Cefetra back in the spotlight: a turnaround is needed

At least, that's the impression one gets when reviewing the company's performance in recent years. The Rotterdam-based company benefited greatly from the grain market volatility and food security concerns amid the coronavirus pandemic and the Russian invasion of Ukraine, but the company saw its traded volume of grains and oilseeds—which is its core business—steadily decline.

But now that the commodity markets have returned to a somewhat more normal situation, not much money is being made anymore.
Sales are slipping, profits are evaporating and the workforce is steadily expanding.

Moving beacons
Intended buyer Peter Goedvolk would pay €125 million to acquire the company. Even if he secured the financing, he would still have considerable work to do to get the company running smoothly again. Now it's up to a new buyer to take over.

Last year, the Cefetra Group's turnover, as it has been known since 2021, fell to €4,8 billion, while profit before tax (EBIT) was -€0,3 million. According to parent company BayWa, the decline in turnover continued in the first half of 2025. Compared to the same period last year, turnover was €100 million lower at €2,2 billion. However, the result was slightly better. The loss decreased from -€7,7 million to -€6,3 million.

According to Baywa's reports, the losses are primarily attributable to two relatively new acquisitions: Cefetra Dairy and nut trading company H. Brüning. The former posted losses due to a butter strategy that was overtaken by market developments in butter, it is reported. Brüning also experienced negative margin developments.

Grains less important
Of course, this doesn't have to remain the case. What is striking, however, is that the Cefetra Group has increasingly diversified in recent years. From a traditional grain trader, founded and owned by Dutch cooperatives for over 100 years, it has increasingly diversified under the control of BayWa (also started as a cooperative). While it has increasingly diversified into other agricultural products, grains themselves have become less and less important. In 2021, for example, the company traded around 22 million tons of grains. By 2023, that had dropped to 16 million tons, while the downward trend continues.  
Parallel to the increasing diversification at Cefetra Group, the workforce also increased enormously, from 438 in 2018 to 750 last year.
 

Perhaps the idea behind the expansion wasn't wrong, but the results don't prove it. It's also questionable whether Cefetra's management itself can be held responsible for the ever-expanding range of activities. At BayWa, Cefetra was the focus of one of the top managers, and in recent years, they distinguished themselves significantly with an almost unstoppable drive for expansion. Until the company collapsed last year.

The new buyer will have the honor of getting Cefetra back on track. Reportedly, another Dutch buyer, following First Dutch Group, is interested.