The cliënt was convinced
that we would mobilise
the entire bank
the resources and time
needed to reach the right
9
Make the most of our research
Jeroen van den Heuvel, Executive Director M&A
PASSION AND'HUNGER'
coordinated everything. Vanhulle adds: "Everyone was so passionate
about this deal that the cooperation followed naturally."
But there were also challenges along the way. Spiekhout believes
the collaboration could have had a bigger impact if the deal team
had been able to leverage Rabobank's Food Agribusiness (F&A)
research capabilities more. In his view, the research Rabobank
produces in some areas is too general; it needs more focus.
For example, Rabobank does not have a dedicated analyst for
cocoa, yet such insight was critical for the M&A team. During the
course of executing the transaction, a civil war broke out in Ivory
Coast, one of the two biggest producers of cocoa, causing prices
to jump significantly.
"This is crucial information for potential buyers and clients,"
explains Vanhulle. "Potential buyers want to know the risk related
to their raw materials. To some extent, Barry Callebaut's own
people were better informed than we were. In M&A, you need to
go to the heart of a company. We need to be better informed of
distribution and sourcing in those markets where companies we
deal with are active." His advice? Bring the F&A global research
much closer to the commercial business to close the gap.
Barry Callebaut sold Stollwerck to the Baronie Group (Belgium) in
July. 'Thanks to the cooperation in the team, we over-delivered
on timing, meaning Barry Callebaut sold much quicker than
expected," says Van den Heuvel.
The deal has not only strengthened Rabobank's relationship
with Barry Callebaut, it also brings Rabobank one step closer to
its overall goal of becoming the leading wholesale bank in the
Netherlands. This is the fifth sell-side mandate that Rabobank
International has executed this year, and that matters. "A sell-side
mandate is seen in the M&A world as the highest-rank assignment,"
says Spiekhout. 'The team in the Netherlands executed the sell
side of this mandate and we will teil our clients that. We can
demonstrate that we are building our track record in this area."
This, he believes, will generate new business for the bank not only
in the European F&A market but also in the general Dutch market.
ISSUE 29 ot RIWORIT)
