How long have you been a client of BDO, or was this your first introduction to our organisation?
At the beginning of 2021, we got in touch with BDO to give shape to the project of the takeover of the family business by my wife and myself.
37 years ago, my parents-in-law founded Les Vérandas 4 Saisons, a company in Marche-en-Famenne that builds verandas and pergolas. Innovation and creativity have always been high on their list of priorities and they have been keen to integrate the latest technological developments into their projects. Les Vérandas 4 Saisons has a strong reputation on the Walloon market, where the company is recognised for the superior quality of its products, its know-how and its ability to adapt to the needs of each customer.
Why did you choose for BDO?
BDO had accompanied the sale of a company in which my parents-in-law had shares the year before. When we discussed our project with the people involved in this transaction, they strongly recommended that we call on BDO.
What did BDO help you with?
We were in need of global support: structuring the transaction (BDO Tax), negotiating and drafting the contracts (BDO Legal) and valuing the company (BDO Financial Advisory).
We knew the company we were going to acquire very well, but we wanted to do it right. The complexity of the project lay in the fact that part of the shares of Les Vérandas 4 Saisons were (and still are) listed on Euronext Access in Paris.
Together with BDO, we developed an agenda with two phases. The first phase, which was completed in early July 2021, focused on the acquisition of unlisted shares held by majority shareholders. The second phase, which is currently ongoing, relates to the launch of a voluntary takeover bid on Euronext Access Paris, followed by a delisting, if we manage to achieve a 90% stake, and by a private squeeze-out, if we manage to achieve a 95% stake. We aim to complete the delisting by the end of the first half of 2022 and subsequently launch the squeeze-out operation.
It is our intention to manage the family business completely independently and to continue the development projects that have been maturing in our minds for many years.
How was the cooperation?
It went very smoothly. The words that come to mind when I think of our collaboration are: availability, reactivity, constructive approach, relevant advice and smooth contacts.
It is BDO's strength to offer customers a fully integrated approach. After all, BDO has proven expertise in all intervention areas that are necessary to give concrete shape to such a transaction (evaluation, taxation, drawing up agreements, etc.). In other words, you will be supported by a service provider who can meet all your needs, saving you valuable time in coordination and improving efficiency.
Because BDO is an acknowledged partner of the Walloon Region's business vouchers, we were also able to use this system to have part of the fees subsidised.
We will therefore recommend BDO to our acquaintances without hesitation, and will certainly call on their services again in the future.
What are your short- and long-term ambitions?
Our ambition is to continue to provide our customers with the level of quality and service on which our reputation in the market is based. We would also like to continue our growth and our efforts in recruiting and retaining highly qualified staff, which is a must to achieve our goals.