Buy and build
In the process of developing the above value creation strategy with management, we concluded that buy-and-build would be a tangible way to accelerate the transformation. During our holding period, we have as such done the following acquisitions:
- Daloon, DK/UK (2016): Producer of spring rolls and vegetarian snacks in the Nordics and the UK. Through the acquisition of Daloon, we increased the market position of Goodlife in spring rolls and developed vegetarian capabilities, while entering into new geographies with new target customers.
- Goodlife, UK (2017): Producer of frozen vegetable snacks such as falafel and vegetable burgers in the UK. The acquisition of Goodlife significantly strengthened our vegetable product range and geographic diversity. Next to that, we saw an opportunity to integrate the recently acquired Daloon and Goodlife factories in the UK.
- De Vries Van Oers, Benelux (2017): Producer of frozen crumb and meat snacks in the Benelux. The acquisition of DVVO strengthened our product portfolio with crumb (croquettes) and meat snacks (mainly Mexicano) and increased the share of customers in the foodservice and petrol channels.
- Exellent, Benelux (2018): Exellent is a producer of crumb snacks in The Netherlands. The acquisition of Exellent strengthened our position in crumb products in the Dutch retail and foodservice channels
- Flexitarian Bastards, Benelux (2020): Producer of meat-free alternatives of traditional Dutch meat snacks. With the acquisition of Flexitarian Bastards, we have acquired the absolute best in class knowledge, formulas and production techniques for meat-free alternatives, which we believe to be a major driver of growth for Goodlife in the years ahead.
In addition to organic growth by selling excess capacity and developing new products, buy-and-build has clearly helped Goodlife to transform from of a Benelux-oriented frozen meat company, to a NW European category partner with a full range of branded, private-label, vegetable-based, meat, meat-free and ethnic frozen snacks.