FNG Group in talks to acquire Henkelman Group
FNG Group, owner of a portfolio of Belgian and Dutch fashion retailers including Miss Etam, Brantano, Expresso and Promiss, announced on Tuesday that it is in talks to acquire the Dutch footwear production company, Henkelman Group.
FNG said that the planned acquisition fits the group’s strategy and focus on vertical integration and margin generation. In addition, the acquisition will enable FNG to accelerate its "strategically important purchasing platform for clothing with years of accumulated shoe knowledge." The Belgian-Dutch company aims to manage the entire value chain between producer and consumer under one roof.
FNG Group further explained in a statement: “At the moment, FNG is in the final phase by signing a readmission agreement to take over the Henkelman Group organization in the Netherlands and China. The objective of the parties is to identify potential synergies in the coming period and to fulfill a number of other suspensive conditions in order to finalize the acquisition by the end of the year at the latest.”
The Henkelman Group added that founder and current owner of the group, Theo Henkelman, is delighted and looking forward to finding a strategic partner in FNG and in particular the management of FNG. Theo Henkelman will remain fully affiliated with the group until the end of 2020.
FNG Group’s portfolio currently consists of both Belgian and Dutch fashion retailers. In total, the company operates 10 brands via 500 standalone stores, shop-in-shops and over 1,500 multi-brand stores internationally. The group is listed at Euronext Brussels and Euronext Amsterdam and has offices in Belgium and the Netherlands. In H1 2018, the company recorded a revenue of €251.1 million, an increase of 10% compared to H1 2017.
The Henkelman Group is a 33-year-old company, founded by Theo Henkelman and is based in Weert, the Netherlands. The company realizes a turnover of approximately €45 million per year and employs 55 people. Henkelman is known in the country for its strong reputation and broad knowledge in the development and production of footwear.
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