The sale of Rotterdam grain trader Cefetra to Dutch entrepreneur Peter Goedvolk has fallen through. German parent company BayWa has announced that Goedvolk's investment company, First Dutch, was unable to secure financing for the purchase price. However, BayWa claims it has already found a new interested party willing to acquire Cefetra under similar terms.
According to sources close to the process, the deal involves a Dutch investor group that intends to finance the acquisition entirely with its own capital. ING and Rabobank, the same banks involved in the previous deal, are ready to provide refinancing. BayWa declined to specify the specific parties, according to German media.
Financial pressure
Cefetra has a debt position with BayWa of over €500 million, including a €61 million shareholder loan that must be repaid in the transaction. The sale of Cefetra is part of BayWa's broader strategy to reduce its high debt burden of over €5 billion.
In 2012, the group acquired a stake in Cefetra for €125 million. With this investment, BayWa aimed to broaden and internationalize its traditional grain trade. However, the expected synergy with the German branch failed to materialize. "The sale is a logical step in our focus on BayWa's core business," said CEO Frank Hiller last summer when the company was facing difficult times.