CombiVliet and Agro Care are the two largest tomato growers in the Netherlands, with a combined area of around 500 hectares at the time. The two companies had already been working together intensively for years: they marketed their tomatoes through the same growers' cooperative and are partners in breeding, plant propagation, and energy supply, among other things. Both are also active internationally, with operations in France, Brazil, Tunisia, and Morocco, among others. With increasing scale and investment pressure in the sector, and the shared ambition to grow further together, a full merger was the logical next step.
The challenge
A merger between two parties of this size involves major interests and many moving parts. The underlying profitability was difficult to determine: the energy crisis and tomato viruses clouded the figures, and there were many participations to be settled. In addition, private equity firm NPM was already involved in Agro Care, with its own rights and obligations. This required careful structuring and, above all, trust among all those involved to bridge the differences in valuation and conditions.
Beyond the deal
We guided the process step by step and kept all parties engaged throughout the entire process. We structured options and points of attention and put them on the table in a timely manner, with an eye for steps that could become an obstacle later on. Particularly in a merger like this, combining substantive knowledge with a sense of the human side is crucial: every interest is different, and every party has to make concessions somewhere. By making complex issues clear and carefully guiding the negotiations, an outcome was achieved that did justice to everyone's interests. The trust that arose from this led to the further structuring and process management being entrusted to us as well.
The value of sector knowledge
The merger reflects a broader consolidation trend in greenhouse horticulture, where scale and investment levels continue to increase. This development is partly driven by a growing lack of business succession within family-owned companies. At the same time, the investments required in technology and sustainability continue to rise. For many growers, joining a larger player, pursuing closer collaboration or expanding geographically therefore represents a logical strategic step. We understand the dynamics of this sector and the considerations that shape transactions within greenhouse horticulture.
