We combine the tailor-made approach
ofa boutique bank, with the skills
and expertise ofa global bank 5
Building
Arjen van Gorkom
Rita Keskinyan, M&A specialist at Rabobank New York:
truly a seamless, cross-border transaction where everyone was kept
in the loop. In other words, all parties were fully up to speed at all
times, which meant that the deal was carried out with maximum
efficiency and moved forward quickly and profïtably. It was a win-
win situation for everyone involved."
As the world's leading bakery supplies group, CSM is fully aware
of Rabobank's knowledge within the F&A environment. However,
being able to pitch a prospective deal to clients and then act as a
knowledgeable partner is a precarious business, Gerard Hoetmer
says. "In terms of valuations, we knew what Best Brands would
mean to us. When we studied the deal closely, it was clear that
there was a complimentary fit in terms of products and markets,
many millions of euros in synergies as well as economies of scale,
and it added to the talent pool of the company. Additionally, it
would bring us to a leadership position in the US, with leading
positions in cakes, mixes, and muffins. On top of that, being the
market leader makes it easier to deal with specifïc customers and
allows us to do more for our clients, in terms of enhanced service,
R&D, and geographical spread. However, when you're caught up
in the moment, you need unemotional guidance. Rabobank and
Rothschild delivered a disciplined proposal, which is what's needed
in a deal of this magnitude. Although we are business people, there
was some emotion on our part, and Rabobank kept us straight and
ensured we remained focused on the business issues. They acted
as an advisor and a challenger, questioning certain assumptions
and acting as a sparring partner on the tough topics."
Being able to understand a client's strategy, as well as their goals
and areas of concern, is critical to developing a workable and
successful relationship, De Sanna believes. "If we don't understand
this, we don't really have a good sense of what will, or won't, make
sense for them. And I mean this at all levels of the company.
With CSM, for example, we need to know what drives their
business and what makes them lose sleep. Also, we constantly
need to be able to put good ideas in front of them - deals that get
the attention of the CEO or CFO, and allow us to have open and
meaningful dialogue on why this would or would not make sense.
This, of course, means we need to know their business intimately,
because if we don't, we'll lose credibility."
For Jeroen van den Heuvel, responsible for the bakery sector in
Europe, executing M&A successfully is about developing a personal
relationship and involves a great deal of trust. 'There isn't one single
element attached to this trust," he explains. "It's about building a
relationship over time, and working to earn that trust. Traditionally,
Rabobank has not positioned itself at the boardroom level, but this
is changing and we are starting to tap the opportunities of strategie
advisory and other services we can offer to CEOs and company
owners. We are more knowledgeable than most of the other banks
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