Company Name
Graaf Logistics
Website
https://www.graaco.nl/
Transaction
Sell-side
Types
Strategic
Sector
Transport & Logistics
Market
International
“Unfortunately, we are no longer young men and that means that it’s simply time to prioritise the interests of the company.”
A tumultuous history, that is without a doubt true for Graaco Logistics. When the preceding company from the northeast of the Netherlands filed for bankruptcy in 2009, Ben Blog and three other former colleagues took responsibility. In the blink of an eye, they made the company healthy again and have now confidently passed it on to Kooiker Logistiek. The foursome is well past retirement age. Unfortunately, says Ben. “If I were 20 years younger, there’s no way I would have sold my company!”
The company’s history goes way back, well before 2009. “Graaco’s current location is the same one where, in 1987, I signed on as manager,” says Ben. “It was called Transportgroep van der Graaf then and after a couple of good years, it was sold to the American company Penske Logistics in 1998. A year later I left, I think that shows what I thought of the run of things. In 2008, the activities carried out in Coevorden were sold to a company in Veendam, which resulted in bankruptcy in 2009.”
Economic and social impact
A lot of different things occupied Ben Blog’s time during those years, but he felt a strong urge to turn the company around. “Together with Joop van der Graaf, Ubbo Hempenius and Jo Koop, I reached a deal with the bankruptcy trustee, which is how we got back in business. Motivated by our love for entrepreneurship, of course, but mostly by the economic and social impact for Coevorden. It was once such a flourishing company and we thought it still had potential. However, what we initially found broke our hearts.”
It took barely a year before Graaco thrived like it used to, and during a major crisis, too. “It was the best time to save a company”, Ben says. “We knew what was possible and we also knew that growth opportunities were just around the corner. Literally, what it took was to visit potential customers, tell our story and hope we could reel them in. And we were successful, partly because the Graaco name was well-known from the years before its bankruptcy. And also because Graaco was able to offer a variety of logistic services and is the only logistic service provider that is directly connected to the Dutch and German railway networks.”
Prioritising company interests
Nowadays, in 2023, Graaco receives top marks where Corporate Social Responsibility and sustainability are concerned. “That is what truly sets us apart and the success of our relaunch is largely thanks to that. The four of us really enjoyed the past few years. Unfortunately, we are no longer young men and that means that it’s simply time to prioritise the interests of the company. We found a very suitable buyer in Kooiker Logistiek.”
Remembering lessons from the past, Ben and Ubbo, who were involved with the sale process, were meticulous in their criteria. “Two years ago, we sold the real estate with the help of NL Real Estate, through a sale and lease agreement. This way, we increased the group of potential buyers. Winand Leenaars, who was working on a buy-side assignment at the time, had approached us before, so choosing Marktlink was not completely random. Nothing came of that, but it got the ball rolling. Winand clearly knows the ins and outs of the logistics world and speaks our language. Winand and his colleagues at Marktlink did an excellent job.”
A painful goodbye
It ultimately brought Graaco in contact with Kooiker, which checked all Graaco’s boxes during the first meeting. “We didn’t know each other but our working methods are similar. Beforehand, we had a list of requirements, including safeguarding the company’s continuity and its location in Coevorden and the people-oriented company culture. Kooiker complied with all the points on the list and immediately gave us the guarantees we needed. By now, our people have met with them and, even though it was painful to say goodbye, I am glad that I am leaving Graaco in capable hands.”
