EUR 44m

September 2019

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Refinancing merger company of 3 growers

  • In the second half of 2017, Grow Group, Leo Ammerlaan and Van Der Lugt announced their intention to merge and become a new and powerful combination: Plantise;
  • Plantise is a top tier nursery business in the Nether­lands, with 55 hec­tares of green­house area distri­buted over multiple loca­tions;
  • In October 2017 Avaxa was engaged by Plantise to assist in the financing raise of the new merger combination;
  • After a thorough preparation phase, the financing need of the new combination was substantiated and a blueprint of a suitable capital structure was developed by Avaxa in close cooperation with Plantise resulting in a complete information package for potential lenders, leading to a swift, however two phased, Financing raise process;
  • The preparation phase included validated financial forecasts of Plantise, based on the financials of the three separate companies. This validated data set of both historic and forecasted financials allowed Avaxa to structure a feasible and suitable financing for Plantise; and
  • As a result of the renegotiation between the shareholders, the financing raise process had to be put on hold in the summer of 2018. Early 2019, the process continued and closed, resulting in a future proof financing package for Plantise to execute its strategy.