BELGIUM, Bastogne/Velzeke The Groep Veviba agreed with Covavee and Agri Investment Fund (AIF), the shareholders of Etn. Adriaens, in the acquisition of their shares of the company. On that way the Groep Veviba acquires the totality of Adriaens shares.
Both companies are engaged in cattle slaughter and cutting of beef. Through this acquisition both strengthen their position in the value chain of beef and the further expansion of the core activities.
Adriaens has a very modern production plant in Velzeke whose capacity can be fully exploited by the consolidation. Etn. Adriaens specializes in the slaughter and butchering of cattle (beef cattle and spent dairy cows). With an average slaughter of about 1,500 cattle per week Adriaens is a leading Belgian cattle slaughterhouse. The company employs 85 people.
The Groep Veviba has also acquired a strong position in the further stages of the meat processing chain. The group is famil owned and also specializes in the slaughter of cattle, as well as the cutting and processing of beef. The group runs three slaughterhouses in Bastogne, Izegem and Rochefort. All the three locations have their own cutting departments. In Bastogne, the group also operates a modern department for sales packaging.
With the acquisition, the parties seek to develop their business in the Belgian beef industry. This is done with the background of a short- and long-term sustainable development in the interest of all stakeholders concerned.
The acquisition requires the approval of the authorities.