With the acquisition, Ter Beke acknowledges the strategic importance of the Processed Meats Division within the Group and its potential for continued sustainable growth within the category.

PRESS RELEASE

Ter Beke shows ambition and matches words with action

This year, Ter Beke has succeeded in accomplishing its ambitious plans. This summer, there was the early acquisition of Stefano Toselli SAS and Pasta Food Company. In early September, the takeover of UK-based KK Fine Foods PLC followed. In so doing, its ambition to become market leader in lasagne within the European area was accomplished.

Ter Beke is now gearing up for a new future, rooted in the strategic strengths of its two divisions, processed meats and prepared meals.

Financial calendar:

Ter Beke will publish its consolidated accounts for 2017 on Friday 9 March 2018 before market opening.

For questions about this press release or for further information, please contact:

Ter Beke Dirk Goeminne* René Stevens CEO CFO Tel. +32 9 370 13 17 Tel. +32 9 370 13 45 dirk.goeminne@terbeke.be rene.stevens@terbeke.be *permanent representative of Fidigo nv

For more information on Ter Beke, visit www.terbeke.com