Stoffels, one of Belgium’s largest tomato growers, is looking for new owners. It would be the second major transaction in the sector in a short time, as Den Berk Délice was taken over by a Dutch fund earlier this month.
Consolidation
With a turnover of 34 million euros in 2023, an expected EBITDA of 10 million euros in 2024 and more than 40 hectares of tomatoes, Stoffels is one of the largest tomato growers in Belgium. According to local newspaper De Tijd, the company has now asked PwC to keep the sale process on the right track. Interested parties should submit their bids before the end of next month. Both financial and industrial players are mentioned as possible buyers of the tomato grower, which was founded in 1995 by Paul Stoffels and Petra Veldman.
The Belgian tomato sector is undergoing rapid consolidation: the number of growers in the Dutch-speaking north has fallen from 546 to 184 companies since 2005. Larger players such as Stoffels and Den Berk Délice continue to grow through acquisitions and economies of scale, giving them a competitive advantage in working with retailers. Stoffels’ largest competitor, Den Berk Délice, was acquired by Dutch investment company Egeria earlier this month.
