We don’t give up
Besin is the European market leader in honeycomb paper products, with a market share of around 40 per cent. Honeycomb paper is used in a wide variety of packaging solutions. It is cheap and relatively easy to produce. Its high volume-to-weight ratio however, makes its costly to transport over long distances. Besin planned to set up or buy new facilities in the UK, Germany, China, Poland and France. However, the investment required as well as the smooth start-up of the new operations was more than a handful.
To strengthen its financial position, Nimbus refinanced the group with a total capital of €8 million. This enabled the companies to complete their necessary investments and return to normal operation by regaining supplier confidence.
From the very first day of its involvement, Nimbus worked actively to support Besin’s management. We brought in operational managers to fill a number of key vacancies in international positions. Besides, Nimbus appointed two general managers, a controller and a plant manager. Meanwhile, a project manager handled issues such as cost-price calculation methods. With Nimbus’ financing package, its hands-on involvement and rationalisation expertise, Besin eventually reached a state of growth and profitability. This however, took more time and energy than planned. Several years later, Pregis, the US market leader in honeycomb, identified Besin as an ideal acquisition target and added the business to its group.
More information about this case?