Alu Comfort: acquisition thanks to guarantee

The time felt right. The children were growing up and Hans was too driven to spend the rest of his career in the tax department of a multinational company. So he wanted his own business. “Buying and selling, that interested me,” says Hans. “Starting a new business was not something I saw. My father used to be self-employed too. It soon takes two or three years for a business to get off the ground. If your concept doesn’t work, it’s lost time. Too big a risk, I thought. So I started looking for an acquisition. For months, he scoured for opportunities. One day – at the end of April 2017 – a notice appeared for the acquisition of a wholesaler of industrial tools. After some initial contact via email, an appointment was soon set for an initial meeting. Contacts with the defector were immediately very cordial. It was quickly clear to Hans: this was the project he would put his shoulder to the wheel.

Calculated gamble

Alu Comfort is a small wholesaler of ladders, stairs, forklift equipment and other equipment for industry, B2B that is. “I knew immediately: that was it. It also clicked with the owner, but his price was what it was. There were other candidates who were also in better financial shape. In the end, we did come to an agreement. He accepted my very last offer.” But Hans did not make that offer without first thoroughly vetting the company, which, as a fiscal analyst, was right up his street. “Still, you’re never quite sure what you’re getting into, even if you’ve sorted out all the invoices, stock, cash and outstanding debts. So yes, it was a gamble. But a calculated gamble.”

Guarantees

It took several weeks to complete the financial picture, but fortunately, with the necessary guarantees from PMV/z, it finally worked out. The defector’s patience also played a role: the man was very committed to the future of his business and felt he had found the right person to continue his life’s work. Part of it Hans financed himself; the largest sum came from a bank loan with a guarantee scheme from PMV/z. That scheme allows the bank to have 75% of the loan guaranteed: that creates confidence. “PMV/z also has a Start Loan but the interest rate is so low today that I decided to borrow from the bank,” says the acquirer.

The future

After the takeover, Hans could continue to rely on the expert explanation and assistance of the defector. Initially, Hans ran his new business in a secondary capacity, but he has since made the switch completely. “Soon I felt at home with the new challenge. Customers and suppliers also responded positively to the change.” After the settling-in period, Hans looked to the future with confidence: he expanded the product range and launched a B2B webshop. There is no shortage of challenges at Alu Comfort.