NoorderHuys acquires interest in Twinpack

Joure, December 2007 - Twinpack, market leader in the Netherlands in the field of packaging solutions for the flower and poultry sectors, has been sold to NoorderHuys Participaties and the management. The company is situated in Noordwijkerhout and Barneveld and has 46 employees. A turnover of approximately € 47 million is expected for 2007. The company is sold by VPK Packaging Group, a Belgian company that is quoted on the stock exchange.

Twinpack originates from a cooperative society and various family businesses. A strategy change on the part of the parent company VPK Packaging (international producer paper and cardboard), which focuses on production, has resulted in Twinpack now being sold. Noorderhuys’ majority participation enables Twinpack to carry out the desired growth strategy.

“A participation that fits the objectives of NoorderHuys very well”, says John Ritchi, managing director of NoorderHuys Participaties. “Twinpack is a financially healthy and solid company with a firm position in the agri-business in which the Netherlands play an important international role. With a passionate and experienced management team and a clear vision of the future, we have high expectations of this participation.”

Jacco Wagelaar, Twinpack’s managing director, is content with the buy-out. He has the following to say on it: “As co-shareholder you get even more involved with the company, this step certainly fulfils a dream. Together with John de Vogel (manager of operations) and Kees van der Vlugt (financial manager) this provides extra stimulus to move Twinpack further forward.” With respect to the decision to opt for Noorderhuys he says: “the fast ‘good click’ with the management was a major consideration in the eventual choice between the various candidates”.