Fortaleza Capital exclusive corporate finance adviser to MKB Fonds on the sale of Groveko to Bunzl

About Groveko: Groveko, headquartered in Ede (NL), is a distributor of cleaning and hygiene products with a track record of more than 45 years. The company offers its customers more than 20,000 products from more than 100 different brands from its three locations in the Netherlands. With its 75 employees, the company realised a turnover of more than EUR 23 million in 2022. Groveko’s customers include top 50 cleaning companies in the Netherlands and national supermarket chains.

In addition to its traditional product offering, the business is the market leading provider of robotic and smart cleaning solutions in the Benelux. Groveko supplies these cleaning robots to high-end office buildings on the Zuidas (Amsterdam), such as The Valley, as well as to many retail and logistics locations. In recent years the management of Groveko, Romke Romkes and Bram Karels, has invested heavily in sustainability, such as the use of bamboo paper, garbage bags made of recycled material, the replacement of single-use liquid cleaning products by filling and the replacement of single-use products with reusable products.

The acquisition of Groveko strengthens Bunzl’s position in the cleaning industry in the Netherlands and provides Bunzl the opportunity to further expand Groveko’s lead in the field of AI cleaning robots and smart cleaning solutions within the Benelux. Groveko will take advantage of the economies of scale and commercial opportunities offered by Bunzl to accelerate its intended growth plans.

Romke Romkes, general manager of Groveko: “The acquisition by Bunzl offers us extra strength and opportunities for further investments and developments, so that we are assured of growth. We can share knowledge and expertise with the other Bunzl operating companies and join forces where it adds value for the customer. I am really looking forward to the collaboration!”

Thomas Wals, general manager of MKB Fonds: “MKB Fonds has supported Groveko in its growth and development over the past eight years. In this period, the company has transformed from a traditional wholesaler to an advanced all-round operational partner for all cleaning issues of its customers. The company has also become a forerunner in the field of sustainability. We are very proud to have been able to contribute to this. I am convinced that Bunzl will be an excellent home for Groveko and for her management. We wish Romke, Bram and Bunzl every success with their collaboration.”

Frank van Zanten, CEO of Bunzl: “I am delighted to welcome this new addition to the Bunzl family. Our pipeline remains active and the strength of our balance sheet supports our ability to continue to invest in the important opportunities we see.”

About MKB Fonds: MKB Fonds, established in 2011, is a leading independent private equity firm with a long track record in successfully participating in Dutch SMEs. MKB Fonds mainly invests in healthy and mature family businesses in the wholesale and business services sectors (including ICT). The MKB Fonds team actively supports entrepreneurs in realising phased business succession, professionalising the company and growth through acquisitions (buy & build).

About Bunzl: Bunzl plc, is an international distribution and services group with operations across the Americas, Europe, Asia Pacific and UK & Ireland and total revenues in 2022 of GBP 12.0 billion.