Company information
Treofan is a global manufacturer of high-performance BOPP films for packaging, labels and technical applications
Industrials & other manufacturing
Processing
Engagement time
2014 - 2018
Owned by
Merced Capital, Goldman Sachs, M&C Management & Capitali
Revenue (at entry)
€ 450 m
Adj. EBITDA margin (at entry)
5%
Employee number
1.1 k
Bickel & Company set-up
Client feedback
Stefan Pfander
Chairman of the Advisory Board of Treofan Holdings GmbH
"As chairman of the advisory board of Treofan Holdings, I have had only the best experiences with Dr. Bickel and his team. Dr. Bickel convinced all stakeholders of his strategy. The realignment was successful and allowed a sale of the company at a higher value than expected."
Challenge
In 2014, Treofan was facing a severe business crisis requiring a holistic transformation. Despite a recent refinancing, the liquidity situation became under significant pressure once more. At the same time, Treofan was burdened by an inefficient organizational structure that was not fit for the requirements of a lean mid-market industrial business, with unclear roles, siloed functions, and limited operational accountability. Beyond the financial and structural challenges, the business was also facing a strategic and commercial crisis, with insufficient sales effectiveness and a lack of clear strategic direction to restore growth and competitiveness. While the business retained strong industrial capabilities and attractive market positions, immediate stabilization and fundamental transformation were required.
Approach
Immediate stabilization of liquidity and business operations through rigorous cash management, working capital optimization, and restructuring measures
Execution of a broad operational transformation covering cost reduction, footprint reorganization, productivity improvement, operational excellence initiatives, and production strategy
Strategic repositioning of the business through product portfolio realignment, increasing the share of higher-margin specialty products, strengthening R&D capabilities, and investing into two new foil machines to secure future competitiveness
Active management of financing and M&A processes to adapt the transformation path to evolving market conditions and create strategic optionality
Transparent stakeholder management and disciplined performance governance to maintain alignment across shareholders, lenders, and employees throughout the transformation journey
Impact
Equity value increase
(engagement exit vs. entry)
equity value
Adj. EBITDA increase
(engagement exit vs. entry)
> 2.0x entry EBITDA
Successful M&A activities
Trade sale of both American and European business
Recurring VCP impact
> € 25 m
(target exceeded)
Increase in order intake
> 40%
