Yusen Logistics has big plans in the Benelux. The Japanese logistics firm is keen to grow fast and got Timmy Adriaens on board to help realise its enormous ambitions. As Finance Director, Timmy recently completed a strategic takeover. “Grant Thornton helped us to win confidence at the headquarters.”
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Timmy began as Finance Director at Yusen Logistics in 2019. “The organisation has grown historically from a number of mergers”, says Timmy. “However, a merger always involves integration as well, and this step was not always sufficient in the past. I was employed to transform our internal operations and in doing so to make the company profitable again.”
“Our transformation plan comprised three stages: we implemented structure, harmonised processes and introduced new tools. The latter focused on new financial and operational systems in order to add transparency and report efficiently to our headquarters in Japan.”
“With our new methods and extensive automation, including our SMART warehouse, we were soon making profit again. But that was not the end of it. The next step was continued growth. Organic to start with, but we also wanted to add a takeover later on. After a couple of years we found a suitable target and asked Grant Thornton to help us.”
It was no coincidence that Timmy turned to advisors at Grant Thornton. “They had helped me with a takeover at my previous employer”, says Timmy. “That project went extremely smoothly, so I did not hesitate to get them involved again. In this kind of project you hand over the keys of your home to an external party, so a positive experience like that is really reassuring.”
“A due diligence audit at the company we wanted to take over was the first step. Then we received help in the contract negotiations and administration. Recently, we also merged another two branches within the company that was taken over. Once again, Grant Thornton assisted, making efficient use of the knowledge from the due diligence journey. The fact that our external advisor has all this expertise in-house is an enormous asset and makes our life easy from start to finish.”
"A central point of contact summarised the findings from the different experts for us in clear reports. Therefore we were always informed, without having to dive into the complex details. This was also used by the people from Grant Thornton in preparing a presentation that they came and presented to a Japanese delegation who flew in for the occasion. The positive impression that we created was essential in getting approval from our Japanese headquarters."
Due diligence: sensitive materialMark Ernots was Timmy’s central point of contact. “My role was essential, because the takeover was a very complex case involving input from five teams”, explains Mark. “I gathered knowledge from our finance, tax, social, legal and VAT departments and passed all conclusions clearly to Timmy.” “A due diligence audit is always a matter of balancing. On the one hand you want to keep the process time within the limits for your customer, on the other hand this must be done thoroughly to ensure that the proper advice is given. Also, you are nosing in the books of a company with which you have no contract. If you fail to do this properly you risk blowing the deal.” Do you have your own takeover plans ahead? Find out how a due diligence audit helps you to move forward. |
Meanwhile the takeover has been successfully implemented. "We learned from past experience and integrated all processes and systems as quickly as possible”, says Timmy. “Meanwhile, we also opened our new pharma hub in Gembloux, another phase in our growth plan.”
“We also went looking for additional storage space in the Netherlands, as the demand there exceeds our supply. Mark put us in touch with his Dutch colleagues to help in this area too. The fact that Grant Thornton knows the details of our case thanks to the takeover and is also active in so many countries are real assets in our continued collaboration.”
Want to get your business rolling too?Join Timmy in trusting our services for mergers and takeovers. |