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prepared to play both tough and smart. Hemmer is convinced
ofthebenefitsofhavingyourownindependentadviserstohelp
with that. Not just for the technical stuff of judging the terms of
themanagementparticipationorthefinancingagreements,but
also for tactical purposes. "You hire them to behave as bad guys
sometimes, so you can remain the good guy. If during the negotia-
tions you want to draw a line in the sand or throw some rocks into
the water to see what happens, it's usually smarter to have your
advisers do that for you."
But perhaps the most valuable part of the support that Holland
Corporate Finance's Bas Stoetzer and Robert Verwoerd provided,
lay in giving moral support and dealing with the dilemmas. "They
run alongside you and believe in what you want to achieve. At
the same time they also know when to apply the brakes and give
you a reality check. Because they have seen it all before and un-
derstand the dilemmas you face, they can help you steer through
them."
A small step
ThereisafinalpersonaldilemmathatRonHemmerhasnotyet
mentioned. After more than ten years in his job already, and with
a successful ride with private equity just completed, did he ever
question signing up for another very demanding period? "I did
indeed put my feet up one evening to think about it, but honestly
I needed very little time to decide. I fully believe in Hunkemöller's
concept, and in my colleagues, and I'm anxious to execute the
strategy that I helped drafting. Whilst KKR has helped us become
a much better company, I am convinced PAI is going to help us
become a much bigger company."
What started in 1886 as a single `Corset and Bustle Shop' in Am-
sterdam is today the clear market leader in lingerie in the Benelux
and Germany. Hunkemöller is currently active in 16 countries,
including less likely locations as Saudi-Arabia and Kuwait, and
willopenitsfirstshopinSouth-Africathisyear.Yetthereisatre-
mendous ambition to accelerate growth and become the "number
1 lingerie specialist in Europe". Hemmer details plans that outline
exactly how the number of shops is going to increase from over
500inearly2012towellover800in2016.Thatseemstoflyin
thefaceoftoday'sdifficulteconomiccircumstances,butHemmer
sees mainly the new opportunities this brings. "Retail revolves
around locations. Whereas other retailers may struggle, we are
offered locations now that have never been available to us before.
With the commitment and patience from our new owners, we can
act very quickly and invest the cash we generate to open one new
shop almost every week. And then when you have 800 shops, it's
only a small step to get to 1000."
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