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Cefetra Group back in Dutch hands
Cefetra Group is returning to Dutch hands. The agro-trading company is being taken over in its entirety by First Dutch (PGFO bv), which is managed by entrepreneur Peter Goedvolk. He is known, among other things, as the founder of oil trading company Argos.
“Can't wait to share this,” Goedvolk said on his Linkedin page. Daan Vriens, CEO of Cefetra, also reports that he is pleased with the acquisition. "Our new shareholder has a long-term vision and values our independent position in the market," he says. "With their support, we can continue to focus on our purpose, while continuing our way of working and collaborations."
The Cefetra Group was owned by BayWa AG for more than twelve years, but this company ran into problems last year and had to drastically downsize and restructure in order to remain viable. As part of this process, Cefetra Group was also put up for sale.
First Dutch is taking over the entire company, according to Reuters news agency for €125 million. Baywa Group would receive €61 million more in cash, as part of a refinancing of Cefetra. BayWa also benefits from the sale, because the deconsolidation of Cefetra would release BayWa from €500 million in liabilities. The acquisition of all shares in the Cefetra Group is expected to be completed in the coming months, subject to the closing conditions, it is reported.
The First Dutch 'family of companies' is, according to CEO Peter Goedvolk, a global player in the commodity supply chains with representations in more than 1.500 ports worldwide. First Dutch had a turnover of approximately €4 billion last year and 3.000 employees. The company is active in global supply chain solutions, particularly in (bio)fuels, energy, gas, chemicals and 'renewables', it reports.
Klaas van der Horst
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