LRM withdraws after realisation of SME’s expansion plans
Hasselt, 11 January 2011. Geert Spapen, the main shareholder in Delicatesse Catering, and the investment company LRM have concluded an agreement concerning LRM’s withdrawal. Delicatesse Catering signed for an ambitious growth plan in 2003; the required funds were obtained from LRM. Seven years later the company has matured to the point where it can continue growth independently and buy out LRM.
Investment in growth
Delicatesse Catering saw extensive growth at the start of 2000 and subsequently in 2001 invested in new, spacious and modern offices in Genk. The company laid down a clear vision for the future with a focus on the production of ready-made meals and meal components. This proved to be an excellent strategy.
In order to enable continued growth in 2003, Delicatesse Catering turned to LRM for additional capital. Starting with an infusion of EUR 150,000 when it stepped in, LRM invested a total amount of EUR 585,000 during the entire growth period.
Geert Spapen, CEO Delicatesse Catering, explains: “The means we obtained through LRM enabled us to realise our ambitions and deploy our strategy much quicker than we could have done autonomously.”
LRM role played out
Seven years down the line it appears that our belief in Delicatesse Catering’s market and growth potential was justified. During LRM's investment period the company's turnover rose from EUR 1.2 million to EUR 8.1 million in 2010, and the number of staff increased from 15 to 105.
Delicatesse Catering is now ready to further develop its growth trajectory independently. For Geert Spapen, it is an opportunity to buy out LRM. The central kitchen in Genk presently dispatches about 5,000 meals a day to home care services, schools, child and adult day care centres, rest homes and companies. LRM is very satisfied with the growth that has been realised and considers its role as completed. Stijn Bijnens, General Manager of LRM says: "A case such as Delicatesse Catering is the best example of what risk capital can do for an SME. A true entrepreneur, Geert Spapen seized the opportunity in order to realise his ambitions. After seven years the company now goes back into family hands; we have accomplished our goal.”
Geert Spapen adds: “The collaboration with LRM has accelerated the professionalisation process within our company. LRM has helped us build a financial reporting system that allows us to take better decisions. We are reaping the benefits on a daily basis."
For further information contact:
Delicatesse Catering NV
Nadia Tejados
T +32 89 845 845
E nadia.tejados@delicatessecatering.be
LRM
Jeffrey Alenus
Commercial Director
T +32 11 24 68 19
M +32 475 93 03 61
E j.alenus@lrm.be