St. Paul
Squarefield acted as exclusive financial advisor to St. Paul on the acquisition of Royal ERU
On April 2, 2024, St. Paul, a leading player in the international (processed) cheese market, announced the acquisition of Koninklijke ERU.
On July 30, 2024, the transaction was ultimately closed when St. Paul acquired all outstanding shares in ERU Group.
Market leader
The acquisition of Royal ERU by St. Paul creates a powerful alliance that will produce a wide range of (processed) cheese preparations for the consumer market, out-of-home market and food industry. This diversification enables St. Paul to strengthen its market leadership and better anticipate the dynamic demands of the market.
Ambition
Dieter Kuijl, CEO of St. Paul, emphasizes the ambition behind this acquisition: “With this historic step, St. Paul becomes the largest processed cheese producer in the Benelux. We are determined to further develop and expand our diverse range of high-quality (processed) cheese products and thus meet the diverse needs of consumers, out-of-home and the food industry.”
Joint forces
Royal ERU, founded in 1824 and known for its quality spreadable cheeses, sees the potential in this acquisition to strengthen its position in the market and optimize its product portfolio. Maurits Sandberg, CEO of Royal ERU, which will celebrate its 200th anniversary in 2024, states: “The combined strengths of St. Paul and Royal ERU will result in a wide range of high-quality (processed) cheese preparations. Royal ERU has found a strong partner in St. Paul to guarantee growth in the future.”
The acquisition of Royal ERU was overseen by Squarefield, a leading Food & Agri focused corporate finance advisor with offices in Amsterdam, Frankfurt, and Antwerp.
St. Paul
St. Paul, a family-owned company founded in 1985 and based in Lokeren (Belgium), has established itself as a leading player in the cheese industry by offering customised processed cheese products for the B2B market.
Dieter Kuijl – CEO St. Paul“With this historic move, St. Paul becomes the largest cheese producer in the Benelux region. We are committed to advancing and expanding our diverse range of premium (melt)cheese products, catering to the various needs of consumers, the out-of-home sector and the food industry.”
“Squarefield has demonstrated itself as a long-term and highly dependable advisor, offering both market knowledge and deal support throughout the process. Their expertise and commitment were instrumental in the process.”
Royal ERU
Royal ERU, a (processed) cheese company founded in 1824 and based in Woerden (the Netherlands), has a rich history and is known for its high-quality products for retail and foodservice. With leading brands such as Goudkuipje, Royal ERU is well-known in the Netherlands.
Maurits Sandberg – CEO Royal ERU“The combined efforts of St. Paul and Royal ERU will result in a wide range of high-quality cheese preparations. We are very excited about the opportunities to further grow our brands and explore new markets.”