Situation
- GIMV, a leading Benelux private equity fund, engaged Food Strategy Associates to conduct buy-side Commercial Due Diligence on The Spice Factory (TSF), a Belgium-based herbs and spices manufacturer with €66M in revenue, in preparation for a potential acquisition
What We Did
To support our client, we:
- Conducted an in-depth analysis of core and emerging markets across retail and foodservice, leveraging market data (Euromonitor, Nielsen) and expert interviews
- Assessed TSF’s performance and key growth drivers, analysing financial data and conducting in-depth discussions with company management
- Mapped the competitive landscape, evaluating TSF’s unique value proposition, key differentiators, and right to win, supported by competitor data and interviews
- Gained a deep understanding of customer priorities, identifying key selection criteria for herbs and spices suppliers and views on market participants
- Conducted a thorough evaluation of TSF’s growth plan, assessing risks, potential upsides, and overall feasibility, and evaluated the expansion opportunities beyond the existing growth plan, including geographic and channel expansion, as well as potential entry into adjacent product categories
- Analysed TSF’s long-term acquisition appeal, profiling potential strategic buyers and their key investment criteria for a future acquisition (5-7 years)
- Upon reaching exclusivity, Food Strategy Associates undertook introduced customer reference interviews to understand customer perception of the business, covering both strengths and areas for development
Results Delivered
- Food Strategy Associates successfully completed the assignment, earning excellent feedback from GIMV, which successfully closed the transaction after a competitive bidding process