BDO assists family business Flinstone with sale to Xwift

There’s a lot involved in selling your family business. Paul De Mey & Marine De Rivière also know of this. After 33 successful years, they decided to look for a buyer for their transport and logistics company in the Ghent seaport, Flinstone (and Dimatra). 

What followed was a rollercoaster of emotions and doubts, but also moments of trust and empathy. During the acquisition, they were always closely assisted by Jan Oosterlinck, Partner Financial & Family Business Advisory, and other experts within BDO Belgium.  

The history of Flinstone

The origins of the family business go back to 1990. After a career in insurance, Paul, together with his wife Marina and her brother Pascal, founded Flinstone. Paul took charge of the business while Marina did the bookkeeping. Brother-in-law Pascal was active within Operations. 

In the years that followed, Flinstone expanded several times due to strong growth and several acquisitions. In 2018, the company established itself in the Port of Ghent where it had 35,000 m² of land at its disposal. There, the company continued to focus on its core business, namely trailer trucking, container transport, and logistics warehousing. 

Meanwhile, Gertjan & Annesaar, Paul & Marina’s children also stepped into the business, with the intention of passing on the torch in due course. But with Gertjan’s sudden death in 2022, Paul & Marina faced a difficult choice: bring an external CEO on board or leave the company to another party. 

flinstone

The search for the right partner

After deciding to sell the company, Paul & Marina first made enquiries with smaller parties and sole proprietorships. A little later, the entrepreneurial couple came across BDO through an acquaintance. Paul explains, “Our first impression of BDO was rather sceptical; we thought a company of this size was only for multinationals rather than SMEs.”  

However, the opposite was true. Initial contacts with BDO expert Jan Oosterlinck went smoothly and there was an immediate click. The search for an acquirer was initiated using a clear roadmap. BDO went to work on a valuation of the company and then drew up a long and shortlist of potential acquirers.  


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“A key factor in the decision-making process was, above all, alignment with Flinstone’s DNA. After all, for a family business, it’s not only the location or client portfolio that is of value but also the culture, employees, and family atmosphere that prevails.”
Jan Oosterlinck Partner BDO

Personal, empathetic approach

After an emotional period, the contract with acquirer Xwift was finally signed on 19 December 2023.  

Paul & Marina look back, “There have been some crucial moments of doubt throughout the process. Fortunately, thanks to BDO’s constant support and guidance, those uncertainties were removed.  

Throughout the entire process, Jan and his legal colleagues stood by us through thick and thin. The empathic bond of trust and accessibility combined with the multidisciplinary expertise is where the great added value of BDO lies for us.” 

Are you looking for personal advice and guidance on selling your business? If so, please feel free to contact Jan Oosterlinck, Partner Financial & Family Business Advisory