After 7 years, LRM is handing over Spaas Kaarsen to the fifth generation
Hamont, November 9, 2010.
The Spaas family is buying 40% of the shares in Spaas Kaarsen from LRM and will again become the 100% owner of the company. Seven years ago, the investment company LRM stepped in to realize a growth plan together with the Spaas family. Its part is now played out and it is handing over Spaas Kaarsen to the fifth generation.
Spaas family 100% family-owned
Spaas Kaarsen is an old family business. Hendrik Spaas set up a wax bleaching company in 1853, selling bleached wax for the production of candles. Around 1900, the second generation started producing candles themselves. In the 1960s, the fourth generation took over; led by Gerard Spaas, the production was automated and the group went international.
Up until 1997, Spaas Kaarsen was a 100% family owned business. However, in 1998, Ibel bought 49% of the shares. Ibel stepped in to strengthen the equity capital after two difficult years in 1996 and 1997.
In 2004, the Spaas family and LRM took over Ibel’s shares to set a new growth process in motion.
With the buy-out of LRM, Spaas Kaarsen, led by Ben Spaas, has again become a 100% family-owned business. Ben Spaas is a representative of the fifth generation of this Limburg family.
LRM played out
During the LRM shareholder period, Spaas Kaarsen’s turnover increased from €31 million in 2003 to €55 million in 2010. This growth in turnover also significantly improved the profitability of the group.
Still, Spaas went through a second rough patch during this growth period, which occurred at the beginning of 2008. However, the good figures of the last two years show that the company has completely recovered from this crisis. LRM determined that its part had been played out and indicated that it was ready to discuss a buy-out by the family. The current transaction confirms that risk capital financing is not standing in the way of keeping companies family owned.
Ben Spaas, delegated director of Spaas Kaarsen: ‘LRM offered us the opportunity to buy back 9% of shares when they bought out Ibel. With LRM’s help we were also able to roll out our growth plans and to persevere with our investment plans in 2008, despite the crisis. After 7 years, the moment had arrived to start negotiations again with LRM. We quickly agreed on a buy-out settlement, which means Spaas Kaarsen is once again fully owned by the family. This represents a new milestone in the long history of our company.’
Stijn Bijnens, general director of LRM: ‘I am glad that LRM has been able to contribute to the expansion of such a prominent company. LRM decided that its work at Spaas Kaarsen was done. At such a time you have to be able to say goodbye.’
About Spaas Kaarsen
The Limburg company Spaas Kaarsen has a turnover of €55 million and is one of the largest players in the international candle market. The company has two production facilities and 230 employees. Spaas is the absolute market leader in Belgium and has built up a strong reputation throughout Europe.
About LRM
LRM is a profit-driven investor that offers entrepreneurs a unique combination of venture capital and real estate. LRM's activities contribute to the economic development and the general employment in Belgian Limburg. LRM is oriented towards all sectors and companies, from start-ups over growing SMEs to large enterprises. Today, LRM is active in five domains: ICT & Media, Life Sciences, Cleantech & Energy, SMEs & Large enterprises.
www.lrm.be
More information:
Spaas Kaarsen
Ben Spaas
Delegated director
T +32 11 62 13 11
M +32 474 96 92 71
E ben.spaas@spaas.be
www.spaas.be
LRM
Jeffrey Alenus
Commercial director
T +32 11 24 68 19
M +32 475 93 03 61
E jeffrey.alenus@lrm.be