Gilde Equity Management Benelux Partners

Business

Salad Signature is the Benelux market leader in spreadable salads with a market share of ca. 40%. Salad Signature operates under the Hamal Signature name in the Belgian and France markets and as Johma in the Dutch, German and Scandinavian markets. Hamal Signature and Johma were both acquired from UK listed Uniq Plc. in 2006 and 2009. Last year the group realized sales of more than EUR 120 million.

Founded more than 40 years ago, Salad signature has strong roots in its home markets. A broad range of freshly chilled spreadable salads, sauces, potato and vegetable based side dishes is produced and sold through the supermarket, out of home and traditional channels. The groups portfolio boasts some of the most well-known consumer and business salad brands with Délio, Hamal, Johma and VH.

Salad Signature products are widely known and respected for their high quality and “artisanal” preparation. The group owns and operates two state-of-the-art factories in Turnhout (Belgium) and Losser (The Netherlands) and employs more than 300 people.

Development

In November 2006 Hamal Signature passed via a management buyout into the hands of the management and GEM Benelux. Hamal Signature regained its independence and was able again to purely focus on the local Belgian market. Since the acquisition significant investments have been made in o/a the organization and the factory capacity has been expanded. NPD efforts were intensified and a new, premium brand for the retail market - Délio - was successfully launched together with the introduction of new products and concepts.

At the end of 2009 the group's footprint in the Netherlands was expanded with the addition of Dutch market leader Johma. Since then the Dutch operations of Salad Signature have been successfully transformed into an efficient customer focused organization with a strategic focus on the Johma brand supported by superior product quality & taste. End 2010 the Johma Sandwiches activities were disposed of to Qizini to gain more focus.

Being the category leader, Salad Signature is well positioned for further growth and consolidation – in its home markets as well as abroad. In the Belgium market the Hamal brand is showing continued strong performance and Délio is realizing double digit growth with the ambition to more than double its market share. In the Dutch market the investments of the past two years in the Johma brand, product quality and factory are starting to result in a growing market share and world-class manufacturing processes. Furthermore, export sales are increasing as customers outside the Benelux are attracted to the group’s high quality product offerings. Since 2005 the group more than doubled in size and continued growth prospects are underpinned by a well-defined strategy.

Strategy

The group strategy going forward is centered on (i) growing its brands across all channels in the Benelux, (ii) enlarging its current presence in export markets, (iii) operational cost leadership and (iv) actively pursuing selected add-on acquisitions.