ACT TOGETHER
A team of 18 colleagues in multiple countries
has worked on a transaction with one of the
world's leading makers of high-quality cocoa
and chocolate products on a major strategie
divestment. Intense teamwork was the main
reason Rabobank was selected for the execu-
tion and successful closing of this deal.
36 ISSUE 29 OBER RI WORLD
TEAMWORK DRIVEN BY
When Barry Callebaut AG decided in late 2010 to sell Stollwerck,
one of its last consumer businesses, Rabobank was invited to pitch
for the mandate. The invitation didn't come as a complete surprise:
Rabobank Antwerp has a long-standing relationship with Barry
Callebaut, originally a Belgian-French company, and was already
covering the company from many sides.
Jeroen van den Heuvel, Executive Director of the European M&A
team in Amsterdam, heard about the invitation from Antwerp
General Manager Johan Vanhulle, the Senior Banker for Barry
Callebaut. Van den Heuvel, responsible for the confectionery
business within the European M&A team, was also in regular
contact with Barry Callebaut in recent years.
Steven Spiekhout, Managing Director M&A in Utrecht, also got
involved at the request of Barry Callebaut's CEO, Jürgen Steinemann.
He knew Spiekhout from previous transactions, valued his know-
ledge and expertise, and wanted him to be part of the Rabobank
team pitching for this mandate.
Barry Callebaut tried to seil Stollwerck twice in the past, and failed
both times. Barry Callebaut didn't want to take any chances
this time. Furthermore, the sale had to take place within a short
timeframe. Rabobank won the mandate in December 2010, seeing
off six other investment banks. The main reason it was selected was
the strong dedication exhibited by the deal team.
"We asked Barry Callebaut why they picked us," explains Van den
Heuvel. We had all the right sector knowledge, the relationships with
potential buyers, the credit position, good execution track record
and the willingness to put together a stable financing package, but
the determining factor was our dedication as a team. The CEO of
Barry Callebaut said he could see the hunger in our eyes to get the
deal done. He was convinced that we would mobilise the entire
bank to get the resources and time needed to achieve the right
outcome for Barry Callebaut."
The team consisted of colleagues from Amsterdam, Utrecht,
Frankfurt, Antwerp and Paris. Strong cooperation was necessary
at every step, from preparing the asset for sale (which included a
complex carve-out process to separate Stollwerck from the rest of
Barry Callebaut's business), to assembling a financing package for a
potential financial sponsor, to going to market. 'We all worked with
the cliënt in one large team with one goal," says Spiekhout, who
