De Bie Printing

Buy Side and Debt Advisory


Printing businesses world-wide are facing numerous challenges, leading to industry consolidation. the Capital Link advised De Bie Printing in acquiring three industry peers and hence becoming a frontrunner of the consolidation on the Belgian market.

A first meeting between De Bie Printing and the Capital Link took place in March 2017. During the meeting Bart De Bie, owner en CEO of De Bie Printing, laid out his plans for consolidating the Antwerp printing industry. In a period of four months the Company would acquire Drukkerij Van Goethem (Mortsel), Drukkerij Favorit (Hoboken) and Antilope Printing (Lier).

The acquisition of Van Goethem was closed on 16th May 2017. This deal has been negotiated before the Capital Link was involved.

For the acquisition of Antilope Printing, which was a portfolio company of BNP Paribas Fortis Private Equity since 2007, the Capital Link was lead advisor involved in negotiating the final deal structure and valuation. For the Capital Link it has been key to fully grasp the wishes and concerns of Mr. De Bie and translate these in the deal structure by carefully negotiating with the opposing party. On 30th June 2017, this ultimately lead to an asset deal whereby all employees and some machines will be transferred to De Bie its site in Duffel.

The closing of Favorit took place on 18th August 2017. the Capital Link prepared a valuation based on different scenarios which was used to support the price negotiations.

These three acquisitions will lead to significant synergies for the Group, but only after some large investments are made. In total the combined Group, now Antilope De Bie Printing, will invest €8m to expand its site in Duffel and buy new high-quality machinery. The Capital Link took the lead in forecasting these synergies and mapping out the ideal financing structure.

Since the Capital Link undertook numerous debt raisings in the past, we knew the importance of a clear, detailed and prudent financial forecast. Our financial model comprised a monthly five-year financial forecast of each of the four group companies (income statement, balance sheet and cash flow statement), a detailed forecast of the realised synergies, a clear investment programme and the monthly repayment schedule of the existing and new financial loans.  

As the financial plan and bank presentation were crystal clear, it only took a couple of weeks to convince the banks of the soundness of these transactions and investments. Several banks were willing to provide the funding but eventually the decision was made to involve only one bank.

We are happy to introduce you to our track record