Target Information

OxGreenfield, a Dutch investment firm, has acquired 100% of KOMA Groep, including subsidiaries KOMA koeltechnische Industrie B.V. and Poly Roermond B.V., as well as KOMA's interests in Germany, Belgium, France, Italy, Spain, and Japan. Established in 1938, KOMA specializes in providing refrigeration and freezing solutions tailored for bakeries and patisseries, while Poly manufactures insulation panels for KOMA's cooling systems and serves a diverse customer base beyond KOMA. With an annual revenue of approximately €45 million and a workforce of around 250 employees, KOMA stands as a prominent international player within its sector.

Industry Overview in the Netherlands

The refrigeration and freezing technology market is currently experiencing growth driven by consolidation within the dough processing industry. As companies aim to optimize production planning and product quality, advanced cooling technology has become increasingly critical. KOMA plays a significant role by not only offering high-quality products but also through active monitoring and proactive service of cooling solutions in the field.

Simultaneously, European regulations are progressively restricting the use of traditional refrigerants, placing limitations on substances that release harmful F-gases. In anticipation of these regulations, KOMA has already committed to exclusively using natural refrigerants. This foresight ensures that both new and existing refrigeration and freezing systems will be compliant with upcoming environmental standards.

Furthermore, technological advancements in cooling systems are fostering innovation in product offerings, thereby enhancing the adaptability of KOMA’s cooling solutions. This positions KOMA well to leverage growth opportunities in response to emerging industry demands and regulatory changes.

Rationale Behind the Deal

OxGreenfield’s decision to invest in KOMA is driven by the company's strong market position and its leadership in the adoption of sustainable, natural refrigerants. As the company transitions from family management, OxGreenfield aims to collaborate with KOMA's leadership team, comprising Marc Vrolijks and Ferry Houbiers, in cultivating a new phase of growth and development for the organization. The investment will focus on enhancing KOMA’s market presence by promoting sustainability and providing customer support for the maintenance of over 25,000 KOMA refrigeration cells in operation worldwide.

Information about the Investor

OxGreenfield is dedicated to investing in experience, expertise, and dedication to foster the growth ambitions of entrepreneurs. The firm targets industrial companies with distinctive technical capabilities, focusing on management reinforcement, succession planning, carve-outs, organic growth, scale-ups, and turnaround strategies. The partners at OxGreenfield possess a robust collective track record, each bringing unique expertise to the table, aimed at fostering connections, relationships, and successful outcomes for their investments. The acquisition of KOMA marks their fifth investment from their second fund, indicating a strategic approach to scaling the company.

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The acquisition of KOMA by OxGreenfield presents a promising investment opportunity. KOMA's established position in the refrigeration and freezing technology industry, coupled with its commitment to sustainable practices, aligns well with current market trends favoring environmentally friendly solutions. The ongoing transition to natural refrigerants positions the company advantageously as industry regulations tighten, allowing KOMA to capitalize on compliance-driven demand.

Additionally, OxGreenfield's collaborative strategy with KOMA's existing management suggests a well-planned approach to operational growth and innovation. By investing in IT advancements and production capabilities, there is substantial potential for increased efficiency and productivity, fostering further market penetration.

However, the success of this investment will depend on effective execution and the ability to navigate potential challenges, including meeting evolving industry standards and competition. If managed well, this acquisition could yield significant returns, benefitting both OxGreenfield and KOMA through strengthened market presence and operational excellence.

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