• International carve-out with potential for operational transformation
• Leading market position with opportunities for expansion
• Profitable business with revenues of more than EUR 460m in 2023

Luxembourg/Amsterdam, October 18, 2024 – AURELIUS Private Equity Mid-Market Buyout announces the acquisition of What’s Cooking Savoury Division from What’s Cooking Group NV. The division is one of the leading suppliers of deli meats, spreads and savoury snacks in the Benelux, specialised in production, slicing and packing. It also exports to Germany and the UK. The acquisition further strengthens AURELIUS’ regional footprint in the Benelux.

What’s Cooking Savoury Division, headquartered in Lievegem, Belgium, currently employs around 1,500 staff with annual revenues of more than EUR 460m. The company operates six state-of-the-art facilities that serve a blue-chip client base of major retailers, wholesalers and food service providers across the Benelux and Western Europe. Furthermore, it is committed to sustainable and innovative approaches to its products and packaging, including a significant growth in plant-based and vegetarian alternatives.

What’s Cooking Savoury Division is well positioned to capture various growth opportunities. Backed by AURELIUS, the company will be enabled to drive its operational excellence, growth and innovation. Specialists from AURELIUS Operations Advisory will support the carve-out and help to reduce complexities within the process. Furthermore, AURELIUS will advise the team at What’s Cooking Savoury Division on how to unlock the operational improvement potential across the business, including Procurement, Manufacturing, IT, Finance and Sales & Marketing. AURELIUS Investment Advisory will work alongside the management to drive inorganic growth through an active buy & build strategy.

“We are confident that the strong fundamentals of What’s Cooking Savoury Division will continue to flourish under the future ownership of AURELIUS. Their focus on operational value creation and their approach of combining bespoke advisory with proven methods to reduce complexity in carve-outs convinced us that we have chosen the right partner”, said Piet Sanders, CEO of What’s Cooking.

“AURELIUS has been active in Belgium and the Netherlands for many years, since 2019 with a dedicated office in Amsterdam. The acquisition of What’s Cooking’s renowned Savoury Divison complements our existing strategy and footprint in the region. With both international and local expertise, especially in smoothly handling carve-out situations, the AURELIUS Operations Advisory team will support management and the company on its new growth path”, stated Andrzej Cebrat, Managing Director at AURELIUS European Opportunities IV.

The transaction is expected to close during 2024 or at the latest early 2025, subject to approval by the relevant competition and regulatory authorities.

AURELIUS was advised by OXEYE Advisors (M&A), McKinsey (Operational), OC&C (Commercial), BakerMcKenzie (Legal), KPMG (Financial), EY (Tax), AON (Insurance) and HaverMailänder (Anti-trust).