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Squarefield acted as exclusive financial advisor to Royal Cosun on the sale of Aviko’s Cuijk assets to Nimbus

On 11 September 2023, Nimbus Investment Fund V Coöperatief U.A. (“Nimbus”), through a wholly-owned holding entity, closed the transaction with Aviko B.V. (“Aviko”) to acquire its steam-fresh and pre-cooked potato factory in Cuijk, the Netherlands.

Aviko Cuijk has been successfully part of Aviko for over 15 years. Aviko’s strategy focuses on the frozen potato products and fries market (both fresh and frozen). Aviko Cuijk produces a wide range of steam-fresh and pre-cooked potato varieties which, given their nature, have a less prominent position in Aviko’s strategic product portfolio. Therefore, Aviko has decided its Cuijk operations are better off in a stand-alone setting.

Aviko Cuijk will be rebranded into Frespo following the acquisition by Nimbus. Nimbus will support Frespo to transition into a focused and customer-centric stand-alone organisation. Frespo will continue its strategy by focusing on steam-fresh and pre-cooked potato products for the foodservice and business-to-industry markets across Europe. Nimbus supports Frespo’s growth ambitions and is looking forward to working together with its customers, suppliers and employees.

Squarefield acted as exclusive financial advisor to Royal Cosun, the key shareholder of Aviko, on the sale of Aviko’s Cuijk assets.


Aviko founded in 1962 is a producer of fresh, frozen and dried potato products. The company controls much of the value chain and serves clients in retail, foodservice and industry. Aviko is also one of the four largest potato processors in the world, operating in more than 110 countries. The company has its operational base in the Netherlands.

“The site in Cuijk has a good customer portfolio, professional machinery and, above all, committed employees with a great deal of knowledge and expertise. As part of Nimbus, the plant will have the opportunity to focus on fresh potato specialties and invest in its future.”

Maarten van Delst – CEO Aviko

Royal Cosun

Royal Cosun is a leading agricultural cooperative that has created high-quality plant-based products since 1899. Together with its partners, Royal Cosun unlocks the full potential of plants to create smart sustainable solutions for current and future generations. The company is active throughout Europe, Asia and North America and has more than 4,000 employees. The business groups Aviko, Cosun Beet Company, Duynie Group and Sensus are subsidiaries of Royal Cosun.


Nimbus is a private investment company that has been operating for over 20 years, with offices in the Netherlands (Zeist), Germany (Munich) and United Kingdom (Leeds). Nimbus invests in companies that are at crossroads in their development and are ready for their next growth phase. Frespo has exhibited potential that can be realised through additional development and investments, operational improvements and growth and was therefore the logical choice for Nimbus.

“We are delighted to invest in Frespo. The business offers high quality fresh products and operates a very talented team. The end market and customer demand offer significant opportunities for Frespo to continue and accelerate its growth. We will support the business in any way we can in the years to come.”

Alexander de Haas – MD Nimbus

“Frespo has great potential and together with Nimbus we can shape our future and realise the heights of our ambitions. We are excited to continue delivering delicious, high-quality and varied products to our customers and to continue to work closely with our suppliers. Our strategy is to focus on building a great team, an efficient operation and growth via innovations, our existing and new customers and markets.”

Anouk ter Laak – CEO Frespo